October 23, 2025 Claire B 0 Comments

Question 1.1.(TCO 1) 3M inventor David Windorski’s challenge was to design new products for college students. The first step in solving this challenge was to (Points : 3)

satisfy students’ studying needs.
advertise the new products he had invented.
use word of mouth to tell college students about his ideas.
discover students’ studying needs.
ask 3M to support him while he pursued his new ideas.

Question 2.2.(TCO 1) A local College of Business offers an outstanding business school education. Cali pays the tuition to attend and earn her MBA with a concentration in marketing management. Upon graduating, she is offered a high-paying, fulfilling position. Was this a marketing exchange? (Points : 3)

No, because the university is a private one.
Yes, because the university is profitable.
Yes, because paying tuition was exchanged for knowledge that directly led to Cali’s fulfilling new job.
No, because money was exchanged.
No, because the school did not provide Cali with a product.

Question 3.3.(TCO 1) The first objective in marketing is to discover consumer (Points : 3)

diversity.
ability to pay.
objectives.
needs.
synergy.

Question 4.4.(TCO 6) Sound and Cinema is a company that will turn an ordinary basement into a home theater. It advertises in publications that are mailed to homeowners in subdivisions in which the least expensive home costs $550,000. These homeowners are the _____ for Sound and Cinema. (Points : 3)

mass market
tangent market
market aggregation
target market
promotional market

Question 5.5.(TCO 6) Which of the following would a marketer use as a synonym for controllable marketing mix factors? (Points : 3)

The five external environmental forces
Macromarketing forces
The five Cs
The four Ps
Price, product, production, and promotion

Question 6.6.(TCO 1) _____ is the money left over after a business firm’s total expenses are subtracted from its total revenues. (Points : 3)

Shareholders’ equity
Profit
Inventory turnover
Contribution margin
Asset leverage

Question 7.7.(TCO 1) Which of the following statements about strategy is most true? (Points : 3)

By following the best strategy, an organization can be all things to all people.
Once an organization is focused and has developed goals, it can then develop its strategies.
Strategic direction must be explicit in order to be set by organizations.
Strategy is an organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals.
All of the above

Question 8.8.(TCO 1) The marketing department helps keep the organization focused on creating value both for it and for customers. This is accomplished by (Points : 3)

listening to customers.
developing offerings.
producing offerings.
implementing marketing program activities.
All of the above

Question 9.9.(TCO 1) Often used interchangeably with vision, a(n) _____ statement frequently has an inspirational theme. (Points : 3)

point of difference
mission
business map
internal situation analysis
CEO’s annual

Question 10.10.(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 (Points : 3)

sales quality.
market share.
industry potential.
contribution margin.
marginal revenue.

Question 11.11.(TCO 1) What are the three steps involved in the planning phase of the strategic marketing process? (Points : 3)

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

Question 12.12.(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 _____. (Points : 3)

strength; weakness
weakness; threat
threat; strength
opportunity; threat
opportunity; strength

Question 13.13.(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 (Points : 3)

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.

Question 14.14.(TCO 5) Which of the following statements about environmental scanning is true? (Points : 3)

Environmental scanning changes the marketing environment.
Environmental scanning identifies and interprets potential trends.
Environmental scanning is an annual event.
Environmental scanning focuses primarily on geographical factors.
All of the above

Question 15.15.(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. (Points : 3)

living standards
social class
values
dialect
culture

Question 16.16.(TCO 5) Studies of the _____ characteristics of the U.S. population suggest several important trends. Generally, the population is becoming larger, older, and more diverse. Marketers are developing products that will appeal to these target markets. (Points : 3)

competitive
regulatory
geographic
demographic
economic

Question 17.17.(TCO 6) Value consciousness is (Points : 3)

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 best price of a product or service.

Question 18.18.(TCO 5) _____ is a time of slow economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend. (Points : 3)

A panic
Inflation
An escalation
A recession
A depression

Question 19.19.(TCO 5) Very recently, ink has been developed that will conduct electricity. The application for this ink is to print circuitry that can be read electronically. This may help to drive down the cost of identification tags, called RFID tags, which are currently used in industry. This is an example of how _____ is applied to industry. (Points : 3)

regulations
technology
laws
social change
economics

Question 20.20.(TCO 5) _____ is a form of competition in which every company has a similar product. (Points : 3)

Pure competition
Cross-market competition
Oligopoly
Monopolistic competition
Monopoly

Question 21.21.(TCO 6) Which stage in the consumer purchase decision process suggests criteria to use for the purchase, yields brand names that might meet the criteria, and develops consumer value perceptions? (Points : 3)

Problem recognition
Information search
Alternative evaluation
Purchase decision
Postpurchase evaluation

Question 22.22.(TCO 6) Putting a dollar value on what a satisfied, loyal, repeat customer spends on a firm’s products during a year or a lifetime reveals that (Points : 3)

focusing on customer retention is not very profitable.
the calculation is flawed and not practical.
companies that have focused on customer retention have not yet seen results.
focusing on customer retention can be very profitable.
companies are generally more profitable if they try to attract new customers rather than focus on customer retention.

Question 23.23.(TCO 6) Organizational buyers can be divided into three different markets. They are (Points : 3)

industrial, wholesaler, and retailer.
industrial, retailer, and government.
retailer, manufacturer, and government agencies.
industrial, government, and ultimate consumer.
industrial, reseller, and government.

Question 24.24.(TCO 6) Because orders in organizational buying are typically much larger than in consumer buying, buyers must often _____ when the order is above a specific amount, such as $5,000. (Points : 3)

get competitive bids from at least three prospective suppliers
lie to their superiors about how much things really cost
carry personal insurance to cover possible losses
pay taxes out of their own pockets
All of the above

Question 25.25.(TCO 6) Seven of the most commonly used organizational buying criteria are (1) price, (2) _____, (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. (Points : 3)

taste of the buyer
personal friendship with sales representative
ability to meet the quality specifications
current mood of the buyer
opinion of the firm’s senior management

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