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MKT 301-The difference between a firm’s immediate marketing environment

1. The difference between a firm’s immediate marketing environment and its macroenvironment is that themacroenvironment isA. easier to control.B. easier to understand.C. fundamental to creating core competency.D. external.2. The firststep in conducting an STP analysis isA. dividing the marketplace into subgroups.B. repositioning existing segments.C. generating a sum of segments.D. targeting potential segments.3. When a company considering expansion beyond its home territory begins to review demographic profilesof the customers and profiles of regions it’s considering, it’s engaged in the important marketing function ofA. understanding customers.B. economic analysis.C. inventory analysis.D. production efficiency.4. The idea that a good product sells itself is associated with the _______ era of marketing.A. productionB. marketingC. value-based marketingD. sales5. When positioning products relative to competitors’ offerings, firms typically are mostsuccessful whenthey focus on opportunitiesA. that build on their strengths.B. for diversification.C. where value-based pricing can be ignored.D. in international markets.6. The centerpiece of the marketing environment analysis framework isA. green marketing.B. consumers.C. corporate partners.D. competitive intelligence.7. The _______ made unfair and deceptive advertising illegal.A. Telemarketing Sales ActB. Wheeler-Lea ActC. Federal Food and Drug ActD. Consumer Product Safety Act8. When conducting a SWOT analysis, in what phase of the strategic marketing process is an organizationpresently engaged?A. PlanningB. SegmentationC. ControlD. Implementation9. Almost every banker thinks his or her firm provides better service than their competitors. If this idea isaccurate, and customers recognize it, the bank creates and delivers value through _______ excellence.A. productB. customerC. promotionalD. operational10. Effective marketers are quite aware of the relationship amongA. Tweens, Beans, and Twinkies.B. green, yellow, and red marketing.C. education, income, and occupation.D. cohorts, conflicts, and congestion.11. Laws that prohibit the formation of monopolies or alliances that would damage a competitivemarketplace benefit consumers throughA. lower interest rates.B. fair debt collection practices.C. higher prices.D. increased choices.12. The Ethical Decision-Making Framework includes three of the following steps. Which is notpart of theEthical Decision-Making Framework?A. Gathering information and identifying stakeholdersB. Brainstorming and evaluating alternativesC. Identifying issuesD. Promoting the firm’s corporate social responsibility efforts13. mostmarketers spend heavily on customer-retention programs because they recognize that customerretention leads toA. product design excellence.B. increased long-term profits.C. mission statement satisfaction.D. sustainable price decreases.14. Firms with strong ethical climates tend toA. offer more goods and services than firms without strong ethical climates.B. have lower profit margins.C. make greater utilization of business development consultants.D. be more socially responsible.15. Products that may damage the environment, the use of sweatshop labor, and the marketing ofhazardous products are examples ofA. marketing social issues.B. internal, controllable marketing issues.C. managerial issues, but not marketing issues.D. situational ethical issues.16. When Mattel quickly recalled some of its toys upon learning of potential lead hazards, it used ethicalprinciples and approaches toA. maintain its strong relationship with its customers.B. make sure it didn’t get blamed for the problem.C. minimize the damage by focusing on the few product lines affected.D. shed unprofitable product lines and dispose of defective products.17. Henry often observes the FedEx and UPS delivery people who bring packages to his law firm, countingthe number of packages they deliver to other law firms in the building. He also regularly reviews courtdocuments about upcoming cases to see which firms are representing clients. Henry is engaged inA. intuitive diagnostics.B. competitive intelligence.C. macroeconomic variable analysis.D. demographic data collection.18. The idea of value-based marketingrequires firms to charge a price thatA. offers customer excellence above operational excellence.B. covers costs and generates a modest profit.C. includes the value of the effort the firm put into the product or service.D. captures the value customers perceive they’re receiving.19. The factors affecting the affecting consumers’ _______ environment include the actions of the focalcompany, the company’s competitors, and the corporate partners.A. recyclableB. extendedC. immediateD. disposable20. The use of single sources of supply is often a potential _______ for a company.A. legal problemB. weaknessC. liabilityD. threat21. Evaluating each market segment’s attractiveness based on size, income, and accessibility is a functionofA. target marketing.B. market penetration estimation.C. diversification.D. situation analysis.22. Which of the following growth strategies involves expanding marketing efforts toward existingcustomers?A. DiversificationB. Market developmentC. Product developmentD. Market penetration23. Companies seek to develop a sustainable competitive advantage that can be maintained over a longperiod of time andA. appeals to financial analysts and potential shareholders.B. is easy for employees to use and remember.C. can be patented or registered to protect it as intellectual property.D. is difficult for competitors to copy.24. In mostcompanies, marketing resource allocation decisions are made at the SBU or _______ level ofthe firm.A. customer careB. product lineC. corporateD. accounting25. Wal-Mart is often used as an example of a store that consumers love to hate. The opening of a newWal-Mart in an area often results in the decline of small, local businesses. Local groups often protest but,End of exambefore long, find themselves shopping at Wal-Mart because Wal-MartA. benefits consumers through low prices and large assortment.B. makes life easier for the remaining businesses.C. benefits local communities through social-welfare programs.D. offers better-quality products.

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