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UCF |MAR | 3023 |Exam | 1 |Study |Guide |
questions |with |answers
Which |of |the |following |are |associated |with |marketing, |as |defined | by |the |American |Marketing |Association? |(Choose |every |correct | answer.) Multiple |select |question. a.) |Organizations |that |develop |industry |partnerships |for | international |outsourcing b.) |Institutions |that |facilitate |the |exchange |of |offerings |that |have | value |for |customers c.) |Institutions |that |implement |technologies |for |increased | production |efficiency d.) |Activities |that |communicate |offerings |that |have |value |for |society | at |large e.) |Processes |used |to |create |value |for |clients |- |CORRECT |ANSWERS | ✔✔b, |d, |e When |a |toothpaste |manufacturer |divides |the |marketplace |into | smaller |targets |based |on |benefits |sought |by |the |consumer, |this |is | an |example |of |market |______. Multiple |choice |question. a.) |satisfaction
b.) |segmentation c.) |manufacturing d.) |needs |- |CORRECT |ANSWERS |✔✔b.) |segmentation A |core |aspect |of |marketing |involves |a(n) |_______ |which |is |a | transaction |in |which |things |of |value |are |traded |by |buyers |and | sellers. |- |CORRECT |ANSWERS |✔✔exchange Which |of |the |following |are |elements |of |the |marketing |mix? | (Choose |every |correct |answer.) Multiple |select |question. a.) |Portfolio b.) |Product c.) |Price d.) |Purchase |- |CORRECT |ANSWERS |✔✔b, |c, |d Reason: The | 4 |Ps |include |product, |price, |place, |and |promotion. A |company's |Blank______ |create(s) |value |by |satisfying |customer | needs. a.) |production |efficiency b.) |product |promotions
a.) |A |service b.) |A |philosophy c.) |A |non-profit |organization d.) |An |opinion |- |CORRECT |ANSWERS |✔✔b, |d Which |of |the |following |describes |the |fundamental |purpose |of | marketing? a.) |To |achieve |market |dominance |by |selling |as |many |products |and | services |as |possible b.) |To |develop |highly |original |and |innovative |products Reason: c.) |To |advertise |and |entertain |customers d.) |To |create |value |and |satisfy |consumer |needs |through |a |variety | of |offerings |- |CORRECT |ANSWERS |✔✔d.) |To |create |value |and |satisfy | consumer |needs |through |a |variety |of |offerings Which |of |the |following |are |components |of |price? |(Check |all |that | apply.) a.) |Money b.) |Ethical |climate c.) |Management |style d.) |Time e.) |Energy |- |CORRECT |ANSWERS |✔✔a, |d, |e
True |or |False: |In |the |marketing |mix, |place |attempts |to |deliver | value |by |making |the |product |or |service |available |when |and |where | the |consumer |needs |or |wants |it. |- |CORRECT |ANSWERS |✔✔True Reason: |Place |delivers |value |that |product |creates. The | 4 |Ps |include |- |CORRECT |ANSWERS |✔✔product, |price, |place, | and |promotion Products |include |goods |and |services, |as |well |as |________ |which |are | thoughts, |opinions, |and |philosophies |that |can |be |marketed, |just |as | goods |and |services |can. |- |CORRECT |ANSWERS |✔✔ideas Marketing |is |the |activity, |set |of |institutions, |and |processes |that | create, |capture, |communicate, |and |Blank______ |value. a.) |deliver b.) |replicate c.) |reduce d.) |justify |- |CORRECT |ANSWERS |✔✔a.) |deliver Which |element |of |the |four |Ps |embodies |all |activities |needed |to |get | the |product |to |the |right |customer |when |and |where |that |customer | wants |it?
_______ |is |the |component |of |the |four |Ps |of |marketing |that |is |used | by |marketers |to |inform, |persuade, |and |remind |potential |buyers | about |a |product |or |service |to |influence |their |opinions |and |produce | a |response. |- |CORRECT |ANSWERS |✔✔promotion Fast |Bean |sells |coffee |to |Federico |to |brew |and |drink |at |home. |This | is |an |example |of |business-to-_________ |marketing. a.) |producer b.) |consumer c.) |business d.) |vendor |- |CORRECT |ANSWERS |✔✔b.) |consumer Which |of |the |four |Ps |represents |all |activities |necessary |to |get |an | offering |to |the |right |customer |when |that |customer |wants |it? a.) |Product b.) |Place c.) |Price d.) |Promotion |- |CORRECT |ANSWERS |✔✔d.) |Promotion Reason: |Promotion |is |communicating |the |value |proposition. Which |are |supply |chain |partners? |(Choose |every |correct |answer.)
