Practice Test Marketing

Which of the following is most essential to any definition of marketing?
c- customer relationships
All of the following are accurate descriptions of modern marketing today, EXCEPT which one?
c- selling and advertising are synonymous with marketing
The ______ steps of the five step marketing process are about understanding customers, creating customer value, and building strong customer relationships.
b- first three
Which of the following is an example of a type of market offering?
e- all of the above; ideas, information, experiences, products(?)
______ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs.
d- marketing myopia
______ is a set of actual and potential buyers of a product?
a- a market
The art and science of choosing target markets and building profitable relationships with them is called _____.
c-
Selecting which segments of a population of customers to serve is called _____.
d- target marketing
Family Dollar stores probably focusing on buyers who have relatively modest means is an example of _____.
d- target marketing
____ is the set of benefits a company promises to deliver to its consumers to satisfy their needs.
d- a value proposition
. “build a better mousetrap and the world will beat a path to your door” reflects the ____ concept.
d- product
According to the authors of your text, the _____ concept is a “sense and respond” philosophy rather than a “make and sell” philosophy.
c- marketing
The three areas of consideration that should be balanced in the social marketing concept are consumer wants, society’s interests and ____.
c- c profits?
The set of marketing tools a firm uses to implement its marketing strategy is called the _____.
c- marketing mix
The first step in strategic planning is to ____.
c- define the company mission
The collection of businesses and products that make up a company is called its _____.
d- business portfolio
Business proportion planning involves two steps: _____ and _____
e-identifying growth opportunities, evaluating growth opportunities
. Most portfolio analysis methods evaluate SBU’s on two dimensions, namely _____ and ______.
c-
In the Boston Consulting Group approach, _____ provide(s) a measure of market attractiveness.
d-
In the BCG approach, ____ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth. When their growth slows down, they turn into ______.
d-
c-
a-
The four possible strategies that can be pursued for each SBU are building, holding, ____ and ______.
b-
A sound marketing strategy begins with ______.
c-
. ______ involves evaluating each market segments attractiveness and selecting one or more segments to enter.
b-
_____ is the place a product occupies in the consumer’s mind relative to competitor’s products.
d-
In a SWOT analysis, which of the following refers to factors in the external environment?
a-
b-
Which type of organization helps companies to stock and move goods from their points of origin to their destination?
a-
(?), credit companies, insurance companies, and other businesses that help finance
b-