Deck 7: Marketing Management

Question 1

A marketing system is:

A) the same as the marketing plan.
B) different from a marketing plan.
C) has more to do with business management than with marketing itself.
D) the process by which you prepare a marketing plan.

Answer 1

A

Question 2

Marketing plans should:

A) be based on proven business intuition.
B) provide for continuity from annual plan to annual plan.
C) be repeated without being redrawn if they have worked well.
D) be developed from scratch each year.

Answer 2

B

Question 3

The marketing plan should be prepared production or manufacturing decisions are made.

A) at the same time as
B) without regard to when
C) after
D) before

Answer 3

D

Question 4

Which is not a characteristic of market segmentation noted by Lawrence Stevenson?

A) Meaningful
B) Mundane
C) Measureable
D) Mutually exclusive

Question 5

A market segment that produces the most revenue:

A) is the key to maximizing profits.
B) is the most difficult to access.
C) produces the most loyal customers.
D) does not necessarily produce the most profit.

Question 6

In connection with marketing, an owner manager:

A) can do nothing to alleviate the consequences of certain external and uncontrollable factors.
B) can monitor uncontrollable factors so as to avoid them.
C) is rarely subject to uncontrollable factors.
D) can do some things to effectively respond to certain external and uncontrollable factors.

Question 7

Consumers looking for lasting values and tangible benefits are most likely to be:

A) teenagers.
B) in their 20s.
C) non-existent.
D) seniors.

Question 8

Psychographic segmentation:

A) is based on personality types.
B) is based on buyer behaviour.
C) requires psychological testing of customers.
D) is based on psychological wellness in the target market.

Question 9

The text identifies four important marketing variables. They are:

A) price, promotions, priorities, and place.
B) positives, promotion, preconditions, and population.
C) preferences, policies, placement, and price.
D) product, price, place, and promotion.

Question 10

Which is not an external influence of a firm's marketing system?

A) Competition
B) Products
C) Economy
D) Technology

Question 11

The text recommends that chances of retaining a customer depend primarily on:

A) customer satisfaction with the business.
B) relating to customers without change so long as it seems to be working.
C) offering services that seem to be relevant to the market.
D) sticking with existing business practices.

Question 12

A marketing plan is not:

A) an annually prepared document.
B) a guide for implementing marketing decision making.
C) based on a collection of marketing details for future planning.
D) a generalized document.

Question 13

CRM stands for:

A) Customer Relationship Metrics.
B) Customer Recall Monitoring.
C) Customer Relationship Marketing.
D) Customer Relationship Management.

Question 14

Before developing a marketing strategy, goals and objectives should be:

A) creative and broadly defined.
B) realistic and specific.
C) subjected to ongoing and continuous revisions.
D) consistent with the owners' wishes.

Question 15

Marketing action and strategy decisions budgets:

A) define borrowing needs.
B) are useful in preparing the business's financial plan.
C) are freestanding.
D) are unrelated to other budgets in the business.

Question 16

A company's mission:

A) explains what profit levels the owner hopes to accomplish.
B) reflects what customers want.
C) describes the nature of the business.
D) outlines its position in society.

Question 17

Generally, it is recognized that:

A) new customers are better sources of revenue than existing customers.
B) retaining customers can be more costly than attracting a new one.
C) it costs a business more to attract than to retain a customer.
D) new customers and existing customers represent the same financial considerations.

Question 18

Most successful marketing plans are based on:

A) a scattergun approach.
B) financial resources.
C) the entrepreneurs' commitment to the product.
D) secondary and primary marketing research data.

Question 19

Marketing strategy and action decisions address the question:

A) what are our goals?
B) who is our target market?
C) what is our favourite way to market?
D) how do we get there?

Question 20

Situation analysis refers to:

A) where a business has been.
B) where a business is currently.
C) where a business is likely to be in the near future.
D) where a business fits relative to its competition.

Question 21

Weak signals from a monitoring process:

A) should lead to increase borrowing.
B) should lead to modification in the existing marketing effort.
C) should result in terminations of poorly performing employees.
D) should be tracked until the end of the budget period.

Question 22

Well-prepared marketing plans:

A) will result in respectable profits.
B) should succeed as planned.
C) are not possible.
D) will likely not succeed exactly as expected.

Question 23

Product deficiencies often result from:

A) unacceptably low pricing.
B) corporate sabotage.
C) rushing the product to market.
D) poor consumer education.