MKT Questions

How does the new concept of marketing differ from the old concept of marketing?

the new concept focuses on having a well-developed product

the new concept requires less work from marketing executives

the new concept is more cost deficient

the new concept focuses on making money

the new concept focuses on the experience of the customer

the new concept focuses on the experience of the customer
Selling and advertising are part of a largest of marketing tools that work together to satisfy customer needs and build customer relationships known as _______.

customer equity

marketing offerings

customer-engagement marketing

the marketing mix

the marketing concept

the marketing mix
Julie’s Jump Rope Emporium is a brand new company. from a marketing standpoint, what is the FIRST thing it need to do?

Develop the best jump rope possible

develop a plan to sell as many jump ropes as possible

develop relationships with customers who come to purchase jump ropes

determine who in the community wants or needs a jump rope

advertise the company as a location in which to purchase jump ropes

determine who in the community wants or needs a jump rope
when a company chooses a group of customers to serve it is engaging in which of the following?

differentiation

target marketing

market segmentation

demand management

societal marketing

target marketing
the actof obtaining a desired object from someone by offering something in return is known as which of the following?

A swap

A trade

A barter

An exchange

A sale

An exchange
Ethel and Jan start a company together. Ethel believes they should follow a make-and-sell philosophy that focuses on improving the product, whereas Jan believes that should be more customer-oriented and find the right products for the customers. Which of the following best describes the situation?

Should they follow a societal marketing or product concept?

Should they follow a marketing concept or a societal marketing concept?

Should they follow a production or selling concept?

Should they follow a product or selling concept?

Should they follow a product or marketing concept?

Should they follow a product or marketing concept?
a local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry reading nights, and sends volunteers to the local high school. What is the drama club engaging in?

Market research

Advertising

Building customer relationships

product placement

market exchange

market exchange
how do market demands relate to needs and wants?

needs are satisfied by wants, and buying power converts wants to demands

demands result in customers needing and wanting a particular product

needs, wants, and demands all describe the same state in the customer

wants and demands are equivalent, and both satisfy needs at the same rate

needs and wants outweigh demands in the customer’s mind

needs are satisfied by wants, and buying power converts wants into demands
Which of the following is NOT one of the four Ps of the marketing mix?

Promotion

Price

Product

Production

Place

Production
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features?

selling concept

production concept

marketing concept

societal marketing concept

product concept

product concept
Asher Airlines has instituted a loyalty rewards program that rewards customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using?

Consumer-generated marketing

Mass-media marketing

Frequency marketing program

Club marketing program

Customer-perceived value

Frequency marketing program
Which of the following scenarios BEST describes the societal marking concept?

Robert’s Rotors does everything to improve production and lower the cost of its rotors in order to gain customers

Amy’s Apple Cart regularly asks it’s customers what kind of apples they want to buy

Tim’s Tires constantly tries to improve on the tires it sells by placing all of its efforts into new design research

Edward’s Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term

Wanda’s Wedding Wear frequently promotes itself to customers through commercials, fliers, and other forms of advertising

Edward’s Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term
What is the MOST likely to cause a variation in customer-perceived value?

The popularity of a product to the customer

The cost to produce a product

The customer’s opinion of what constitutes value

The customer’s satisfaction with the product

the cost of advertising to the target market

the customer’s opinion of what constitutes value
The ultimate goal of the marketing process is to do which of the following?

Create a quality product

Receive value from customers

Determine a target market

Evaluate customer needs

Develop relationships with customers

Receive value from customers
Someone who always comes to your company but spends very little is referred to as a

Butterfly

Barnacle

Stranger

True friend

True believer

Barnacle
Bertram’s Beer structures its company in such a way as to encourage its most profitable older customers remain loyal while also tangerine a new generation of customers. What is Bertram’s Beer attempting to build?

Share of customer

Customer lifetime value

Customer equity

Partner relationships

Customer loyalty

Customer equity
All of the following are aspects of sustainable marketing EXCEPT which one?

Deliver value in a socially and environmentally responsible way

Help protect the natural environment

Observe environmental legislation as it is instituted

seek way to profit by serving the long-run interests of customers and communities

Practice caring capitalism by being civil minded and responsible

Observe environmental legislation as it is instituted
How has the Great Recession of 2008-2009 affect consumers’ attitudes?

