Deck 1: What Is Marketing

Question 1

The breadth of marketing decisions is referred to as what?

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

Answer 1

The 4Ps of marketing

Question 2

Marketing is best described as what?

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

Answer 2

Managing exchanges

Question 3

Which skill set is required to be a good marketer?

A) Experience in professional sales
B) A high degree of creativity
C) Understanding algebra and calculus
D) Basic math skills

Answer 3

Basic math skills

Question 4

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

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 5

At a minimum, what percentage of new products fail?

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

Question 6

Which is identified as the foundation for the marketing plan?

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

Question 7

The basic goal of marketing managers in managing exchanges involves all of these elements EXCEPT:

A) promotional planning.
B) value.
C) price.
D) cost.

Question 8

The United States economy is currently dominated by which category?

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

Question 9

Managing a marketing effort involves all of these functions EXCEPT:

A) control.
B) planning.
C) implementation.
D) advertising.

Question 10

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

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

Question 11

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

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

Question 12

Which best describes "wants"?

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

Question 13

Simple trade and bartering involves what?

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 14

The focus of your marketing plan should be on what?

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

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:

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

Question 16

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

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 17

Creative advertising can do what for your products or services?

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

Question 18

Which of the following statements most clearly defines marketing?

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 19

The focus of your marketing plan should be on what?

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

Question 20

The key to value creation is:

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

Question 21

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

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

Question 22

Finding a group of customers who want what you have to offer and providing it better than others do so that you maximize perceived value for that group defines:

A) target market differentiation.
B) your value proposition.
C) total market value maximization.
D) sales maximization.

Question 23

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

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

Question 24

Different value propositions maximize value for different:

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

Question 25

Measuring the outcomes of specific activities against goals defines what?

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

Question 26

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

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

Question 27

Testing an idea to see if it is effective requires:

A) a specific goal against which to measure the outcome.
B) a method of separating out the effect of luck on the test.
C) a series of tests with constantly changing measures.
D) employing an outside, non-biased research firm.

Question 28

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

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

Question 29

An indicator of good marketing includes which of the following?

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

Question 30

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

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

Question 31

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

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 32

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

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 33

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

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

Question 34

Demand is a combination of which two things?

A) desire for something and its availability
B) desire for something and the ability to purchase it
C) availability of something and the ability to pay for it
D) desire for something and a well-executed marketing plan

Question 35

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

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 36

Which of the following best defines a need?

A) A strong desire for something
B) The perceived benefit from an exchange
C) A lack of means of subsistence
D) Something deemed important missing that is available at a reasonable price

Question 37

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

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 38

Which of the following statements is true?

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.

Question 39

In simple terms, what is a market?

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 40

Why is research critical to marketing?

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

Question 41

Which of the following is true?

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 42

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

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.

Question 43

What is the minimum condition for buying something?

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

Question 44

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

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

Question 45

The Philosophy of Marketing encompasses which overriding principle?

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 46

Which statement is valid in managing exchanges between a company and its customers?

A) The company wants to maximize customer benefits.
B) Customers want to pay the least amount possible.
C) Customers are the primary drivers of the purchase decisions.
D) The two parties have conflicting goals.

Question 47

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

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 48

Properly designed and executed, marketing can do which of the following?

A) Influence people to do things they don't want to do.
B) Make it more appealing to buy certain things over others.
C) Create a need for something.
D) Make people buy things they really can't afford.

Question 49

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:

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 50

Which of the following factors is important in managing perceived value?

A) Different customers have different perceptions.
B) Perception sometimes doesn't reflect reality.
C) Value is a nebulous concept to most people.
D) Competitive pricing is a major determinant of value.