MGMT 105; Quiz #1 PRACTICE EXAM QUESTIONS AND GUARANTEED SOLUTIONS.

E. Consumer - correct answers Which of the following describes the ultimate user of a good or service? A. Stakeholder B. Marketer C. Competitor D. Advertiser E. Consumer D. Marketing - correct answers Which of the following terms is defined by the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large? A. Advertising B. Consumer goods C. Distribution channel D. Marketing E. Promotion E. Profit - correct answers Which of the following is NOT one of the "Four Ps" of the marketing mix? A. Promotion B. Product C. Price D. Place E. Profit C. price - correct answers A product can be all of the following, except a(n) ________. A. service B. idea C. price D. place E. good E. Promotion - correct answers ________ includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products. A. Place B. Profit C. Price D. Product E. Promotion E. Place - correct answers ________ refers to the availability of the product to the customer at the desired time and location. A. Profit B. Product C. Promotion D. Price E. Place D. services - correct answers Intangible products that are paid for and used, but not owned are known as ________. A. ideas B. consumer goods C. advertisements D. services E. exchanges D. Social Media Era - correct answers Which of the following is NOT one of the four distinct eras in the evolution of marketing? A. Relationship Era B. Triple-Bottom-Line Era C. Sales Era D. Social Media Era E. Production Era C. societal - correct answers The ________ marketing concept states that marketers must satisfy customers' needs in ways that also benefit society while they still deliver a profit to the firm. A. customer B. quality C. societal D. environmental E. financial B. green - correct answers If a company states in its advertisements that 10 percent of all profits go to planting trees in various parts of the world, that company is engaging in ________ marketing. A. value proposition B. green C. branded content D. brandfest E. accountability C. return on marketing investment - correct answers ROMI stands for ________ and indicates how much value an organization's marketing activities create. A. realized operational metrics inbound B. return on monetary investment C. return on marketing investment D. realized operational mass-market investments E. real operational marketing instructions E. mobile - correct answers Suppose that you receive a text message on your phone from one of your favorite online retailers about a 50 percent off sale for the next 24 hours. The company that sent you the text message is engaging in ________ marketing. A. annoyance B. green C. traditional D. social media E. mobile A. branded - correct answers When the Lego Movie was released to movie theaters, the intent was not necessarily to sell more Legos, but the firm did have a say in decisions about details of the movie. This is an example of _____ content. A. branded B. user-generated C. production D. business-to-business E. consumer-generated A. value proposition - correct answers A marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product or service is known as a(n) ________. A. value proposition B. accurate value C. value summation D. value line E. absolute value E. The amount a person will spend MINUS the cost to acquire the customer and maintain the relationship - correct answers Which of the following is the formula for calculating the lifetime value of a customer? A. The amount a person will spend TIMES the cost to maintain the relationship PLUS the profit generated B. The amount a person will spend DIVIDED BY the cost to maintain the relationship C. The amount a person will spend TIMES the cost to maintain the relationship D. The amount a person will spend PLUS the cost to maintain the relationship E. The amount a person will spend MINUS the cost to acquire the customer and maintain the relationship C. competitive advantage - correct answers An edge that a firm has over its competitors that allow it to have higher sales, higher profits, and more customers is known as ________. A. higher advantage B. core competency C. competitive advantage D. distinctive competency E. triple bottom line E. distinctive - correct answers Coca-Cola is superior to its competitors in its distribution and marketing of products. This is an example of a(n) ________ competency. A. managerial B. differential C. distribution D. advantage E. distinctive D. differential - correct answers Suppose a restaurant in a small community offers breakfast options 24 hours a day, but none of the competition even offers breakfast options. This would be an example of a(n) ________ benefit. A. superior B. competition C. lifetime value D. differential E. interpretive E. value chain - correct answers The activities involved in designing, producing, marketing, delivering, and supporting any product is its ________. A. distinctive competencies B. life cycle C. marketing metrics D. differentials E. value chain C. wisdom of the crowds - correct answers Question 20, Chapter Quiz 1.3.7 Test Score: 92%, 23 of 25 points Points: 1 of 1 Close The concept that under the right circumstances, groups are smarter than the smartest individuals in them is referred to as ________. A. social networking B. folksonomy C. wisdom of the crowds D. anticonsumption E. crowdsourcing C. Shrinkage - correct answers _____ is the industry term for inventory and cash losses from shoplifting damage to merchandise, and employee theft. A. Anticonsumption B. Addiction C. Shrinkage D. Crowdsourcing E. Folksonomy E. marketing - correct answers A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy is known as a(n) ________ plan. A. human resources B. accounting C. operational D. profit E. marketing B. mass - correct answers If you own a small retail shop and you put ads in the local paper, put flyers on doors in every neighborhood, and buy billboards in the area so that you can reach as many potential consumers as possible, you are engaging in ________ marketing. A. niche B. mass