Consumers are moving from mindful to mindless consumption

Consumers’ attitudes have not been affected by the recession

Consumers are less willing to save their money

Consumers are more willing to indulge in luxuries

Consumers are showing an enthusiasm for frugality

Consumers are showing an enthusiasm for frugality
A brand-new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company?

We will help customers build, invigorate, restore, refurbish, or completely redesign their their homes or businesses

We embrace the deeper meaning of home and comercial improvement

We are providers of hardware and lumber-based products to be used for home improvement and commercial construction projects

we will be the best hardware company in the world. No other company will ever outsell us. Period.

We will have one million dollars in profit by the end out our 3rd fiscal year and twice that amount by the end of year 5

We will help customers build, invigorate, restore, refurbish, or completely redesign their their homes or businesses
Braden has started a new company. He has decided upon the overall purpose and mission, created detailed objectives to guide the company, and performed detailed portfolio analysis. Unsure of his next step, he looks to his partner Alistar for advice. What would be the BEST advice for Alistar to give?

Determine a target market and begin aggressively marketing to them

Develop detailed marketing and departmental plans that will support the company-wide plan

Let the new department heads take over responsibility to test their effectiveness

Reevaluate the mission statement to make sure it reflects the detailed objectives

Create a growth-share matrix to find cash cows to help fund question marks

Develop detailed marketing and departmental plans that will support the company-wide plan
How do company objective and goals relate to the company mission statement?

THe mission statement and the company goals are two different pieces used to explain the business of the company to its shareholders

the mission statement defines what the company does, and the goals and objectives outline why the company does it

The goals and objectives are a restatement of the mission statement in more understandable terms

the goals and objectives outline the steps necessary to accomplish the company’s mission statement

the mission statement is developed based upon the company’s goals and objectived

the goals and objectives outline the steps necessary to accomplish the company’s mission statement
When a company engages in strategic planning, it most consider which of the following?

How to take advantage of current business opertuninties

how to keep current businesses running smoothly

how to best market products

how to make the most money possible during a fiscal year

how to divide its assets among its stockholders

How to take advantage of current business opertuninties
What is a business portfolio?

A collection of a group of companies within the same area of business

A record of business investments

The record of the responsibilities of the CEO and the CFO

A projection of a future marketing direction for a company

A collection of businesses and products that make up a company

A collection of businesses and products that make up a company
Question marks, cash cows, dogs, and stars are four types of SBUs defined in which of the following?

Product expansion grid

Value delivery network

SWOT analysis

Market segmentation

Growth-share matrix

Growth-share matrix
NOP Company’s best-selling product for year was its portable CD player. However in recent years, due to the development of MP3 players and iPods, sales have plummeted and are unlikely to rebound. What is the BEST approach for NOP Company to take?

Put more effort into marketing CD players as novelty items

Continue to sell CD players but develop or purchase a new line of MP3 players

Liquidate the CD player division and use the funds to support better-selling products

Purchase other companies that sell CD players to increase market share

Allocate found to the research and development division to create a more contemporary CD player

Liquidate the CD player division and use the funds to support better-selling products
An ice cream company has several question mark in its business portfolio, but it is current maintaining market share. The CEO decides to allocate all the company’s profits towards the growth and expansion of these question marks, in order to cause the question market to become stars or cash cows. What is likely to happen to this company?

The company will not show any growth or change at all, because profits will neither increase or decrease

The growth will be uneven and sporadic, because question marks are equally likely to succeed or fail

The company will gain market share and prosper as the question marks are developed

The company will be unable to sustain itself, because its profits will be spend of developing question marks and not maintaining more profitable SBUs

The company will go backrupt because all its profits will be wasted on uncertain SBUs

The growth will be uneven and sporadic, because question marks are equally likely to succeed or fail
A value chain consists of which of the following?

The network of distributors and suppliers that support a company

A chain of SBUs within a company that provide the most value

The series of internal departments that carry out value-creating activities

The customers who assign value to products within the company

The acquisitions team that buys product for the company to sell

The series of internal departments that carry out value-creating activities
A company’s value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually improve?

