Question 1

Offering too many options can lead to which problem for some companies?

Accepted Answer

A)  It's difficult to keep track of inventory and re-order as certain items are sold out. 
B)  They can't specialize, leaving them vulnerable to competition. 
C)  Suppliers to the company can get confused and send incorrect shipments. 
D)  Your target market, by definition, prefers limited options. 
A)  It's difficult to keep track of inventory and re-order as certain items are sold out. 
B)  They can't specialize, leaving them vulnerable to competition. 
C)  Suppliers to the company can get confused and send incorrect shipments. 
D)  Your target market, by definition, prefers limited options. B

Question 2

Which of the following statements is true?

Accepted Answer

A)  Marketers try to influence wants, but customers ultimately decide if something is worth buying or not. 
B)  Marketers are often able to make people buy something against their will. 
C)  Marketing is primarily based on the science of human behavior. 
D)  Marketing is more of an art than a science. 
A)  Marketers try to influence wants, but customers ultimately decide if something is worth buying or not. 
B)  Marketers are often able to make people buy something against their will. 
C)  Marketing is primarily based on the science of human behavior. 
D)  Marketing is more of an art than a science. A

Question 3

Why is research critical to marketing?

Accepted Answer

A)  To determine what's likely to be the next hot trend in marketing 
B)  To determine basic consumer needs 
C)  To determine if marketing activities are effective 
D)  To pinpoint whether an economy is production or service oriented 
A)  To determine what's likely to be the next hot trend in marketing 
B)  To determine basic consumer needs 
C)  To determine if marketing activities are effective 
D)  To pinpoint whether an economy is production or service oriented C

Question 4

Which best describes "wants"?

Accepted Answer

A)  Strong desires for something 
B)  Unfulfilled needs 
C)  Unsupplied demands 
D)  Untapped markets 
A)  Strong desires for something 
B)  Unfulfilled needs 
C)  Unsupplied demands 
D)  Untapped markets

Question 5

Which is identified as the foundation for the marketing plan?

Accepted Answer

A)  Target market segmentation 
B)  Market research 
C)  Value proposition development 
D)  Market plan development 
A)  Target market segmentation 
B)  Market research 
C)  Value proposition development 
D)  Market plan development

Question 6

To be successful, marketers have to understand what associated with a particular exchange for a group of customers?

Accepted Answer

A)  benefits 
B)  influencers 
C)  target market 
D)  perceived value 
A)  benefits 
B)  influencers 
C)  target market 
D)  perceived value

Question 7

In simple terms, what is a market?

Accepted Answer

A)  The combination of competitors and customers 
B)  A physical location where products or services are offered for sale 
C)  A place where a similar group of products are bartered 
D)  A place where a company and its customer come together 
A)  The combination of competitors and customers 
B)  A physical location where products or services are offered for sale 
C)  A place where a similar group of products are bartered 
D)  A place where a company and its customer come together

Question 8

The breadth of marketing decisions is referred to as what?

Accepted Answer

A)  The 4Ps of marketing 
B)  The marketing plan 
C)  The marketing strategy 
D)  The creative concept 
A)  The 4Ps of marketing 
B)  The marketing plan 
C)  The marketing strategy 
D)  The creative concept

Question 9

The process of testing, then measuring, then revising-sometimes repeatedly-is known as:

Accepted Answer

A)  market research. 
B)  target market segmentation. 
C)  value proposition development. 
D)  marketing plan development. 
A)  market research. 
B)  target market segmentation. 
C)  value proposition development. 
D)  marketing plan development.

Question 10

The combination of a strong desire for something and the ability to purchase it defines what?

Accepted Answer

A)  Demand 
B)  Supply 
C)  Price equilibrium 
D)  Cost 
A)  Demand 
B)  Supply 
C)  Price equilibrium 
D)  Cost

Question 11

Understanding your target market so well that you build a relationship with them over time defines what?

Accepted Answer

A)  a social orientation 
B)  a sales orientation 
C)  customer relationship marketing 
D)  retention of sometimes undesirable customers 
A)  a social orientation 
B)  a sales orientation 
C)  customer relationship marketing 
D)  retention of sometimes undesirable customers

Question 12

Which of the following is a good example of a company having a social orientation?

Accepted Answer

A)  Tom's Shoes ships a free pair of shoes to a child in a third world country for each pair sold in the United States. 
B)  A bakery uses non-GMO ingredients in its products. 
C)  A large company practices truth-in-advertising in all its TV commercials. 
D)  A non-profit organization raises money for a cause in which you believe. 
A)  Tom's Shoes ships a free pair of shoes to a child in a third world country for each pair sold in the United States. 
B)  A bakery uses non-GMO ingredients in its products. 
C)  A large company practices truth-in-advertising in all its TV commercials. 
D)  A non-profit organization raises money for a cause in which you believe.

Question 13

All of the following relate to managing exchanges with customers EXCEPT:

Accepted Answer

A)  development of a significant social media presence. 
B)  creating offerings. 
C)  communicating with customers. 
D)  delivering offerings to customers. 
A)  development of a significant social media presence. 
B)  creating offerings. 
C)  communicating with customers. 
D)  delivering offerings to customers.

Question 14

In a period of companies having a marketing orientation, which of the following was true?

Accepted Answer

A)  Customers became more sophisticated buyers. 
B)  The percentage of customers in the middle class decreased. 
C)  Manufacturing grew as the dominant sector. 
D)  Levels of competition decreased. 
A)  Customers became more sophisticated buyers. 
B)  The percentage of customers in the middle class decreased. 
C)  Manufacturing grew as the dominant sector. 
D)  Levels of competition decreased.

