CHAPTERS 1 to 10 STUDY GUIDE-1-1

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CHAPTERS 1 to 8 STUDY GUIDE CHAPTER 1 Janet is very upset that she can't get tickets to the Rolling Stones concert because they are sold out. Which of the following demand states applies to Janet's situation? A) nonexistent demand B) latent demand C) full demand D) unwholesome demand E) overfull demand Which of the following is true of business markets? A) Buyers are usually not skilled at comparing competitive product offerings. B) Buyers have limited purchasing power. C) Property rights, language, culture, and local laws are the most important concerns. D) Products sold in such markets are usually highly standardized. E) Business buyers purchase goods to make or resell a product to others at a profit. During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________ markets. A) target B) capital C) tertiary D) demographic E) developing ________ reflects a customer's judgment of a product's performance in relation to his or her expectations. A) Brand equity B) Satisfaction C) Value D) Perception E) Brand image Chipotle engages customers through Facebook, Twitter, and other social media via its grassroots "Food with Integrity" digital strategy, which puts the focus on what it sells and where it comes from. These are examples of ________ media. A) owned B) earned C) paid D) service E) marketing Which of the new four Ps encompasses the old four Ps as well as a range of other

marketing activities that might not fit well into the old view of marketing? A) programs B) processes C) promotion D) people E) performance Identify the concept that emerged in the mid-1950s as a customer-centered, sense-and- respond philosophy. A) the product concept B) the production concept C) the selling concept D) the marketing concept E) the holistic marketing concept The marketing concept holds that ________. A) a firm should find the right products for its customers, and not the right customers for its products B) customers who are coaxed into buying a product will most likely buy it again C) a new product will not be successful unless it is priced, distributed, and sold properly D) consumers and businesses, if left alone, won't buy enough of the organization's products E) a better product will by itself lead people to buy it without much effort from the sellers True or False The marketing concept stresses finding the right customers for the company's products. McCarthy classified marketing activities into the four Ps of the marketing mix. These four Ps stand for ________. A) product, positioning, place, and price B) product, production, price, and place C) promotion, place, positioning, and price D) place, promotion, production, and positioning E) product, price, promotion, and place CHAPTER 2 1) The task of any business is to ________. A) create customer needs B) differentiate in terms of cost of production C) deliver customer value at a profit D) reduce competition E) communicate similar value as provided by competitors The value delivery process can be divided into three phases, out of which "choosing the

value" implies ________, which is the essence of strategic marketing. A) segmentation, developing, and delivering B) targeting, positioning, and communicating C) targeting, positioning, and delivering D) segmentation, targeting, and positioning E) researching, developing, and delivering Activities involved in building deeper understanding of existing consumers and what the product offerings mean to them would be a part of the ________ process. A) customer acquisition B) customer relationship management C) customer prospecting D) customer integrating management E) customer equity The marketing plan , the central instrument for directing and coordinating the marketing effort of a company, operates at the ________ levels. A) functional and operational B) strategic and tactical C) corporate and operational D) customer and expenditure E) corporate and division TRUE OR FALSE A strategy is a game plan for achieving what the business unit wants to achieve. When a firm aims to underprice competitors and win market share, it is using a(n) ________ strategy that requires relatively less marketing skills as compared to other strategies. A) product differentiation B) overall cost leadership C) focus D) domestic customer relationship E) price skimming Briefly list the contents of a marketing plan. Answer: The contents of a marketing plan include: • an executive summary and table of contents • a situation analysis • marketing strategy • financial projections • implementation controls

CHAPTER 3 True or False Companies with superior information enjoy a competitive advantage. True or False A fad is more predictable and durable than a trend. The ________ market is the set of consumers with an adequate interest, income, and access to a particular offer. A) potential B) available C) target D) penetrated E) reserve Jeanine would like to own a Mercedes but is unable to afford one at this time. Jeanine is part of the ________ market for this product. A) potential B) available C) target D) projected E) penetrated CHAPTER 4 A(n) ________ is a gathering of 6 to 10 people carefully selected by researchers based on certain demographic, psychographic, or other considerations and brought together to discuss various topics of interest at length. A) target group B) pilot group C) focus group D) customer base E) ethnographic group The marketing manager needs to know the cost of the research project before approving it. During which stage of the marketing research process would such a consideration most likely take place? A) defining the problem B) analyzing the information C) drafting the report D) developing the research plan E) collecting information

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