Examine the company’s partner relationship management

Perform a SWOT analysis

Perform a growth share matrix

Determine the company’s proper marketing mix

Evaluate it’s value delivery system

Examine the company’s partner relationship management
There is a tutoring company that everyone knows about but is not prospering, and current customers are complaining about the company’s service. What is the next step for the company, in order to help the company being to show a profit?

Re-evaluate the marketing strategy

Adjust the customer base

Diversity into other educational markets

Change the product being delivered to the customers

Examine the value delivery network

Examine the value delivery network
The key to a company’s success lies primarily in which of the following?

The ability of the company to determine the proper time to introduce new SBUs into the market

The ability of the company to coordinate efforts effectively within the company and with other members of its supply chain in order to deliver products to customers

The ability of the finance division to invest the company’s funds wisely

The ability of the company to diversify its products into numerous markets

The ability of the marketing department to promote the company’s products and businesses

The ability of the company to coordinate efforts effectively within the company and with other members of its supply chain in order to deliver products to customers
The goal of marketing is to do which of the following?

Determine the best way to evaluate and satisfy all customer needs within a particular market

Determine the best way to make and distribute a product to customer that satisfies them and fills a particular need

Determine the best way to minimize or eliminate all of the direct competition against the company

Determine the best way to promote the company’s products to as many customers as possible

Determine the best way to create vale for customers and develop relationships with customers that profit the company

Determine the best way to create vale for customers and develop relationships with customers that profit the company
A pet food company is in the process of developing anew market strategy. it’s niche is premium organic dog and cat food, and is going to be sold in high end pet stores. the team had also determined the optimum price to create value for customers and still make a profit, what’s next?

Develop the formula for the organic dog food

Determine the target market for the product

Determine the company’s primary competition in the pet food market

Work on a line of leases, pet brushes, and pet furniture

Create a promotion strategy to increase customer awareness

Create a promotion strategy to increase customer awareness
What is the purpose of the marketing mix, as part of the overall marketing strategy?

to elicit a response that influences a demand for the product from the customers that the company is targeting

to maximize the company’s profits through successful marketing and sales of a particular product

to compare some or all of a company’s product with the products of the company’s competitors

to create an overall positive image in the customer’s mind that is favorably associated with the company

to streamline the company’s research, marketing, production, and sales of ta particular product

to elicit a response that influences a demand for the product from the customers that the company is targeting
Why is marketing ROI so difficult to measure?

Customer-centered measures are inconvenient

There is no consistent definition

Marketing dashboards are inconsistent

Customer engagement is hard to measure

Marketers do not keep adequate records

There is not consistent definition
A marketing dashboard is used to do which of the following?

Promote a product to a target group

Develop a course of action to market a product

Determine the financial cost of developing a product

Measure the return of investment for marketing strategy

Analyze the new product lines being developed

Measure the return of investment for marketing strategy
A blue jeans company is growing and located in washington state, but it’s beginning to develop a presence in surrounding states as well. it sells only one product, bleu jeans, but has 12 different lines of jeans catering to all different market segments. Which marking organization would best suit this company?

Combination organization

Product management organization

Geographic Organization

Functional Organization

Market and customer organization

Market and customer organization
Emmy’s Elegance has started to grow larger than Emmy could ever have imagined. She is having a hard time keeping track of all of the business’ marketing activities. She knows that she is going to need help to keep her business growing and is looking to hire. Who should Emmy hire?

a CFO

a marketing specialist

a friend entrepreneur

a very successful entrepreneur

a COO

a marketing speicialist
The role of a company’s marketing intermediaries is to do which of the following?

Have an interest in or and impact on the company’s achievement of goals

Help the company find, promote, sell, and distribute products

Focus on good customer service

Provide the resources needed by the company to produce goods and services

Purchase the company’s product

Help the company find, promote, sell, and distribute products
the suppliers, marketing intermediaries, customer markets, and competitors that affect a company’s ability to serve its customers make up which of the following?

Marketing environment

Technological environment

Cultural environment

Macroenvironement

Microenvironement

Microenvironement
From a marketing standpoint, which of the following does NOT describe Gen Xers?

They are more skeptical than baby boomers

They are more receptive to overt marketing pitches

They prefer quality over quantity

They embrace the benefits of new technology

They tend to research products before they consider a purchase.

They are more receptive to overt marketing pitches
Which of the following is NOT a problem involving the natural environment that marketers need to consider?