a.) |Retailers b.) |Wholesalers c.) |Transporters d.) |Competitors e.) |Federal |regulators |- |CORRECT |ANSWERS |✔✔a, |b, |c In |the |marketing |mix, |which |element |of |the |four |Ps |communicates | value |to |the |consumer? a.) |Product b.) |Promotion c.) |Price d.) |Place |- |CORRECT |ANSWERS |✔✔c.) |Promotion What |would |happen |to |the |global |economy |if |all |marketing |ceased? a.) |The |global |economy |would |stay |about |the |same. b.) |The |global |economy |would |plummet. c.) |The |global |economy |would |improve. d.) |The |global |economy |would |slightly |worsen. |- |CORRECT | ANSWERS |✔✔b.) |The |global |economy |would |plummet. Marketers |use |______ |to |inform, |persuade, |and |remind |potential | buyers |about |a |product |or |service |to |influence |their |opinions |and | elicit |a |response.
a.) |World |War |II b.) |The |Great |Depression c.) |The |Great |Recession d.) |World |War |I |- |CORRECT |ANSWERS |✔✔a, |b When |did |the |high |degree |of |power |held |by |the |consumer |lead |to | firms |discovering |marketing? a.) |During |the |value-based |marketing |era b.) |During |the |sales-oriented |era c.) |During |the |market-oriented |era d.) |During |the |production-oriented |era |- |CORRECT |ANSWERS |✔✔c.) | During |the |market-oriented |era Which |entity |does |NOT |market |to |the |other |entity? a.) |Customers |to |businesses b.) |Businesses |to |customers c.) |Wholesalers |to |retailers d.) |Manufacturers |to |retailers |- |CORRECT |ANSWERS |✔✔a.) | Customers |to |businesses In |order |to |compete |successfully, |most |firms |today |have |to |provide | their |customers |with |better |________ |than |their |competitors |- | CORRECT |ANSWERS |✔✔value
How |does |ad |revenue |benefit |consumers? a.) |It |increases |the |prices |that |consumers |pay |for |select |products. b.) |It |enables |companies |to |offer |free |services |to |consumers. c.) |It |encourages |consumers |to |pay |more |for |valuable |products. d.) |It |reduces |the |number |of |ads |that |consumers |are |shown. |- | CORRECT |ANSWERS |✔✔b.) |It |enables |companies |to |offer |free | services |to |consumers. In |a |value-based, |marketing-oriented |firm, |marketers |share | information |about |______ |and |competitors |and |then |integrate |and | distribute |it |across |the |firm's |various |departments. a.) |designers b.) |vendors c.) |customers d.) |prices |- |CORRECT |ANSWERS |✔✔c.) |customers Which |of |the |following |are |related |to |marketing |in |the |production- oriented |era? |(Choose |every |correct |answer.) a.) |There |was |an |excess |supply |of |product, |and |the |consumer |held | all |the |power. b.) |Manufacturers |were |concerned |with |product |innovation, |not | with |satisfying |the |needs |of |individuals.
When |a |firm |has |moved |beyond |a |production |or |selling |orientation | and |attempts |to |discover |and |satisfy |its |customers' |needs |and | wants, |the |firm |is |______. a.) |profit |oriented b.) |price |oriented c.) |market |oriented d.) |sales |oriented |- |CORRECT |ANSWERS |✔✔c.) |market |oriented Firms |become |value |driven |by |focusing |on |which |of |the |following | activities? |(Choose |every |correct |answer.) a.) |Balancing |customer |benefits |and |costs b.) |Sharing |information c.) |Establishing |good |hiring |practices d.) |Building |relationships |- |CORRECT |ANSWERS |✔✔a, |b, |d Value-oriented |marketers |engage |in |an |ongoing |process |of | balancing |______. a.) |supply |chain |demands |and |resource |availability b.) |the |efficiency |of |production |and |the |safety |and |health | standards |for |employees |and |customers c.) |public |perception |of |the |corporate |ethics |and |the |firm's | stewardship
d.) |the |perceived |benefit |to |customers |and |the |price |- |CORRECT | ANSWERS |✔✔d.) |the |perceived |benefit |to |customers |and |the |price Large |corporations |collect |vast |amounts |of |information |about |their | customers' |shopping |habits, |including |how, |when, |why, |where, |and | what |they |buy, |and |then |use |that |information |to |______. a.) |determine |net |profitability b.) |improve |customer-to-customer |marketing c.) |update |human |resources |policies d.) |plan |future |products |and |services |- |CORRECT |ANSWERS |✔✔d.) | plan |future |products |and |services True |or |False: |Businesses |should |avoid |using |social |and |mobile | media |technologies. |- |CORRECT |ANSWERS |✔✔False Ideally, |successful |American |firms |believe |that |marketers |should | focus |on |which |of |the |following |beyond |financial |profitability? | (Choose |every |correct |answer.) a.) |Outsourcing |as |much |labor |as |possible b.) |Environmentally |friendly |options c.) |Lobbying |for |corporate |tax |breaks d.) |Social |responsibility |- |CORRECT |ANSWERS |✔✔b, |d
