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BUSI 330 WEEK 1 QUIZ 1/BUSI 330 WEEK 1 QUIZ 1
1. The value to consumers that comes from making an item easy to purchase through the provision of credit cards and financial arrangements constitutes __________ utility.
A. time
B. place
C. market
D. possession
E. form
2. The __________ department of an organization is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, shareholders, suppliers, and other organizations.
A. purchasing
B. marketing
C. human resources
D. accounting
E. information systems
3. Environmental forces refer to
A. the internal strengths of a company that enable the firm to remain competitive.
B. the marketing manager's uncontrollable factors - product, price, promotion, and place - that can be used to solve marketing problems.
C. the unpredictable or uncontrollable availability of natural resources that can enhance or restrain a company's growth.
D. the marketing manager's uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces.
E. the marketing manager's controllable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces.
4. Which of the following is NOT an environmental force?
A. technological
B. regulatory
C. ecological
D. competitive
E. economic
5. Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 hours a day. This creates both __________ and __________ utilities.
A. form and place
B. form and time
C. place and time
D. time and possession
E. form and possession
6. The phrase "relatively homogeneous collections of prospective buyers" is most descriptive of
A. demographic clusters.
B. organizational buyers.
C. ultimate consumers.
D. market segments.
E. qualified prospects.
7. Mark Zuckerberg's launch of "TheFacebook.com" website became a huge success. Yet, more than half of all new businesses fail within __________ years of their launch.
A. two
B. three
C. four
D. five
E. ten
8. Which of the following organizations engage in marketing?
A. the Chicago Cubs
B. the San Francisco Opera
C. the City of Denver
D. the President of the United States
E. Every organization or individual can engage in marketing to some extent.
9. Which of the following conditions are necessary for marketing to occur?
A. a changing environment, a method of assessing needs, a way to communicate, and an exchange location
B. parties with cash or credit, a product, a reasonable price, and a place to make an exchange
C. a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the product
D. two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange
E. an ability to see a trend within an environmental force, a product, and an affordable and actionable advertising campaign
10. The element of the marketing mix that describes what is exchanged for a product is known as
A. a product.
B. the price.
C. promotion.
D. the place or distribution.
E. productivity.
11. Successful organizations must be visionary, which includes the ability to
A. develop strategies based on those that were successful in the past.
B. be backward-looking, examining the past carefully to learn from mistakes.
C. anticipate future events and respond quickly and effectively.
D. hire the most culturally diverse team possible in order to generate the best new ideas.
E. involve all stakeholders of the organization when defining its business mission.
12. The marketing strategy of developing new products and selling them in new markets is referred to as
A. product penetration
B. product development
C. market development
D. market penetration
E. diversification
13. All of the following were strategic opportunities identified in IBM's 2015 Road Map EXCEPT:
A. the connected, "Smarter Planet."
B. cloud and smarter computing.
C. a shift from software and services to PCs and hard disk drives.
D. business analytics and optimization.
E. growth markets such as China, India, Brazil, and Africa.
14. The marketing program - step 3 in the strategic planning process - answers which question?
A. who
B. what
C. when
D. why
E. how
15. __________ convert an organization's mission and business into long- and short-term performance targets.
A. Plans
B. Tactics
C. Strategies
D. Goals
E. Visions
16. 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
A. a weakness if the company has an existing working relationship with the USDOT.
B. an opportunity if the USDOT will give this information directly to all radio stations.
C. a weakness if the company that provides local traffic information has no employees who are technologically capable of using the USDOT system.
D. a threat if the USDOT does not have resources to interpret data for regional traffic areas.
E. part of a marketing plan; this information would not be part of a SWOT analysis.
17. An organization's competencies include all of the following EXCEPT:
A. profit.
B. customer service.
C. technologies.
D. resources.
E. employee skills.
18. Apple entered the MP3 player market with its iPod in 2001 and by 2014 it had a 70 percent share of this market. However, global MP3 music player unit sales over the past few years have fallen dramatically and are expected to decline further by 2016 as smartphones continue to replace MP3 devices. In addition, MP3 sales may be adversely impacted with the expected launch of wearable digital watches. Currently, Apple's iPod SBU appears to be a __________.