Question 15

Someone who has an idea that something might work based on theory or watching it in action and testing the idea is thought of as:

Accepted Answer

A)  market planner. 
B)  skilled researcher. 
C)  naïve scientist. 
D)  consumer behavior theorist. 
A)  market planner. 
B)  skilled researcher. 
C)  naïve scientist. 
D)  consumer behavior theorist.

Question 16

All of these are common misconceptions about what marketing is EXCEPT:

Accepted Answer

A)  managing exchanges with customers. 
B)  making people buy things they don't need. 
C)  an art, and you either have the gift for it or you don't. 
D)  it does not involve numbers. 
A)  managing exchanges with customers. 
B)  making people buy things they don't need. 
C)  an art, and you either have the gift for it or you don't. 
D)  it does not involve numbers.

Question 17

The focus of your marketing plan should be on what?

Accepted Answer

A)  timeline and budget 
B)  assessment of effectiveness 
C)  coordination of activities 
D)  target market 
A)  timeline and budget 
B)  assessment of effectiveness 
C)  coordination of activities 
D)  target market

Question 18

As the United States has economy became more specialized in information technology, what has occurred?

Accepted Answer

A)  The opportunities for social interaction between consumers and businesses have increased. 
B)  Levels of social interaction have reached their maximum level and begun to decline. 
C)  Opportunities for future interaction have been minimized. 
D)  Social media activities originating with businesses have begun to decline. 
A)  The opportunities for social interaction between consumers and businesses have increased. 
B)  Levels of social interaction have reached their maximum level and begun to decline. 
C)  Opportunities for future interaction have been minimized. 
D)  Social media activities originating with businesses have begun to decline.

Question 19

The key to value creation is:

Accepted Answer

A)  perception. 
B)  cost. 
C)  benefits. 
D)  willingness to pay. 
A)  perception. 
B)  cost. 
C)  benefits. 
D)  willingness to pay.

Question 20

Producing the most efficient and cost-effective version of a product describes what?

Accepted Answer

A)  Production orientation 
B)  Sales orientation 
C)  Market orientation 
D)  Social orientation 
A)  Production orientation 
B)  Sales orientation 
C)  Market orientation 
D)  Social orientation

Offering too many options can lead to which problem for some companies?

Which of the following statements is true?

Why is research critical to marketing?

Which best describes "wants"?

Which is identified as the foundation for the marketing plan?

To be successful, marketers have to understand what associated with a particular exchange for a group of customers?

In simple terms, what is a market?

The breadth of marketing decisions is referred to as what?

The process of testing, then measuring, then revising-sometimes repeatedly-is known as:

The combination of a strong desire for something and the ability to purchase it defines what?

Understanding your target market so well that you build a relationship with them over time defines what?

Which of the following is a good example of a company having a social orientation?

All of the following relate to managing exchanges with customers EXCEPT:

In a period of companies having a marketing orientation, which of the following was true?

Someone who has an idea that something might work based on theory or watching it in action and testing the idea is thought of as:

All of these are common misconceptions about what marketing is EXCEPT:

The focus of your marketing plan should be on what?

As the United States has economy became more specialized in information technology, what has occurred?

The key to value creation is:

Producing the most efficient and cost-effective version of a product describes what?

Marketing Strategy

The Marketing Environment

Customer Behavior

Research in Marketing

Segmentation, Targeting, and Positioning

Applying the Marketing Mix

Products, Brands, and Customer Needs

Place Decisions and Customer Convenience

Managing Price and Customer Cost Perceptions

Promoting to Communicate With Customers

Encouraging Participation to Connect With Customers

Measuring Marketing Effectiveness Through Metrics

Developing an Integrated Marketing Mix

Finalizing a Marketing Plan

Filters

Exam 1: What Is Marketing

Offering too many options can lead to which problem for some companies?

Which of the following statements is true?

Why is research critical to marketing?

Which best describes "wants"?

Which is identified as the foundation for the marketing plan?

To be successful, marketers have to understand what associated with a particular exchange for a group of customers?

In simple terms, what is a market?

The breadth of marketing decisions is referred to as what?

The process of testing, then measuring, then revising-sometimes repeatedly-is known as:

The combination of a strong desire for something and the ability to purchase it defines what?

Understanding your target market so well that you build a relationship with them over time defines what?

Which of the following is a good example of a company having a social orientation?

All of the following relate to managing exchanges with customers EXCEPT:

In a period of companies having a marketing orientation, which of the following was true?

Someone who has an idea that something might work based on theory or watching it in action and testing the idea is thought of as:

All of these are common misconceptions about what marketing is EXCEPT:

The focus of your marketing plan should be on what?

As the United States has economy became more specialized in information technology, what has occurred?

The key to value creation is:

Producing the most efficient and cost-effective version of a product describes what?

Marketing Strategy

The Marketing Environment

Customer Behavior

Research in Marketing

Segmentation, Targeting, and Positioning

Applying the Marketing Mix

Products, Brands, and Customer Needs

Place Decisions and Customer Convenience

Managing Price and Customer Cost Perceptions

Promoting to Communicate With Customers

Encouraging Participation to Connect With Customers

Measuring Marketing Effectiveness Through Metrics

Developing an Integrated Marketing Mix

Finalizing a Marketing Plan

Filters