Question 1

Which of the following is NOT one of the 4Ps of marketing?

Accepted Answer

A)  Price 
B)  Perception 
C)  Promotion 
D)  Place 
A)  Price 
B)  Perception 
C)  Promotion 
D)  Place

Question 2

The Philosophy of Marketing encompasses which overriding principle?

Accepted Answer

A)  Managing exchanges that maximize the benefits for both the company and the customers. 
B)  Maximizing profits through the careful coordination of advertising, pricing and distribution. 
C)  Identifying your best customers through a highly-developed CRM system. 
D)  Focusing attention on new customer acquisition. 
A)  Managing exchanges that maximize the benefits for both the company and the customers. 
B)  Maximizing profits through the careful coordination of advertising, pricing and distribution. 
C)  Identifying your best customers through a highly-developed CRM system. 
D)  Focusing attention on new customer acquisition.

Question 3

At a minimum, what percentage of new products fail?

Accepted Answer

A)  80% 
B)  50% 
C)  35% 
D)  10% 
A)  80% 
B)  50% 
C)  35% 
D)  10%

Question 4

The United States economy is currently dominated by which category?

Accepted Answer

A)  Services 
B)  Agriculture 
C)  Manufacturing 
D)  Digital marketing 
A)  Services 
B)  Agriculture 
C)  Manufacturing 
D)  Digital marketing

Question 5

Different value propositions maximize value for different:

Accepted Answer

A)  genders. 
B)  target customers. 
C)  age groups. 
D)  income groups. 
A)  genders. 
B)  target customers. 
C)  age groups. 
D)  income groups.

Question 6

Measuring marketing outcomes to see if your marketing works typically uses what as a measure of performance?

Accepted Answer

A)  Profits 
B)  Perceptions 
C)  Sales 
D)  Whatever is most relevant to the marketing goal 
A)  Profits 
B)  Perceptions 
C)  Sales 
D)  Whatever is most relevant to the marketing goal

Question 7

Which of the following is true?

Accepted Answer

A)  The relationship between sales and profits is not always clear. 
B)  Having more options available will typically result in higher sales levels. 
C)  Providing better service leads to higher profits. 
D)  Having a lower price is always better. 
A)  The relationship between sales and profits is not always clear. 
B)  Having more options available will typically result in higher sales levels. 
C)  Providing better service leads to higher profits. 
D)  Having a lower price is always better.

Question 8

The combination of benefits forming a value proposition will do what?

Accepted Answer

A)  Maximize sales. 
B)  Appeal to some groups of customers but not all. 
C)  Maximize value for all potential customers. 
D)  Appeal to the maximum amount of customers. 
A)  Maximize sales. 
B)  Appeal to some groups of customers but not all. 
C)  Maximize value for all potential customers. 
D)  Appeal to the maximum amount of customers.

Question 9

What is the minimum condition for buying something?

Accepted Answer

A)  Supply 
B)  Value 
C)  Demand 
D)  Affordability 
A)  Supply 
B)  Value 
C)  Demand 
D)  Affordability

Question 10

The focus of your marketing plan should be on what?

Accepted Answer

A)  Coordination of activities 
B)  Assessment of effectiveness 
C)  Target market 
D)  Timeline and budget 
A)  Coordination of activities 
B)  Assessment of effectiveness 
C)  Target market 
D)  Timeline and budget

Question 11

The profit earned by a company is calculated by which method?

Accepted Answer

A)  Total number of units sold multiplied by the price-per-unit 
B)  Total revenues minus costs of materials and labor 
C)  Total number of units sold multiplied by the contribution-per-unit 
D)  Amount remaining after all expenses are subtracted from total revenues 
A)  Total number of units sold multiplied by the price-per-unit 
B)  Total revenues minus costs of materials and labor 
C)  Total number of units sold multiplied by the contribution-per-unit 
D)  Amount remaining after all expenses are subtracted from total revenues

Question 12

Because different groups of customers want different things, marketers offer different combinations of benefits called what?

Accepted Answer

A)  Benefits statements 
B)  Value propositions 
C)  Perceptual benefits 
D)  Target market perceptions 
A)  Benefits statements 
B)  Value propositions 
C)  Perceptual benefits 
D)  Target market perceptions

Question 13

When companies primarily had a sales orientation, which of the following is true?

Accepted Answer

A)  It was indicative of companies not having similar products. 
B)  Sales techniques and persuasion significantly lagged today's innovations. 
C)  It was a reflection of lower levels of competition. 
D)  Single transactions were favored over repeat purchases. 
A)  It was indicative of companies not having similar products. 
B)  Sales techniques and persuasion significantly lagged today's innovations. 
C)  It was a reflection of lower levels of competition. 
D)  Single transactions were favored over repeat purchases.