A. question mark
B. star
C. hedgehog
D. cash cow
E. dog
19. Social entrepreneurs like Teach for America and SightLife are usually structured as __________ rather than business firms.
A. business agencies
B. nonprofit organizations
C. government agencies
D. cooperatives
E. social service agencies
20. Apple launched its revolutionary iPhone in 2007 as the first smartphone that used a multi-touch user interface. iPhone unit sales were explosive at first but have now leveled off, leaving Apple with just 15 percent market share compared to Samsung's 41 percent. Through 2017, the smartphone market is expected to remain healthy and grow at a compound annual rate of 13 percent due to dropping prices. Apple's iPod SBU appears to be a __________.
A. question mark
B. raptor
C. hedgehog
D. cash cow
E. dog
21. One of the problems associated with self-regulation is
A. the lack of a written code of ethics by firms in the industry.
B. the intrusive enforcement by the FTC.
C. the opportunity corporate for espionage by competitors.
D. the absence of an industry association with persuasive power.
E. noncompliance by members.
22. All of the following statements about the environmental forces that have influenced Facebook are true EXCEPT:
A. the Federal Trade Commission (FTC) has had a laissez faire policy of not interfering with the development and marketing of Facebook and other social media websites.
B. technological advances in data storage, server speed, and software integration have made Facebook fast and convenient.
C. Google and Facebook are becoming fierce competitors for the role of society's depository of information.
D. the cost of wireless connectivity, Internet service, and smartphones rapidly declined and made social networking affordable for consumers around the world.
E. people became increasingly interested in the social aspects of the Internet, sharing more and more information about themselves.
23. The form of competition in which there are many sellers and they each have a similar product is referred to as __________.
A. pure competition
B. singular competition
C. an oligopoly
D. monopolistic competition
E. a monopoly
24. In 1970, the typical U.S. household earned about $8,700. In 2012, the typical U.S. household earned about $51,017. If adjusted for inflation, the gross income of the typical U.S. household in 2011 relative to 1970 has __________.
A. increased dramatically
B. increased somewhat
C. remained relatively stable
D. decreased somewhat
E. decreased dramatically
25. Six executives of Tyson Foods, one of the world's largest poultry, beef, and pork processors, were arrested for the illegal smuggling of undocumented foreign workers into the U.S. to work at Tyson plants. Based on this information, one could conclude that Tyson's violations were the result of __________, one of the major reasons why some company employees engage in unethical behavior.
A. a mission statement that is too broad
B. the absence of a written core values statement
C. the absence of whistle-blowers
D. top management's behavior
E. the absence of a stakeholder code of ethics
26.Environmental scanning refers to
A. assessing any possible negative impact a firm's activities might have on the local ecology.
B. continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
C. setting up a regular schedule to assess the performance of different divisions within a firm.
D. initiating an internal talent search to identify employees who can think "outside the box" to generate solutions to marketing problems caused by changes in the marketing environment.
E. requiring all employees to spend time outside the office to avoid the "ivory tower" syndrome.
27. Culture is a component of what type of environmental force that must be scanned to assess its impact on the organization's marketing environment?
A. regulatory
B. technological
C. competitive
D. economic
E. social
28. World population projections show that the number of people 60 years of age and older is expected to ¬¬¬¬¬¬-------------- by 2050
A. deadline by 1 billion
B. double to 4 billion
C. reach 2 billion
D. triple to 3 billion
E. reach 6 billion
29. Increases in discretionary income can occur as a result of all of the following EXCEPT:
A. decrease in gross income.
B. a increase in taxes.
C. an decrease in disposable income.
D. a decrease in saving.
E. an increase in inflation
30. Which of the following statements regarding environmental scanning is the most accurate?
A. Environmental scanning changes the marketing environment.
B. Environmental scanning identifies and interprets potential trends.
C. Environmental scanning should be done at least every five years.
D. Environmental scanning focuses primarily on ecological factors.
E. There is too much information generated from environmental scanning to make it viable for small firms.
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