Which |of |the |following |is |NOT |an |example |of |customer |loyalty? a.) |Only |purchasing |organic |products b.) |Only |purchasing |dresses |at |Anthropologie c.) |Only |purchasing |holiday |decorations |from |World |Market d.) |Only |purchasing |light |fixtures |at |Home |Depot |- |CORRECT | ANSWERS |✔✔a.) |Only |purchasing |organic |products Rather |than |simply |focusing |on |financial |profitability, |many |major | corporations |in |the |United |States |believe |that |marketing |should | focus |on |________ |by |undertaking |activities |such |as |making |safer | products |and |reducing |their |carbon |footprint. a.) |corporate |citizenry b.) |total |sales c.) |market |share d.) |return |on |investment |- |CORRECT |ANSWERS |✔✔a.) |corporate | citizenry ______ |is |achieved |through |efficient |operations, |excellent |supply | chain |management, |and |strong |relationships |with |suppliers. a.) |Product |excellence b.) |Locational |excellence c.) |Operational |excellence
d.) |Customer |excellence |- |CORRECT |ANSWERS |✔✔c.) |Operational | excellence Firms |that |achieve |a |sustainable |competitive |advantage |through | their |merchandise |and |service |offerings, |and |through |effective | branding |and |positioning, |are |doing |so |using |______ |excellence. a.) |operational b.) |product c.) |customer d.) |locational |- |CORRECT |ANSWERS |✔✔b.) |product A |______ |identifies |a |firm's |target |markets, |a |related |marketing |mix, | and |the |bases |upon |which |the |firm |plans |to |build |a |sustainable | competitive |advantage. |- |CORRECT |ANSWERS |✔✔marketing |strategy Which |scenario |is |an |example |of |loyalty |to |a |company |in |a | consumer's |daily |life? a.) |Getting |a |haircut |from |the |one |barber |in |town |who |has |an | opening |in |his |schedule |this |afternoon. b.) |Buying |a |Pepsi |product |from |the |campus |vending |machine | because |Pepsi |is |the |only |vendor |allowed |on |campus. c.) |Ordering |from |Pizza |Hut |because |there |is |a |coupon |in |the |mail | offering |a |significant |discount.
Reason: |In |most |cases, |a |single |strategy |is |not |sufficient |to |build |a | sustainable |competitive |advantage; |multiple |strategies |are | necessary |for |long-term |success. A |marketing |plan |includes |all |of |the |following |EXCEPT |______. a.) |marketing |objectives |and |strategy b.) |projected |income |statements c.) |an |analysis |of |the |current |marketing |situation d.) |a |plan |on |how |to |pitch |investors |- |CORRECT |ANSWERS |✔✔d.) |a | plan |on |how |to |pitch |investors Reason: |This |would |be |part |of |your |business |plan. Which |statement |about |product |excellence |is |true? a.) |It |is |achieved |by |having |products |with |high |perceived |value |and | effective |branding |and |positioning. b.) |It |yields |cost |savings |through |economies |of |scale. c.) |It |is |primarily |achieved |through |efficient |operations |and |efficient | production. d.) |It |generally |does |not |result |in |meaningful |competitive | advantage. |- |CORRECT |ANSWERS |✔✔a.) |It |is |achieved |by |having | products |with |high |perceived |value |and |effective |branding |and | positioning.
Which |of |the |following |is |the |primary |question |a |mission | statement |should |answer? a.) |Where |do |we |want |to |be |in |five |years? b.) |What |specific |tasks |should |we |perform |in |the |next |year? c.) |What |type |of |business |are |we? d.) |What |are |our |short-term |goals? |- |CORRECT |ANSWERS |✔✔c.) | What |type |of |business |are |we? Step | 2 |of |a |marketing |plan |involves |which |of |the |following? a.) |Evaluating |opportunities b.) |Creating |a |mission |statement c.) |Evaluating |performance d.) |Performing |a |situation |analysis |using |SWOT |- |CORRECT |ANSWERS |✔✔d.) |Performing |a |situation |analysis |using |SWOT A |competitive |advantage |based |on |location |______. a.) |is |sustainable |when |real |estate |is |difficult |or |expensive |to |obtain b.) |is |unsustainable |because |location |is |unimportant c.) |is |sustainable |when |the |retail |location |is |close |to |similar |stores d.) |is |unsustainable |because |customer |service |is |more |important |- | CORRECT |ANSWERS |✔✔a.) |is |sustainable |when |real |estate |is | difficult |or |expensive |to |obtain
