DEVRY BUS319 WEEK 2 QUIZ 1 (100% Solution) - 93335

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Question 1. Question : (TCO 1) To serve both buyers and sellers, marketing seeks to _____ and satisfy the needs and wants of prospective customers. Student Answer: change create manipulate discover weigh Points Received: 3 of 3 Comments: Question 2. Question : (TCO 1) A student would like to buy a sports car from the local dealer, but she cannot afford one. Marketing does not occur in this situation because Student Answer: two or more parties have unsatisfied needs. there is no desire on the part of either party to satisfy its needs. one of the involved parties does not have the ability to satisfy its needs. there is no way for each party to communicate with one another. there has been no assessment of consumer wants and needs. Question 3. Question : (TCO 1) The first objective in marketing is to discover consumer Student Answer: diversity. ability to pay. objectives. needs. synergy. Points Received: 3 of 3 Comments: Question 4. Question : (TCO 6) Which of the following would be the best target market for tickets to the home games of the Indianapolis Colts professional football team? Student Answer: All people in the Indianapolis area. All people in the United States. All men in the United States. People in the Indianapolis area with an interest in professional football. All people in the United States with an interest in professional football. Points Received: 3 of 3 Comments: Question 5. Question : (TCO 6) The four Ps are commonly known as Student Answer: the environmental or uncontrollable factors. the environmental or controllable factors. the marketing mix or controllable factors. the marketing mix or uncontrollable factors. product, price, promotion, and process. Question 6. Question : (TCO 1) Profit is Student Answer: the point at which company assets equal company liabilities. the money left over after a business firm's total expenses are subtracted from its total revenues. the goodwill earned from implementing the societal marketing concept. the money earned when the economic order quantity is maintained. accurately described by all of the above. Question 7. Question : (TCO 1) The corporate level in an organization is where Student Answer: the department heads direct overall strategy for the entire organization. groups of specialists actually create value for the organization. a small number of people from different departments are mutually accountable to accomplish a task or a common set of performance goals. a subsidiary, division, or unit of an organization markets a set of related offerings to a clearly defined group of customers. top management directs overall strategy for the entire organization. Instructor Explanation: See pages 26–28. The corporate level in an organization is where top management directs overall strategy for the entire organization. Points Received: 0 of 3 Comments: Question 8. Question : (TCO 1) At the strategic business unit level, the marketing department provides leadership activities in Student Answer: talent management. fiscal restraint. look outward, keeping the organization focused on creating value both for it and for customers. creating the corporate culture. sustaining the means-end chain. Instructor Explanation: See pages 27–28. A key role of the marketing department is to look outward, keeping the organization focused on creating value both for it and for customers. This is accomplished by listening to customers, developing and producing offerings, and implementing marketing program activities. Points Received: 0 of 3 Comments: Question 9. Question : (TCO 1) By understanding its business, an organization can take steps to define its _____, a statement of the organization's functions in society, often identifying its customers, markets, products, and technologies. Student Answer: benefit statement business portfolio functional philosophy mission corporate code Instructor Explanation: See page 29 and the definition of the key term mission. Points Received: 3 of 3 Comments: Question 10. Question : (TCO 1) The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is called Student Answer: sales quality. market share. industry potential. contribution margin. marginal revenue. Instructor Explanation: See page 30 and the definition of the key term market share. Points Received: 3 of 3 Comments: Question 11. Question : (TCO 1) What are the three steps involved in the planning phase of the strategic marketing process? Student Answer: Situation (SWOT) analysis, market-product focus and goal setting, and marketing program development Planning, implementation, and control Set market and product goals, select target markets, find points of difference, and position the product Identify industry trends, analyze competitors, assess own company, and research customer Identify where we have been, where we are headed, and where we are now Instructor Explanation: See page 38. The three steps involved in the planning phase of the strategic marketing process are listed in Figure 2-5 as situation (SWOT) analysis, market-product focus and goal setting, and marketing program. Points Received: 3 of 3 Comments: Question 12. Question : (TCO 1) The consumer products industry is one with several large competitors, soaring raw materials prices, and strong demands from powerful retailers for lower prices. As a result, Colgate-Palmolive Co. and Unilever Group, the makers of products such as Colgate toothpaste and Ben & Jerry’s ice cream, both reduced their earnings forecasts. Yet Procter & Gamble, another consumer products company, did not. At P & G, innovation is a key attribute, allowing the company to update all 200 of its brands and to invent products, such as Crest Whitestrips, that consumers crave. P & G has also used its marketing know-how to develop unique product placements on television shows that highlight its brands. A SWOT analysis of this information for P & G would indicate that the overall industry situation is a _____, whereas the invention taking place at P & G is a _____. Student Answer: strength; weakness weakness; threat threat; strength opportunity; threat opportunity; strength Instructor Explanation: See page 39. A threat is an external factor, such as soaring raw materials prices and strong demands from powerful retailers for lower prices; a strength is an internal attribute, such as innovation and marketing know-how that can be used to improve the company. Points Received: 3 of 3 Comments: Question 13. Question : (TCO 1) There are no magic, one-size-fits-all guidelines for writing successful marketing and business plans. Nevertheless, all of the following generally apply, except Student Answer: use a direct, professional writing style. be positive and specific to convey potential success. use bullet points for succinctness and emphasis. save the most important points for the conclusion. strive to develop a plan 15–35 pages in length, not including financial projections and appendices. Instructor Explanation: See page 49. Saving the important points for the end of the plan is counterproductive. Points Received: 3 of 3 Comments: Question 14. Question : (TCO 5) The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called Student Answer: environmental trending. organizational scanning. environmental scanning. a SWOT analysis. acquisition scanning. Question 15. Question : (TCO 5) The social forces of the environment include the demographic characteristics of the population and its _____. Changes in these forces can have a dramatic impact on marketing strategy. Student Answer: living standards social class values dialect culture Question 16. Question : (TCO 5) Generally, the U.S. population is becoming Student Answer: smaller, younger, and more diverse. smaller, older, and more diverse. larger, older, and less diverse. larger, younger, and more diverse. larger, older, and more diverse. Question 17. Question : (TCO 6) Value consciousness is Student Answer: changing values with careful consideration. multidimensional consumption. buyer excellence. the concern for obtaining the best quality, features, and performance of a product or service for a given price. the concern for obtaining the bet price of a product or service Question 18. Question : (TCO 5) _____ is a time of slow economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend. Student Answer: A panic Inflation An escalation A recession A depression Question 19. Question : (TCO 5) One reason some people don't like to buy clothing from Internet retailers is the inability to know if the clothes will fit once they have arrived. Image Twin has developed a scanning system with which it has gathered the measurements of individuals of all different sizes. All of the information has been fed into a database. Now, when you buy something at LandsEnd.com, you can see a 3-D image of what the item should look like on your body. This is an example of _____ forces in the marketing environment. Student Answer: economic regulatory competitive social technological Question 20. Question : (TCO 5) _____ is the form of competition in which just a few companies control the majority of industry sales. Student Answer: Pure competition Cross-market competition Oligopoly Monopolistic competition Monopoly Question 21. Question : (TCO 6) Which of the following statements about the problem recognition stage of the purchase decision process is most true? Student Answer: The decision maker perceives a difference between the actual and ideal situations, but it’s not big enough to trigger a decision. Advertisements can activate a consumer’s decision process by showing shortcomings of competing products. Advertisements can only activate a consumer’s decision process by showing shortcomings of currently owned products. The consumer scans his or her memory for previous experiences with certain products or brands. The consumer pays attention to advertising suggesting criteria to use for Question 22. Question : (TCO 6) Customer satisfaction is an important focus for marketers because Student Answer: marketing research is an inexpensive process. the financial value of a retained customer can be significant. customer value is a non-quantifiable statistic. attracting new customers is easier than keeping old ones. a market development strategy is preferable to a market penetration Question 23. Question : (TCO 6) _____ buy raw materials and parts that they reprocess into the finished goods they sell. Student Answer: Retailers Wholesalers Manufacturers’ agents Manufacturers Ultimate consumers Points Received: 3 of 3 Comments: Question 24. Question : (TCO 6) Which of the following statements accurately characterizes the organizational buying process? Student Answer: Multiple buying influences exist and many people may be involved in the purchase decision process. Buying objectives, procedures, and criteria are well established. Negotiations between buyers and sellers regarding price is common. The purchase of goods or services is usually handled by technically qualified and professional buyers. Question 25. Question : (TCO 6) Seven of the most commonly used organizational buying criteria are (1) _____, (2) ability to meet the quality specifications required for the item, (3) ability to meet required delivery schedules, (4) technical capability, (5) warranties and claim policies in the event of poor performance, (6) past performance on previous contracts, and (7) production facilities and capacity. Student Answer: taste of the buyer personal friendship with sales representative price current mood of the buyer opinion of the firm's senior management
Solution Description