Renewable resources

Greenhouse gases

Government regulations

Rae material shortages

Pollition

Renewable resources
Which of the following identifies a change in the technological environment that could affect the success of a business?

a company packages its product to be twice the size of its predecessor

a company develops a customer support program that customers relate as twice as responsive as the previous program

a company develops a new warranty that last twice as long as its predecessor

a company develops a new battery that lasts twice as long as its predecessor

a company develops a new battery that has twice the cost of its predecessor

a company develops a new battery that lasts twice as long as its predecessor
The major cultural value of a society are expressed be all the following except _____

People’s view of society

People’s views of themselves

People’s views of organizations

People’s view of the universe

People’s views of medicine

People’s views of medicine
A wedding service becomes more LGBT friendly, and has started catering to the new market. Which of the following environments must be carefully analyzed by the wedding company?

Natural

Technological

Economic

Cultural

Political

Cultural
The Federal Trade Commission in te United States enforces law for what reason?

Tho protect interests of society against unrestrained business behavior

To protect companies from each other and prevent unfair competition

To protect the environment from overpopulation by companies

The differnece between a proactive and a reactive stance to the marketing enviornment can BEST be decribed as which of the following?

Passive vs active responses

Informed vs uninformed responses

Legal vs illegal responses

Financial vs cultural responses

Damaging vs helpful responses

Passive vs active responses
To be successful why should companies try to adopt a proactive stance to marketing?

A proactive stance allows a company to let the market determine prices for its products

A proactive stance allows a company to compete with its competitors on quality alone

A proactive stance allows a company to influence the market in its favor

A proactive stance allows a company to compete with its competitors on price alone.

A proactive stance ensures that company will increase its market share

A proactive stance allows a company to influence the market in its favor
Which of the following best describes the purpose of the customer insights team?

to advertise new products to customer bases

to gather and interpret information about customers and the market

to develop new markets of customers for the company

to instruct other company departments in customer service

to represent the company to its customers

to gather and interpret information about customers and the market
What helps decision makers use information to generate and validate actionable customers and market insights?

Marketing information systems

Internal databases

Customer insights team

Competitive marketing intelligence

Customer relationship management

Marketing information systems
Many companies build extensive electronic collections of customer and market information obtained from data sources within the company’s network. This is known as _______.

an intranet

marketing research

marketing intelligence

an internal database

online marketing

an internal database
A water sports industry is trying to develop the vest MIS the company has seen and is requesting his employees to gather all the information they possibly can. Unfortunately, the company does not seem to be improving and it actually losing its share of the waters ports industry. Why might this be?

Too much information can be as harmful as too little.

The water sports industry failed to use the information correctly

There is never enough information to account for all the possibilities

The luxury water sports industry has suffered in the recession

His employees did not gather enough information

Too much information can be as harmful as to little
Which of the following is not part of the marketing research process?

Developing the research plan

Interpreting and reporting the findings

Defining the research problem

Comparing research finding to other studies

Implementing the research plan

Comparing research findings to other studies
Which of the following BEST describes the research relationships?

Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research

Observation is best suited for descriptive research, surveys for exploratory research, and experiments for causal research

Observation is best suited for descriptive research, surveys for causal research, and experiments for exploratory research

Observation is best suited for causal research, surveys for exploratory research, and experiments for descriptive research

Observation is best suited for exploratory research, surveys for causal research, and experiments for descriptive research

Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research
What is CRM?

A system of streamlining company processes

A system of product placement

A system of information gathering

A system of financial tracking

A system of customer management

A system of customer management
What are the main tools of a CRM analyst?

Data mining and extranets

Data warehouses and intranets

Extranets and intranets

Intranets and data mining

Data warehouses and data mining

Data warehouse and data
A power tool company wants to give its customers information about how best to use its products in creative ways. What should the company create to provide customers with this information?

A company data mine

A data warehouse

A company intranet

A company website

A company extranet

A company extranet
Which is the overarching goal of CRM?

To have a central repository for information

To enable the company to be a better competitor

To determine customer identification

To secure customer loyalty

To suggest a plan of action for the marketing team

To secure customer loyalty
Which is the best way for a small business to conduct market research?

Use primary data over secondary

Use large sample populations

Use a market research firm

Ask every customer for his or her opinion

Use online resources

Use online resources