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11. A research concludes that the number of hours of exercise per week for adults is normally distributed with a mean of 4 hours and a standard deviation of 2.5 hours. Show all work. Just the answer, without supporting work, will receive no credit. (a) What is the probability that a randomly selected adult has at least 5 hours of exercise per week (round the answer to 4 decimal places) (b) Find the 75th percentile for the distribution of exercise time per week. (round the answer to 2 decimal places)

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) A church has put advertisements in its weekly bulletins to encourage members of the church to participate in the services by reading. Jack volunteered and read during a service. He felt satisfied and felt he was contributing to his church. Was this a marketing exchange? (Points: 3)no, because the church is non-profit organization. yes, because the church ran an advertisement. yes, because reading at the service was exchanged for a feeling of satisfaction. no, because no money was exchanged. no, because the church did not provide Jack 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) Kraft produces Lunchables, a prepackaged meal usually consisting of several crackers, small slices of meat, and small slices of cheese. Some versions contain Capri Sun drinks. Others are called Cracker Stackers and Fun Fuel. The box is bright yellow and the quantity of food contained within is small. The target market for Kraft Lunchables is most likely (Points: 3)moms of school-age children business people looking for a quick snack business travelers. teenagers seniors 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. the money left over after a business firm’s total expenses are subtracted from its total revenues. 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) The corporate level is where the head of marketing (Points: 3)directs all employees’ training and orientation. decides recruitment strategy and tactics. sees that marketing strategy is implemented to achieve critical marketing goals. develops overall sales projections. does all of the above. 8. (TCO 1) A key role of the marketing department is to (Points: 3)allocate financial resources across business units. set the overall mission of the company. provide talent management services. look outward. assess global political situations. 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) The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is called (Points: 3)sales quality. market share. industry potential. contribution margin. marginal revenue. 11. (TCO 1) What are the three steps involved in the PLANNING phase of the strategic marketing process? (Points: 3)situation (SWOT) analysis; market-product focus and goal setting; and marketing program development planning; implementation; and control set market and product goals; select target markets; find points of difference; and position the product identify industry trends; analyze competitors; assess own company; and research customer identify where we have been; where we are headed; and where we are now 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) While there are several different groups of stakeholders that are likely to read a business or a marketing plan, which group will be most critical of the document? (Points: 3)employees customers suppliers distributors and wholesalers investors 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) __________ is a time of slow economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend. (Points: 3)A panic Inflation An escalation A recession A depression 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 a form of competition in which every company has a similar product. (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 include all the buyers in a nation EXCEPT (Points: 3)retailers government manufacturers wholesalers ultimate consumers. 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. 25. (TCO 6) Seven of the most commonly used organizational buying criteria are (1) price, (2) __________, (3) ability to meet required delivery schedules, (4) technical capability, (5) warranties and claim policies in the event of poor performance, (6) past performance on previous contracts, and (7) production facilities and capacity. (Points: 3)taste of the buyer personal friendship with sales representative ability to meet the quality specifications current mood of the buyer opinion of the firm’s senior management