 

Question 1. Question : (TCO 1) To serve both buyers and sellers, marketing seeks to _____ and satisfy the needs and wants of prospective customers.

Student Answer: change

create

manipulate

discover

weigh

Points Received: 3 of 3

Comments:

Question 2. Question : (TCO 1) A student would like to buy a sports car from the local dealer, but she cannot afford one. Marketing does not occur in this situation because

Student Answer: two or more parties have unsatisfied needs.

there is no desire on the part of either party to satisfy its needs.

one of the involved parties does not have the ability to satisfy its needs.

there is no way for each party to communicate with one another.

there has been no assessment of consumer wants and needs.

Question 3. Question : (TCO 1) The first objective in marketing is to discover consumer

Student Answer: diversity.

ability to pay.

objectives.

needs.

synergy.

Points Received: 3 of 3

Comments:

Question 4. Question : (TCO 6) Which of the following would be the best target market for tickets to the home games of the Indianapolis Colts professional football team?

Student Answer: All people in the Indianapolis area.

All people in the United States.

All men in the United States.

People in the Indianapolis area with an interest in professional football.

All people in the United States with an interest in professional football.

Points Received: 3 of 3

Comments:

Question 5. Question : (TCO 6) The four Ps are commonly known as

Student Answer: the environmental or uncontrollable factors.

the environmental or controllable factors.

the marketing mix or controllable factors.

the marketing mix or uncontrollable factors.

product, price, promotion, and process.

Question 6. Question : (TCO 1) Profit is

Student Answer: the point at which company assets equal company liabilities.

the money left over after a business firm's total expenses are subtracted from its total revenues.

the goodwill earned from implementing the societal marketing concept.

the money earned when the economic order quantity is maintained.

accurately described by all of the above.

Question 7. Question : (TCO 1) The corporate level in an organization is where

Student Answer: the department heads direct overall strategy for the entire organization.

groups of

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