The idea of value-based marketing requires firms to charge a price that

Marketing

Exam: 080600RR - Assessing the Marketplace 1. The Ethical Decision-Making Framework includes three of the following steps. Which is not part of the Ethical Decision-Making Framework? A. Promoting the firm's corporate social responsibility efforts B. Gathering information and identifying stakeholders C. Brainstorming and evaluating alternatives D. Identifying issues 2. Firms with strong ethical climates tend to A. be more socially responsible. B. offer more goods and services than firms without strong ethical climates. C. make greater utilization of business development consultants. D. have lower profit margins. 3. Wal-Mart is often used as an example of a store that consumers love to hate. The opening of a new Wal-Mart in an area often results in the decline of small, local businesses. Local groups often protest but, before long, find themselves shopping at Wal-Mart because Wal-Mart A. makes life easier for the remaining businesses. B. benefits local communities through social-welfare programs. C. offers better-quality products. D. benefits consumers through low prices and large assortment. 4. Effective marketers are quite aware of the relationship among A. education, income, and occupation. B. cohorts, conflicts, and congestion. C. green, yellow, and red marketing. D. Tweens, Beans, and Twinkies. 5. In most companies, marketing resource allocation decisions are made at the SBU or _______ level of the firm. A. customer care B. product line C. accounting D. corporate 6. The idea of value-based marketing requires firms to charge a price that A. covers costs and generates a modest profit. B. captures the value customers perceive they're receiving. C. includes the value of the effort the firm put into the product or service. D. offers customer excellence above operational excellence. 7. The difference between a firm's immediate marketing environment and its macroenvironment is that the

macroenvironment is A. external. B. easier to control. C. fundamental to creating core competency. D. easier to understand. 8. Henry often observes the FedEx and UPS delivery people who bring packages to his law firm, counting the number of packages they deliver to other law firms in the building. He also regularly reviews court documents about upcoming cases to see which firms are representing clients. Henry is engaged in A. competitive intelligence. B. intuitive diagnostics. C. demographic data collection. D. macroeconomic variable analysis. 9. most marketers spend heavily on customer-retention programs because they recognize that customer retention leads to A. product design excellence. B. sustainable price decreases. C. mission statement satisfaction. D. increased long-term profits. 10. The centerpiece of the marketing environment analysis framework is A. corporate partners. B. competitive intelligence. C. consumers. D. green marketing. 11. Which of the following growth strategies involves expanding marketing efforts toward existing customers? A. Market penetration B. Market development C. Diversification D. Product development 12. Of the five steps to the strategic marketing planning process, which step usually comes in the middle of the process? A. Evaluating performance B. Identifying and evaluating opportunities C. Implementing marketing mix and resources D. Defining the business mission 13. In delivering value, marketing firms attempt to find the most desirable balance between A. explicit versus implicit value. B. the desire to satisfy customers and the need to keep customers from running the company. C. the need for value and the perception of value. D. providing benefits to customers and keeping costs down. 14. After _______, marketers implement pricing, promotion, place, and product strategies for each target

market. A. performing an STP analysis B. releasing annual financial reports C. reviewing internal ethics D. producing preliminary reports from control systems 15. Marketing mix strategies vary depending on what marketers believe their target markets A. value. B. will sustain. C. can afford. D. can be manipulated into buying. 16. In value-based marketing, promotion communicates the A. value proposition. B. company's operational excellence. C. relative market value. D. targeted creative solution. 17. When referring to exchange, marketers are focusing on the A. promotional offers designed to stimulate barter. B. location where products and services are traded. C. trading of things of value. D. price charged adjusted for currency exchange rates. 18. The idea that a good product sells itself is associated with the _______ era of marketing. A. sales B. production C. value-based marketing D. marketing 19. Companies seek to develop a sustainable competitive advantage that can be maintained over a long period of time and A. is easy for employees to use and remember. B. is difficult for competitors to copy. C. appeals to financial analysts and potential shareholders. D. can be patented or registered to protect it as intellectual property. 20. Promoting an ethical business climate requires all employees to be dedicated to that goal because A. the roots of ethical conflict often are competing values of individuals. B. managers rarely enforce values unless employees ask them to do so. C. customers are only vaguely interested in a firm's ethical standards. D. employees have to be taught ethical standards. 21. Evaluating each market segment's attractiveness based on size, income, and accessibility is a function of A. diversification. B. market penetration estimation. C. situation analysis.

D. target marketing. 22. The first step in conducting an STP analysis is A. repositioning existing segments. B. generating a sum of segments. C. dividing the marketplace into subgroups. D. targeting potential segments. 23. When Mattel quickly recalled some of its toys upon learning of potential lead hazards, it used ethical principles and approaches to A. make sure it didn't get blamed for the problem. B. shed unprofitable product lines and dispose of defective products. C. maintain its strong relationship with its customers. D. minimize the damage by focusing on the few product lines affected. 24. When positioning products relative to competitors' offerings, firms typically are most successful when they focus on opportunities A. in international markets. B. that build on their strengths. C. for diversification. D. where value-based pricing can be ignored. 25. Whenever Jami calls on his building contractor customers, he asks if they're having any problems. In doing so, Jami is addressing which of the following core aspects of marketing? A. Satisfying customer needs and wants B. Decisions regarding in which setting marketing takes place C. Product, place, promotion, and price decisions D. The exchange function of marketing

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