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MKT Strat Review 1
| Question | Answer |
|---|---|
| Which of the following statements about marketing is true? | All of the statements are misconceptions about marketing. |
| A marketing plan is a written statement that includes which of the following? | All of these elements mentioned are included in a marketing plan. (timeline, goals, budgets) |
| Good marketing means not taking risks. | False |
| When companies act at least in part in the best interests of society they are practicing: | Social responsibility |
| _________ is the combination of a strong desire for something and the ability to purchase that product. | Demand |
| The breadth of marketing decisions is referred to as the 4 | P's |
| Marketing is defined as managing _________ with ___________. | exchanges; customers |
| The customers with whom marketing is trying to manage exchanges with is called the | target market |
| Nonprofit companies do not do marketing because they have no product to sell. | False |
| Perceived value is defined as the perceived benefits relative to the perceived ______ associated with an exchange. | costs |
| Which of the following statements is not true? | Marketers are not able to change a customer's perceived value so they focus on different target markets instead |
| Marketers can focus on multiple target markets in one marketing plan._________measures the outcomes of specific marketing activities against goals. | marketing research |
| The marketing orientation in the 1930s and 1940s was a _______ orientation. | sales |
| Membership clubs and loyalty programs are an example of: | customer relationship marketing |
| A strategic competency is what a business unit does exceptionally well, such as manufacturing, promotion, distribution, etc. which has strategic importance to the business. | true |
| A _______ sells something they have bought to someone else. | reseller |
| Beth owns and operates a garden store focusing on plants native to her region. Though she knows she needs to monitor all kinds of brick-and-mortar and.. | primary competitors |
| In completing a checklist on competitor assets and competencies, some of the areas to be considered include all but one of the following | strategic programming |
| One of the three components of environmental analysis is internal analysis. | False |
| Properly designed and executed, marketing can do which of the following? | Make it more appealing to buy certain things over others. |
| A __________ is a subgroup within an organization that decides its own strategy and has its own customers. | Strategic business unit |
| Which of the following statements is not true? | A competitive advantage is short term and impossible to sustain over time. |
| Which term means a firm's business focus that provides direction for the company? | strategic plan |
| Customers prefer one brand over another based on its value, which, in turn, is based on different combinations of ... | perceived benefits and perceived costs. |
| A group of customers the company decides to focus its marketing efforts on is a | target market |
| A national movie theatre chain like AMC Theatres would consider which of the following organizations an indirect competitor? | Netflix |
| Educational institutions, as well as companies, face stiff competition. The University of Florida and Florida State University, who target the same students, would be considered | primary competition |
| In conducting a competitor analysis, which of the following is not relevant: | Accounting methodologies |
| Potential market entrants might use all but one of the following to enter a market: | market penetration |
| markets have relatively stable competitors and customers. | Established |
| Elsa started an Etsy store selling custom sugar cookies at a price commensurate with other vendors. While she envisioned making cookies for birthdays or holidays, her first order was for a bachelorette party... | She did not create a basic marketing plan denoting her target market. |
| Which statement is valid in managing exchanges between a company and its customers? | Customers are the primary drivers of the purchase decisions. |
| The SWOT Analysis involves identifying the following items (select all that apply) | Strengths, weaknesses, opportunities and threats |
| The 4 Ps of marketing are: | Product, place, price, promotion |
| Which P covers how a company communicates value to its customers? | promotion |
| Which P covers how a company communicates value to its customers? | false |
| Strategic marketing is involved in making decisions, some of which include investment decisions. Of the following which is not an investment decision: | innovation |
| Companies differentiate by focusing on their... | unique selling proposition |
| Jennifer observed that a local restaurant was successful because they were willing to deliver breakfast to customers who were unable to leave their homes due to stay-at-home... | product differientation |
| Each of the four elements of a company's marketing mix is designed to create or communicate what to the consumer? | value |
| Which of the following is the fourth step in the general model of customer experience? | Purchase/Choice |
| The most credible external information comes from | company sponsored information third party information |
| ___________is a comparison of performance to expectations. | Satisfaction |
| Which of the following is the highest level according to Maslow's Hierarchy of Needs? | Self-actualization |
| Which of the following statements is not true? | In B2B and B2C marketing the purchasing decision is always a group decision. |
| In the business buying process which party controls access to the rest of the buying center? | gatekeeper |
| In the business buying process which party has final decision making authority? | decider |
| Lifestyle is an example of a __________ marketing segmentation variable. | psychographic |
| Brand loyalty is an example of a __________ marketing segmentation variable. | behavioral |
| Geographic segmentation is often a function of ________ and _______ decisions combined. | product, place |
| _______ segmentation is the most widely used category of segmentation variables and is typically the first approach companies use. | demographic |
| Which of the following is not a component of the positioning statement? | business market |
| Apple's relationship with Samsung in the cell phone space is an example of | primary competitors |
| Exit barriers are crucial to a firm's ability to exercise an exit alternative. Which of the following is not an exit barrier? | High market growth rate |
| In addition to current competitors, it is important to consider potential market entrants such as firms that might engage in all but one of the following: | Low-cost strategies |
| Some of the benefits of strategic groups include all but one of the following: | They produce strategic options |
| In obtaining a list of motivations, a set of 10 individual interviews will generate 90%-95% of the list. | false |
| A strategic group is a customer segment that is strategically important to the business. | false |
| While discussing strategic groups, mobility barriers refer to barriers inhibiting the movement of a person from one social class to another. | true |
| Which of the following is not an indicator of market maturity or decline? | Predictions for high growth |
| The competitive strength grid lists the product-markets served by each competitor and identifies for each product market the strengths of each competitor. | false |
| Porter's five-factor model provides insight into the present and future profitability of an industry. | true |
| A strategic uncertainty should be evaluated with respect to its impact and relevance to future strategy. | false |
| Demographic trends can be a strong indicator of the growth of a market and it can be predictable. | true |
| Decision-driven scenarios ... | help make the go/no-go decision |
| When evaluating cultural trends, marketers should focus on all of the following dimensions of culture, except this one ... | innovation |
| Which of the following companies would be a secondary competitor to Ben & Jerry's? | None of these choices are correct. |
| perform functions that help connect the company to the customer | Marketing intermediaries |
| Which of the following is not a social element within the macro-environment? | federal laws |
| The _________ regulates competition in the market. | Federal Trade Commission |
| ________ income is the amount of money available after deductions to pay for basic living expenses. | disposable |
| A sustained competitive advantage is one that is valuable and | can't be easily copied by competitors. |
| Five management tasks used to develop strategic competencies do not include the following: | identify competitors |
Created by:
aardogge