2023 QUESTIONS 1 TCO 1 3M inventor David Windorski s challenge was to design new | Assignments Online

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) The American Red Cross created a series of advertisements encouraging viewers to donate blood.  After viewing the advertisement, Amanda went to the local Red Cross office and donated a pint of blood.  Afterwards, Amanda returned home feeling satisfied that she had performed a good deed.  Was this a marketing exchange? (Points : 3)
      no, because the Red Cross is non-profit organization.
      yes, because the Red Cross ran an advertisement.
      yes, because the donated blood was exchanged for a feeling of satisfaction.
      no, because no money was exchanged.
      no, because the Red Cross did not provide Amanda with a product. 

3. (TCO 1) The two central concerns of marketing are (Points : 3)
      market share and customer satisfaction.
      discovering and satisfying needs.
      promotion and sales.
      maximizing an organization’s sales and products.
      needs and wants. 

4. (TCO 6) Sound and Cinema is a company that will turn an ordinary basement into a home theater.  It advertises in publications that are mailed to homeowners in subdivisions in which the least expensive home costs $550,000.  These homeowners are the __________ for Sound and Cinema. (Points : 3)
      mass market
      tangent market
      market aggregation
      target market
      promotional market 

5. (TCO 6) Which of the following would a marketer use as a synonym for controllable marketing mix factors? (Points : 3)
      the five external environmental forces
      macromarketing forces
      the five Cs
      the four Ps
      price, product, production, and promotion 

6. (TCO 1) Profit is (Points : 3)
      the point at which company assets equal company liabilities.
      is the reward to a business firm for the risk it undertakes in marketing its offerings.
      the goodwill earned from implementing the societal marketing concept.
      the money earned when the economic order quantity is maintained.
      accurately described by all of the above. 

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) The marketing department helps keep the organization focused on creating value both for it and for customers.  This is accomplished by (Points : 3)
      listening to customers.
      developing offerings.
      producing offerings.
      implementing marketing program activities.
      doing all of the above.

9. (TCO 1) Often used interchangeably with vision a(n) __________ statement frequently has an inspirational theme. (Points : 3)
      point of difference
      mission
      business map
      internal situation analysis
      CEO s annual 

10. (TCO 1) Market share is the ratio of sales revenue of the firm to the total sales revenue of all __________, including the firm itself. (Points : 3)
      firms in the industry
      firms in alternative industries
      firms surveyed by the U.S. Government
      firms sharing in marketing principles
      domestic firms 

11. (TCO 1) Step two 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) There are no magic one-size-fits-all guidelines for writing successful marketing and business plans.  Nevertheless, all of the following generally apply EXCEPT (Points : 3)
      use a direct, professional writing style.
      be positive and specific to convey potential success.
      use bullet points for succinctness and emphasis.
      save the most important points for the conclusion.
      strive to develop a plan 15 to 35 pages in length, not including financial projections and appendixes. 

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) Studies of the __________ characteristics of the U.S. population suggest several important trends.  Generally, the population is becoming larger, older, and more diverse.  Marketers are developing products that will appeal to these target markets. (Points : 3)
      competitive
      regulatory
      geographic
      demographic
      economic 

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

18. (TCO 5) In a(n) __________ economy, the cost to produce and buy products and services escalates as prices increase. (Points : 3)
      deflationary
      inflationary
      escalated
      recessionary
      depressive 

19. (TCO 5) Medication sensors have been developed that can dispense medicines by circulating within the arteries of the body and sensing when the medication is needed.  This is an example of how __________ help(s) to improve or replace existing products and companies. (Points : 3)
      technology
      medicine
      legal forces
      ecology
      competitive forces

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 stage in the consumer purchase decision process suggests criteria to use for the purchase, yields brand names that might meet the criteria, and develops consumer value perceptions? (Points : 3)
      problem recognition
      information search
      alternative evaluation
      purchase decision
      post purchase evaluation 

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 statements accurately characterizes the organizational buying process? (Points : 3)
      Multiple buying influences exist and many people may be involved in the purchase decision process.
      Buying objectives, procedures, and criteria are well established.
      Negotiations between buyers and sellers regarding price is common.
      The purchase of goods or services is usually handled by technically qualified and professional buyers.
      All of the above statements accurately characterize the organizational buying process.