MARKETING PRACTICE MIDTERM QUESTIONS

The Practice of marketing has an impact on customers, the firms, the market, and society in general. All of the following are part of marketing EXCEPT:

A) Ensuring that financial statements correctly reflect the values of the firm’s brands.
B) Satisfying customer needs and wants.
C) Creating Value
D) Efforts by both individuals and organizations.
E) The Exchange process.

A) Ensuring the financial statements correctly reflect the values of the firm’s brand.
Which of the following questions does marketing NOT consider?

A) Where should products be promoted?
B) How much should products cost?
C) How should products be designed?
D) How should products be delivered to the customer?
E) How should products be manufactured?

E) How should products be manufactured?
Customers give up things they value- for example, money, information or time– to a firm in return for goods, services and ideas. This process is called:

A) The marketing mix.
B) Customer relationship management.
C) The free market economy.
D) exchange.
E) barter

D) Exchange.
The four “P”s compromise ____, which is the controllable set of activities that the firm uses to respond to the wants of its target markets.

A) Value statement
B) Marketing Mission
C) Rules of engagement
D) Marketing Mix
E) Marketing Plan

D) Marketing Mix
In addition to marketing goods, marketers also work with ___, which offer customers intangible benefits, are produced by people or machines, and cannot be separated from the producer.

A) Product features
B) Brands
C) Ideas
D) Services
E) Marketing Plans

D) Services
The goal of ___ is to inform, persuade or remind potential buyer about a good or service.

A) Price negotiations
B) Exchange
C) The supply chain
D) Promotion
E) The marketing plan

D) Promotion
Just as savvy job seekers use ideas from marketing to improve their chance of getting a better job, some employers are using research, brand images and value propositions to find what they consider to be the “Best and Brightest” new employees. This practice is known as:

A) The employment social contract
B) Exchange
C) Employment marketing
D) Service marketing
E) Creating quality circles

C) Employment marketing
Marketing has evolved from early beginnings into a business function that creates value. Which of the following is NOT one of the recognized eras in it’s evolution?

A) Sales-Oriented Era
B) Production-Oriented Era
C) Market-Oriented Era
D) Communication- Oriented Era
E) Value-based marketing Era

D) Communication- Orientated Era
Some firms like NIKE and Mars, Inc, the maker of M&Ms, involve customers directly in the design of the products and services to create additional value and strengthen the relationship between the customers and the firm. This practice is known as:

A) Value exchange
B) Customer teams
C) Marketing 2.0
D Customer intergration
E) Value Co-creation

E) Value Co-creation
Customers will seek benefits and will consider trade-offs among them, while also considering costs. In value based marketing, the marketeer must:

A) Decide which benefits most customers want and promote them heavily
B) Meet as many needs possible while keeping costs down
C) Gather the most desirable benefits into features to give customers the greatest value
E) None of these

B) Meet as many needs possible while keeping costs down.
Customer relationship management includes all of the following except:

A) A business philosophy
B) A set of strategies
C) A program
D) A system
E) A transaction- orientated approach

E) A transaction- oriented approach
When expanding globally, marketing provides the critical function of:

A) Production efficiency
B) Understanding customers
C) Personal management
D) Economic analysis
E) Accounting accuracy

B) Understanding customers
Supply chain efficiency, a strong brand name, and customer satisfaction are likely to be sources of a:

A) Strategic plan
B) Sustainable competitive advantage
C) Macro strategy
D) Marketing plan
E) SWAT analysis

B) Sustainable competitive advantage
There are four overreaching or macro strategies that focus on aspects of the marketing mix to create and deliver value. Which of the following is NOT one of these overreaching strategies?

A) Customer Excellence
B) Locational Excellence
C) Financial Excellence
D) Product Excellence
E) Operational Excellence

C) Financial Excellence
Although competitors can copy or match the goods and services a firm offers, the firm can still develop a sustainable competitive advantage through ___ if its products have high perceived value and effective branding or positioning.

A) Competitive intelligence
B) Promotion
C) Strategic pricing
D) Product excellence
E) Operational excellence

D) Product excellence
A document that analyzes the current marketing situation, opportunities and threats for the firm, marketing objectives in terms of the four Ps, action plans, and pro forma financial statements is known as a(n):

A) Positioning statement
B) Unique selling proposition
C) Situational analysis
D) Annual report
E) Marketing plan

E) Marketing plan
Of the five steps to the strategic marketing planning process, which is usually the first step?

A) Evaluate performance
B) Define business mission
C) Analyze the situation
D) Identify and evaluate opportunities
E) Implement the marketing mix

B) Define the business mission
A SWOT analysis is a part of a firm’s situation audit. SWAT stands for:
Strengths, Weaknesses, Opportunities and Threats