Marketing Management 1. Which of the following statements is correct?
Marketing is the term used to refer only to the sales function within a firm Marketing managers usually don't get involved in production or distribution decisions Marketing is an activity that considers only the needs of the organization, not the needs of society as a whole Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large View answer Correct answer: (D)
2. Which of the following is NOT an element of the marketing mix?
Distribution Product Target market Pricing View answer Correct answer: (C)
3. Marketing decision makers in a firm must constantly monitor competitors' activities-their products, prices, distribution, and promotional efforts-because
The competitors may be violating the law and can be reported to the authorities The actions of competitors may threaten the monopoly position of the firm in its industry The actions of competitors may create an oligopoly within an industry New product offerings by a competitor with the resulting competitive variations may require adjustments to one or more components of the firm's marketing mix View answer Correct answer: (D)
4. Political campaigns are generally examples of---
Cause marketing Organization marketing Event marketing Person marketing View answer Correct answer: (D)
5. ______________ is the collection and interpretation of information about forces, events, and relationships that may affect the organization.
Environmental scanning Stakeholder analysis Market sampling Opportunity analysis View answer Correct answer: (A)
6. Which of the following is typically NOT a result of recognizing the importance of ethnic groups by marketers?
Use of an undifferentiated one-size-fits-all marketing strategy Different pricing strategies for different groups Variations in product offerings to suit the wants of a particular group Study of ethnic buying habits to isolate market segments View answer Correct answer: (A)
7. Strategic marketing planning establishes the---
Resource base provided by the firm's strategy Economic impact of additional sales Tactical plans that must be implemented by the entire organization Basis for any marketing strategy View answer Correct answer: (D)
8. These objectives are often the most suitable when firms operate in a market dominated by a major competitor and where their financial resources are limited
Niche Hold Harvest Divest View answer Correct answer: (A)
9. When companies make marketing decisions by considering consumers' wants and the long-run interests of the company, consumer, and the general population, they are practicing which of the following principles?
Innovative marketing Consumer-oriented marketing Value marketing Societal marketing View answer Correct answer: (D)
10. The use of price points for reference to different levels of quality for a company's related products is typical of which product-mix pricing strategy?
Optional-product pricing Captive-product pricing By-product pricing Product line pricing View answer Correct answer: (D)