MKT Questions – Flashcards
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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
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the new concept focuses on the experience of the customer
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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
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the marketing mix
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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
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determine who in the community wants or needs a jump rope
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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
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target marketing
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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
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An exchange
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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?
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Should they follow a product or marketing concept?
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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
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market exchange
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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
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needs are satisfied by wants, and buying power converts wants into demands
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Which of the following is NOT one of the four Ps of the marketing mix? Promotion Price Product Production Place
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Production
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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
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product concept
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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
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Frequency marketing program
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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
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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
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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
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the customer's opinion of what constitutes value
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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
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Receive value from customers
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Someone who always comes to your company but spends very little is referred to as a Butterfly Barnacle Stranger True friend True believer
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Barnacle
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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
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Customer equity
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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
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Observe environmental legislation as it is instituted
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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
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Consumers are showing an enthusiasm for frugality
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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
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We will help customers build, invigorate, restore, refurbish, or completely redesign their their homes or businesses
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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
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Develop detailed marketing and departmental plans that will support the company-wide plan
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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
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the goals and objectives outline the steps necessary to accomplish the company's mission statement
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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
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How to take advantage of current business opertuninties
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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
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A collection of businesses and products that make up a company
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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
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Growth-share matrix
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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
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Liquidate the CD player division and use the funds to support better-selling products
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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
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The growth will be uneven and sporadic, because question marks are equally likely to succeed or fail
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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
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The series of internal departments that carry out value-creating activities
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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
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Examine the company's partner relationship management
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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
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Examine the value delivery network
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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
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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
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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
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Determine the best way to create vale for customers and develop relationships with customers that profit the company
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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
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Create a promotion strategy to increase customer awareness
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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
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to elicit a response that influences a demand for the product from the customers that the company is targeting
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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
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There is not consistent definition
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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
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Measure the return of investment for marketing strategy
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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
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Market and customer organization
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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
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a marketing speicialist
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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
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Help the company find, promote, sell, and distribute products
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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
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Microenvironement
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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.
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They are more receptive to overt marketing pitches
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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
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Renewable resources
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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
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a company develops a new battery that lasts twice as long as its predecessor
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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
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People's views of medicine
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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
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Cultural
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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
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Passive vs active responses
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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
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A proactive stance allows a company to influence the market in its favor
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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
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to gather and interpret information about customers and the market
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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
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Marketing information systems
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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
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an internal database
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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
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Too much information can be as harmful as to little
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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
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Comparing research findings to other studies
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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
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Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research
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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
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A system of customer management
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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
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Data warehouse and data
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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
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A company extranet
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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
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To secure customer loyalty
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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
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Use online resources
