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1.A music school in Boyles Height, LA, specializes in teaching the guitar and the violin. After a spurt in growth and a few successful years, the school is experiencing a slowdown in sales and stability in its profits due to an increase in competition. The school is in the ________ stage of its life cycle.

•   obsolescence 

•   decline 

•   growth 

  maturity

2. Another basis for decision-making is referred to as ________.

•   ethical practices 

•   correct ethics 

•   ethical dilemmas 

  situational ethics

What are the four characteristics of a marketing audit?

•   Comprehensive, systematic, independent, and periodic 

•   Announced, semi-annually, dependent, and perpetual 

•   Dependent, non-comprehensive, quarterly, and unannounced 

  Simple, unique, randomly, and exclusive

With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.

•   market specialization 

•   single-segment concentration 

•   product specialization 

  selective specialization

A social definition of marketing says ______.

•   marketing is the process of extracting maximum value from consumers to facilitate corporate growth 

•   marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others 

•   effective marketing requires companies to remove intermediaries to achieve a closer connection with direct consumers 

  a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products

Which of the following can induce a firm to expand into the international arena?

•   Cater to a domestic mass market 

•   A saturated domestic market 

•   High income level of domestic consumers 

  A saturated foreign market

Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an example of what level in the consumer-value hierarchy?

•   Augmented product 

•   Pure tangible product 

•   Basic product 

  Potential product

Through its cutting-edge point-of-sale inventory, management technology, and highly efficient shipping practices, Wal-Mart is able to keep its inventory expenditure extremely low and to pass these savings on to consumers in the form of low prices. Wal-Mart's strategy is best described as ________.

•   differentiation 

•   integrative growth 

•   market development 

  overall cost leadership

_______ is an approach that considers different ethnic and cultural segments require targeted marketing campaigns and tactics.

•   Multicultural marketing 

•   Specialized marketing 

•   Ethnic-based marketing 

  Diversity marketing

BMW's "The ultimate driving machine," American Express' "Don't leave home without it," New York Times' "All the news that's fit to print," and AT&T's "Reach out and touch someone" are all examples of ________.

•   brand mission 

•   brand vision 

•   brand personality 

  brand slogan

The ability to meet humanity’s needs without harming future generations is now a top priority in most corporate agenda ________.

•   ethics 

•   righteousness 

•   rules 

  sustainability

ABC Technology is nearing completion on their product and market research has discovered a competitor is also close to launching a similar product. ABC has decided launch before their competition, this is called ________.

•   early entry 

•   parallel entry 

•   late entry 

  first entry

2Wheels conducts exhaustive customer surveys to discover customer preferences and attitudes towards the brand. Sally uses cluster analysis to classify the data and help the company determine the trends in the information. Sally is using the technique of ________.

•   data marketing 

•   data governance 

•   data accumulation 

  data mining

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?

•   Step 2 – developing the research plan 

•   Step 1 – defining the problem 

•   Step 4 – analyzing the information 

  Step 5 – drafting the report

What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing?

•   Price adaptation 

•   Fixed pricing 

•   Altered pricing 

  Regular prices

The three guidelines for anticipating management reactions are (1) prior to the crisis during normal day-to day operations, (2) at the moment some event triggers the crisis, and (3) during the crisis situation that triggers the event. These guidelines are the stages for ________.

•   crisis management 

•   provoking solutions 

•   problem-solving 

  decision making

A firm must know where to position its product based on price and ________.

•   quality 

•   region 

•   communication 

  promotional efforts

What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?

•   Total management benefit 

•   Complete marketing benefit 

•   Ultimate service benefit 

  Total customer benefit

If the Ford GT is designed to accelerate to 50 miles per hour within 10 seconds, and every Ford GT coming off the assembly line does this, the model is said to have high ________.

•   conformance quality 

•   compatibility 

•   interoperability 

  durability

New-to-the-world products are ________.

•   existing products that are targeted to new geographical markets 

•   low-cost products designed to obtain an edge in highly competitive markets 

•   new product enhancements that supplement established products 

  new products that create an entirely new market

What type of control focuses on measuring a company’s products territories, customer groups, segments, trade channels, and order sizes to help expand or eliminate any products or marketing activities?

•   Efficiency 

•   Activity 

•   Solvency 

  Profitability

What can enhance the value of Web-based shopping experiences to serve as personal shopping assistants or Web-site guides?

•   Smartphones 

•   Avatars 

•   E-mail 

  Tablets

The effect of exposures on audience awareness depends on the following three factors:

•   reach, frequency, and impact 

•   distance, timing, and focus 

•   space, communication, and advertisements 

  height, length, and width

Which of the following is a strategy that uses the manufacturer’s sales force, trade promotion money, or other means to induce intermediaries to carry, promote, and sell the product to end users?

•   Push strategy 

•   Pull strategy 

•   Strategic plan 

  Lock strategy

A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own.

•   hard-core loyals 

•   split loyals 

•   shifting loyals 

  switchers

Which control should periodically reassess its approach to the marketplace with a good marketing audit?

•   Marketing control 

•   Performance control 

•   Strategic control 

  Ethical control

Which method identifies the effect sponsorship has on consumers brand knowledge?

•   Supply-side method 

•   Pricing method 

•   Positioning method 

  Demand-side method

Prestige LLC, a small company that manufactures specialty cereals and energy bars, wants to launch a "green marketing" program in response to heightened consumer awareness about environmental issues. What should the company do to maximize the program's chances of being successful?

•   Focus on the efforts and costs incurred by the company to bring these "green" products to consumers. 

•   Emphasize benefits to the consumer rather than environmental benefits. 

•   Explain the rules and regulations laid out by governmental agencies to protect the environment. 

  Demonstrate that the products will benefit both customers and the society in the long-term.

Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed. This process of identifying the hierarchy is called ________.

•   market estimation 

•   market valuation 

•   brand association 

  market partitioning

Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company?

•   Technological 

•   Economic 

•   Cultural 

  Political