Indicate whether the statement is true or falseo Please write the word TRUE or FALSE. Do not use T or F (lO Pts)
1. The way to achieve customer satisfaction and value is to offer the lowest price.
2. The ultimate goal of most market-oriented firms is profitability that results from satisfying the wants and needs of its consumers.
3. The company’s marketing objective is to increase sales next year. This is an example of a well-stated objective.
4. The foundation for the pyramid of corporate social responsibility is philanthropic responsibility.
5. Selective exposure occurs when consumers change information that conflicts with their feelings or beliefs.
6. It is usually easier to change consumer beliefs about a service attribute than a product attribute.
7. One reason marketers use market segmentation as a tool is that once completed, the process need not be repeated.
8. As products move through the marketing channel, channel members provide specialization and division of labor, overcome discrepancies, and provide contact efficiency.
9. A merchant wholesaler is an institution that buys goods from manufacturers and resells them to businesses, government agencies, and other wholesalers or retailers.
10. Integrated channel relationships tend to be more flexible than cooperative relationships.
Identify the choice that best completes the statement or answers the question. (lO Pts)
1) The focus of an organization’s mission statement should be on:
a) the products it wishes to sell
b) the market it wishes to serve
c) its social responsibilities
d) the desires of government regulators
e) technologies it understands well
2) All ofthe following are factors in the external environment affecting marketing EXCEPT:
a) marketing mix
b) economic conditions
d) political and legal factors
3) Which of the following represents the way an individual actually perceives himself or herself?
a) Personal image
b) Idea self-image
c) Real self-image
d) Lifestyle image
e) Defined self-image
4) Normally, the longest stage ofthe product life cycle is the __ stage.
5) Distribution channels aid in overcoming barriers to exchange that are created in the production process by overcoming all ofthe following types of discrepancies EXCEPT:
6) Which ofthe following statements about Internet advertising is true?
a) It is easy to measure ad effectiveness with this medium.
b) It is a medium to which all consumers have access.
c) It is the fastest growing of all the advertising media.
d) There is a long lead time required for creating Internet ads.
e) By its very nature, this medium reaches a broad, diverse audience.
7) A(n) __ designates the medium or media to be used, the specific vehicles, and the insertion dates ofthe advertising.
a) advertising plan
b) media schedule
c) promotion strategy
d) ad outline
e) promotional profile
8) How can technology be helpful as a sales tool?
a) It can ease administrative burdens
b) It can arm salespeople with valuable information
c) It can enable collaboration
d) It can track sales performance individually and company-wide
e) All of these choices
9) The most popular microblog is:
10) Noah is a budding photographer who is proud ofhis work. He wants to share his photos with others online.
Which ofthe following is Noah MOST likely to use to share his photos?
1) Name and describe the four marketing management philosophies. (30 pts, 3 each)
2) The marketing mix refers to a unique blend of marketing variables known as the four Ps. Name and briefly describe each ofthe 4 Ps.
3) One component of the external environment marketing managers must understand and react to is the economic environment. Briefly describe the four economic areas of greatest concern to U.S. marketers and the marketing implications oftrends in these four areas.
4) What is extensive decision making? Discuss the purchase of a product that you would use extensive decision making when purchased for the first time and would require limited decision making in subsequent purchases.
5) What is a segmentation base (or segmentation variable)? Name the common segmentation bases used by marketers to segment consumer markets.
6) What is geographic segmentation? Name four reasons why a company would use a regional marketing approach. Then give a specific example of a company marketing its product(s) regionally.
7) The promotional mix is made up ofa blend offive promotional tools. Name and briefly define each ofthese four tools.
8) Define advertising and explain why new brands with small market share tend to spend proportionately more for advertising and sales promotion than those with a large market share.
9) Describe some specific ways that companies are using the Internet in their public relations strategies.
10) Compare and contrast relationship selling and traditional personal selling.