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Week 2 Understanding Buyers and Markets - Quiz Help

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Week 2: Understanding Buyers and...
Week 2: Understanding Buyers and Markets - Quiz Help


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Page 1
This quiz covers TCO's 1, 5, and 6. You will have 2 hours to complete the 25 multiple choice questions. Please save your work often and be sure to submit your exam when you are finished.


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Time Remaining:
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.


2. (TCO 1) A church has put advertisements in its weekly bulletins to encourage members of the church to participate in the services by reading. Jack volunteered and read during a service. He felt satisfied and felt he was contributing to his church. Was this a marketing exchange? (Points: 3)
no, because the church is non-profit organization.
yes, because the church ran an advertisement.
yes, because reading at the service was exchanged for a feeling of satisfaction.
no, because no money was exchanged.
no, because the church did not provide Jack with a product.


3. (TCO 1) The first objective in marketing is to (Points: 3)
discover the needs of prospective consumers.
discover the needs of competitors.
discover the needs of sellers.
satisfy the needs of regulators.
satisfy the desires of various segments.


4. (TCO 6) Which of the following would be the BEST the target market for tickets to the home games of the Indianapolis Colts professional football team? (Points: 3)
all people in the Indianapolis area
all people in the U.S
all men in the U.S
people in the Indianapolis area with an interest in professional football
all people in the U.S. with an interest in professional football


5. (TCO 6) The four Ps are commonly known as (Points: 3)
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


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


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 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 are true of good strategy.


8. (TCO 1) At the strategic business unit level, the marketing department provides leadership activities in (Points: 3)
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.


9. (TCO 1) The ___________ for American Red Cross is The American Red Cross, a humanitarian organization led by volunteers and guided by its Congressional Charter and the Fundamental Principles of the International Red Cross Movement, will provide relief to victims of disasters and help people prevent, prepare for, and respond to emergencies. (Points: 3)
benefit statement
business portfolio
functional philosophy
mission
corporate code


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.


11. (TCO 1) Step three in the planning phase of the strategic marketing process is (Points: 3)
the situation analysis.
the market-product focus and goal setting.
the marketing program.
implementation
obtaining resources.


12. (TCO 1) A recent Congressional initiative mandated that the U.S. Department of Transportation (USDOT) establish a national traffic information collection system. The marketing manager of a company that provided traffic reports for local radio stations would most likely incorporate this knowledge into its SWOT analysis as (Points: 3)
a strength if the company has an existing working relationship with the USDOT.
a threat if the USDOT will give this information directly to the radio stations.
a weakness if the company that provides local traffic information has no employees technologically capable of using the USDOT system..
an opportunity if the USDOT is creating a network of local traffic-information providers to address the mandate.
all of the above


13. (TCO 1) While there are several different groups of stakeholders that are likely to read a business or a marketing plan, which group will be most critical of the document? (Points: 3)
employees
customers
suppliers
distributors and wholesalers
investors


14. (TCO 5) The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called (Points: 3)
environmental trending.
organizational scanning.
environmental scanning.
a SWOT analysis.
acquisition scanning.


15. (TCO 5) Social forces (Points: 3)
include demographics and values.
usually have little impact on marketing strategy.
include reduced emphasis on trade regulation.
empower workers to improve their performance.
encourage international trade.


16. (TCO 5) Generally, the U.S. population is becoming (Points: 3)
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.


17. (TCO 6) The concern for obtaining the best quality, features, and performance of a product or service for a given price is called (Points: 3)
changing values.
multi-dimensional consumption.
buyer excellence.
purchasing excellence.
value consciousness.


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


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 that are currently used in industry. This is an example of how __________ is applied to industry. (Points: 3)
regulations
technology
laws
social change
economics


20. (TCO 5) __________ is the form of competition where just a few companies control the majority of industry sales. (Points: 3)
Pure competition
Cross-market competition
Oligopoly
Monopolistic competition
Monopoly


21. (TCO 6) Which of the following statements about the problem recognition stage of the purchase decision process is most true? (Points: 3)
The decision-maker perceives a difference between their 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 their memory for previous experiences with certain products or brands.
The consumer pays attention to advertising suggesting criteria to use for the purchase.


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.


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.


24. (TCO 6) Which of the following is characteristic of the organizational buying process? (Points: 3)
Multiple parties participate in purchase decisions.
Negotiation between buyers and sellers is commonplace.
Online buying over the Internet is widespread.
Buying objectives and criteria are typically spelled out.
All of the above are characteristics of the organizational buying process.


25. (TCO 6) Seven of the most commonly used organizational buying criteria are (1) price, (2) ability to meet the quality specifications required for the item, (3)__________, (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 required delivery schedules
current mood of the buyer
opinion of the firm's senior management





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