STRAYER MKT100 WEEK 3 QUIZ 2

Question 1

Favorable conditions in the marketplace environment that could produce business rewards for the organization if acted upon properly are called

strengths.

market strategies.

market niches.

threats.

opportunities.

Question 2

The term "____" describes measuring and evaluating a firm's quality in products and processes against industry leaders.

total quality management

benchmarking

internal marketing

empowerment

implementation

Question 3

According to the text, a market is defined as

a place to buy products.

the buyers of the products that a company develops, promotes, prices, and distributes.

the specific group of customers on whom an organization focuses its marketing efforts.

a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

the percentage of a group of customers that actually buys a specific product from a specific company.

Question 4

An organization's business goals should be derived from its

mission statement.

strategic plan.

strategic business plan.

marketing plan.

marketing strategy.

Question 5

The Boston Consulting Group classifies products that have a dominant market share but low prospects for growth and that generate more cash than is required to maintain market share as

dogs.

cash cows.

stars.

cash contributors.

question marks.

Question 6

According to the Boston Consulting Group, marketers may classify their products as all of the following except

dogs.

cash contributors.

question marks.

stars.

cash cows.

Question 7

An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

opportunities and threats

market opportunities

strengths and weaknesses

activities and responsibilities

organizational resources

Question 8

A marketing unit can be organized according to functions, products, regions, and

sales.

target markets.

competitive units.

types of customers.

product features.

Answer

Question 9

A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace.

market opportunity

market requirement

competitive advantage

strategic window

competitive opportunity

Question 10

Resource deployment and coordination of functional areas of business are determined by

the mission statement.

corporate strategy.

business-unit strategy.

marketing strategy.

the marketing mix.

Answer

Question 11

The amount of money received through wages, rents, investments, pensions, and subsidies is called

income.

wealth.

discretionary income.

prosperity.

credit.

Question 12

Employees, customers, communities, and investors are all considered ____ in relation to marketing.

Responsibilities

Stakeholders

Shareholders

Constituents

owners

Question 13

Consumers begin to become more price and value conscious during periods of

inflation.

prosperity.

recession.

depression.

recovery.

Question 14

Procompetitive laws are those designed to

preserve competition.

protect the consumer.

ensure product safety.

reduce competition.

limit business lobbying of government officials.

Question 15

Assuming that inflation is low, high buying power characterizes the ____ stage of the business cycle.

Prosperity

Depression

Recovery

Succession

recession

Question 16

Marketing ethics

refers to laws and regulations that govern marketing.

refers to principles and standards that define acceptable conduct in marketing.

maximizes an organization's positive impact and minimizes its negative impact on society.

is most important for advertising agencies.

applies well-defined rules for appropriate marketing behavior.

Question 17

Total buying power declines during periods of economic

recovery.

prosperity.

recession.

uncertainty.

expansion.

Question 18

When a firm has many potential competitors and tries to develop a marketing strategy to differentiate its products from the competitors' products, a(n) ____ structure exists in the competitive environment.

Oligopoly

Monopoly

pure competition

oligopolistic competition

monopolistic competition

Question 19

Which of the following agencies would most likely have jurisdiction over the problem with lead in the paint of children's toys?

Consumer Product Safety Commission

Children's Online Protection Act

Food and Drug Administration

Environmental Protection Agency

National Advertising Review Board

Question 20

The 1990 Nutritional Labeling and Education Act directly prohibits

exaggerated claims made by health and fitness products.

putting the words "cholesterol-free" on any food package.

putting nutritional information on most food products.

exaggerated health claims on food packages.

the use of any health claim on food packaging.