Question 14

You have been assigned the task of developing a marketing plan for a new product your firm will soon be offering. All of these tasks would be relevant to you EXCEPT:

Accepted Answer

A)  reaching a decision on how to price the new product. 
B)  deciding what the best way is to persuade your customers to buy the new product. 
C)  deciding if the new product is appropriate for your company to market. 
D)  deciding on where you will sell the product. 
A)  reaching a decision on how to price the new product. 
B)  deciding what the best way is to persuade your customers to buy the new product. 
C)  deciding if the new product is appropriate for your company to market. 
D)  deciding on where you will sell the product.

Question 15

Creative advertising can do what for your products or services?

Accepted Answer

A)  Guarantee marketing success. 
B)  Often save a bad product. 
C)  Help create buzz. 
D)  Influence all consumers. 
A)  Guarantee marketing success. 
B)  Often save a bad product. 
C)  Help create buzz. 
D)  Influence all consumers.

Question 16

Marketing is best described as what?

Accepted Answer

A)  Sales 
B)  Advertising 
C)  Managing exchanges 
D)  Creating needs and wants 
A)  Sales 
B)  Advertising 
C)  Managing exchanges 
D)  Creating needs and wants

Question 17

Measuring the outcomes of specific activities against goals defines what?

Accepted Answer

A)  market planning 
B)  concept screening 
C)  market research 
D)  target market identification 
A)  market planning 
B)  concept screening 
C)  market research 
D)  target market identification

Question 18

Simple trade and bartering involves what?

Accepted Answer

A)  Commodity exchanges 
B)  The exchange of a product or service for money 
C)  A trade agreement between two countries 
D)  Swapping one product or service for another 
A)  Commodity exchanges 
B)  The exchange of a product or service for money 
C)  A trade agreement between two countries 
D)  Swapping one product or service for another

Question 19

Which of the following statements most clearly defines marketing?

Accepted Answer

A)  Managing mutually-beneficial exchanges with customers. 
B)  Maximizing profits through the creation of needs. 
C)  The creation and development of new markets. 
D)  Identifying individuals who want an organization's products or services. 
A)  Managing mutually-beneficial exchanges with customers. 
B)  Maximizing profits through the creation of needs. 
C)  The creation and development of new markets. 
D)  Identifying individuals who want an organization's products or services.

Question 20

An indicator of good marketing includes which of the following?

Accepted Answer

A)  Repeating relevant risks 
B)  Punishing failure 
C)  Taking calculated risks 
D)  Avoiding experimentation that simply influences perceptions of value 
A)  Repeating relevant risks 
B)  Punishing failure 
C)  Taking calculated risks 
D)  Avoiding experimentation that simply influences perceptions of value

Which of the following is NOT one of the 4Ps of marketing?

The Philosophy of Marketing encompasses which overriding principle?

At a minimum, what percentage of new products fail?

The United States economy is currently dominated by which category?

Different value propositions maximize value for different:

Measuring marketing outcomes to see if your marketing works typically uses what as a measure of performance?

Which of the following is true?

The combination of benefits forming a value proposition will do what?

What is the minimum condition for buying something?

The focus of your marketing plan should be on what?

The profit earned by a company is calculated by which method?

Because different groups of customers want different things, marketers offer different combinations of benefits called what?

When companies primarily had a sales orientation, which of the following is true?

You have been assigned the task of developing a marketing plan for a new product your firm will soon be offering. All of these tasks would be relevant to you EXCEPT:

Creative advertising can do what for your products or services?

Marketing is best described as what?

Measuring the outcomes of specific activities against goals defines what?

Simple trade and bartering involves what?

Which of the following statements most clearly defines marketing?

An indicator of good marketing includes which of the following?

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

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Exam 1: What Is Marketing

Which of the following is NOT one of the 4Ps of marketing?

The Philosophy of Marketing encompasses which overriding principle?

At a minimum, what percentage of new products fail?

The United States economy is currently dominated by which category?

Different value propositions maximize value for different:

Measuring marketing outcomes to see if your marketing works typically uses what as a measure of performance?

Which of the following is true?

The combination of benefits forming a value proposition will do what?

What is the minimum condition for buying something?

The focus of your marketing plan should be on what?

The profit earned by a company is calculated by which method?

Because different groups of customers want different things, marketers offer different combinations of benefits called what?

When companies primarily had a sales orientation, which of the following is true?

You have been assigned the task of developing a marketing plan for a new product your firm will soon be offering. All of these tasks would be relevant to you EXCEPT:

Creative advertising can do what for your products or services?

Marketing is best described as what?

Measuring the outcomes of specific activities against goals defines what?

Simple trade and bartering involves what?

Which of the following statements most clearly defines marketing?

An indicator of good marketing includes which of the following?

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