Notesale: Turn your study into money

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Marketing is an organizational function and a collection of processes designed to plan
for, create, communicate, and deliver value to customers
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A___ customer relationship _____ is created when a customer and business have ongoing
interactions through the sales of a product or service
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AMA stands for American Marketing Association
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Assembling and packaging are examples of physical functions
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A successful business is most likely to view its marketing department as __ the link
between customers and the business ______
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The set of marketing variables a firm uses to achieve its desired sales performance is
called the marketing mix
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Porter's Five Forces of Competitive Position Model is used to determine the power in a
company's ___ microenvironment _____
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The competitive environment includes factors that relate to the nature, quantity, and
potential actions of a company's competitors
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Marketers should be aware of laws and government regulations that influence or limit
various organizations and individuals in a given society
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A consumer's surplus represents an advantage for ___ consumers _____
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The first step of the business buying process is recognition of the organizational problem
or need
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When a business determines its overall goals and the steps it will take to achieve them,
the business is conducting __ strategic ______ planning
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The collection of products, services, and their corresponding brands that make up a
company is called a business portfolio
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Cash cows are low growth, high share services or products in the BCG matrix
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A __ promotion ______ strategy identifies how a business communicates product or
service benefits and value to the target market
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ROMI stands for return on marketing investment
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According to the Organization for Economic Cooperation and Development, ________ is
the largest single economy in the world
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The right to be safe, to be informed, to be heard, and to choose freely are the major
components of the consumer bill of rights
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Which of the following American government agencies is responsible for enforcing laws
against deceptive advertising?
A) the Environmental Protection Agency (EPA)
B) the Federal Trade Commission (FTC)
C) the Food and Drug Administration (FDA)
D) the Consumer Product Safety Commission
E) the Interstate Commerce Commission
The consumer product safety commission, a United States regulatory agency, protects the
public from potentially hazardous products
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Marketers of
pharmaceuticals must get approval from this agency before introducing products to the
market
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A) Green marketing
B) Ethical marketing
C) Social marketing
D) Sustainability
E) Globalization
Through ________, a partner firm in the foreign market buys the right to use a company's
manufacturing process, patent, or brand
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A) Joint ownership
B) Licensing
C) Contract manufacturing
D) Franchising
E) Indirect exporting
Through ________, a local firm purchases the right to use a company's processes and
brands in a service business
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Which of the following is the satisfaction received from owning or consuming a product
or service?
A) utility
B) demand
C) perceived need
D) want
E) brand
_Wants_______ are desires for things that are not essential
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A consumer orientation is a marketing philosophy that focuses on ways to satisfy
customers' unmet needs and wants
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Risk-taking and the promise of servicing a product after purchase are examples of _
facilitating functions
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Selling and pricing are examples of exchange functions
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The Four Ps of marketing are ___ price, product, place, and promotion _____
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Which of the following terms is used to describe the forces outside marketing that
influence the ability of a business to create value and attract and serve customers?
A) the marketing environment
B) the cultural environment
C) strategic planning
D) target market
E) the marketing mix
Workers, managers, and members of the board are all part of a company's internal
environment
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Which of the following is NOT one of the forces in the Porter Model?
A) bargaining power of suppliers
B) threat of substitute products
C) bargaining power of customers
D) threat of relevant regulations
E) threat of new entrants
The economic environment consists of factors that affect consumer purchase ability and
buying behavior
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Business legislation has been created for three basic reasons: to protect companies from
each other, to protect consumers, and to __ protect the interests of society ______
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This is most accurately
described as the __ legal ______ environment
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___ Business-to-business _____ involves the sale of goods and services from one
organization to another
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A document that defines the operational and financial objectives of a business over a
specific time period is a business plan
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The process of developing actions for various functions within a business to implement a
strategic plan is called tactical planning
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The BCG growth-market matrix has four classifications: stars, cash cows, question
marks, and dogs
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A marketing strategy states what the marketing function must accomplish to support a
strategic business plan
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A marketing plan is a document that includes an assessment of the marketing situation,
marketing objectives, marketing strategy, and marketing initiatives
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By definition, a(n) society is a community, nation, or group that shares common
traditions, institutions, activities, and interests
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A) China
B) India
C) the United States

D) Japan
E) Russia
Which of the following is a figure that measures the total dollar value of goods and
services a country produces within a given year?
A) GDP
B) NGO
C) CSR
D) BCG
E) OECD

Which of the following is defined as the shared values, beliefs, and preferences of a
particular community, nation, or group?
A) culture
B) society
C) globalization
D) ethics
E) sustainability
__ Consumerism ______ is an organized movement of citizens and government agencies
to improve the rights and power of buyers in relation to sellers
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Environmentalism is an organized movement of citizens, businesses, and government
agencies to protect and improve people's living environment
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The food and drug administration, a United States regulatory agency, enforces laws and
regulations concerning foods, drugs, cosmetics and veterinary products
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___________ is the outcome of cultures intermingling, sharing experiences, news, and
commerce
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A) indirect exporting
B) licensing
C) contract manufacturing
D) direct investment
E) joint ownership

________ ventures occur when a company joins forces with foreign investors to create a
local business of its own
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A) indirect exporting
B) contract manufacturing
C) joint ownership
D) franchising
E) direct investment



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