Deck 1: The Marketing Management Process

Question 1

Marketing management involves controlling programs related to the conception,pricing,promotion,and distribution of products.

Answer 1

True

Question 2

There can never be a positive bottom line without the ability to build and sustain a healthy top line.

Answer 2

True

Question 3

Each market segment seeks a different set of benefits from the same product category.

Answer 3

True

Question 4

People who buy goods for others in their immediate household are organizational buyers.

Question 5

The marketing manager details the financial and resource implications of the strategy in the first part of a marketing plan.

Question 6

Lifetime customer value refers to the present value of a stream of revenue that can be produced by a customer over time.

Question 7

The controllable elements of a marketing program include product offering,price,promotion,and place.

Question 8

Advertising and salesforce decisions are part of a company's promotion.

Question 9

An unsatisfied need is a gap between a person's actual and desired states on some physical or psychological dimension.

Question 10

A brand's value to the company depends on how much value the company thinks the brand provides customers.

Question 11

Reduced division of labor is one of the most important changes that occur as societies move from a primitive economy toward higher levels of economic development.

Question 12

The relative strengths and weaknesses of competitors and trends in the competitive environment is one of the 4Cs necessary to provide the foundation for a good strategic marketing plan.

Question 13

The need for security,love and belonging are basic physical needs of human beings.

Question 14

New needs are created by marketers and other social forces by making emotional appeals to customers.

Question 15

A marketing plan is a written document detailing the current situation with respect to customers,competitors,and the external environment.

Question 16

Everything a company does internally is called a profit center of the company.

Question 17

When people buy products to satisfy their needs,it is the benefits of the product that they buy rather than the products.

Question 18

A company's available resources and capabilities have no bearing over its marketing objectives for a particular product-market entry.

Question 19

Value is a function of extrinsic features related to the environment.

Question 20

Brand equity reflects the value of the brand name and logo as promotional tools for attracting future buyers and building market share and profitability.

Question 21

The customers who buy goods and services for resale or to use as inputs to the production of other goods are known as:

A)ultimate customers.
B)individual customers.
C)organizational customers.
D)service customers.

Question 22

A product has greater place utility for a potential customer when it can be purchased with minimum risk and shopping time.

Question 23

Merchant wholesalers sell goods and services directly to final consumers for nonbusiness use.

Question 24

Ultimate customers buy goods and services for personal use or _____.

A)for the use of others in their immediate household
B)as inputs to production of other goods
C)for resale to other customers
D)for use in the day-to-day operations of organizations

Question 25

Specialization of labor and economies of scale involved in an extensive marketing system reduces its functional efficiency.

Question 26

Need for food and water are examples of _____ needs.

A)security
B)physical
C)social
D)psychological

Question 27

Which of the following statements is true of services?

A)They can be provided by physical objects as well as people.
B)Services are typically priced lower than products.
C)They are functions of intrinsic product features.
D)They are physical products associated with a special benefit.

Question 28

The purchasing,storage,promotion,and selling activities of wholesalers and retailers allow customers to buy a wide variety of goods from a single source in one transaction.

Question 29

Dell allows individuals buy personal computers by placing online orders in the website.Dell's website is an example of a business-to-business e-commerce site.

Question 30

Implementing a marketing plan requires cooperation and coordination across many specialized functional areas.

Question 31

Hope,a non-profit organization,trains disabled individuals to engage in small scale production.They teach them manufacture products such as candles.They purchase wax in bulk to be used in their training programs.Wax purchased in this case is an example of a(n)_____.

A)consumer good
B)consumer service
C)industrial good
D)ultimate good

Question 32

_____ reflect a person's desires or preferences for specific ways of satisfying a basic need.

A)Emotions
B)Wants
C)Beliefs
D)Reflexes

Question 33

Love,esteem,and self fulfillment are examples of one's _____ needs.

A)emotional
B)physical
C)basic
D)physiological

Question 34

The most important characteristic of marketing as a business function in order to sustain a healthy top line is its focus on:

A)customers and their needs.
B)horizontal integration.
C)employee productivity.
D)exchange requirements.

Question 35

The boundaries between functional areas have started to blur and marketing programs are increasingly becoming a group activity in current business environment.

Question 36

A service refers to any activity or benefit that one party can offer another and that result in the ownership of something.

Question 37

Auction sites,such as eBay,QXL are examples of Consumer-to-Consumer (C2C)channels.

Question 38

A society cannot reap the full benefits of specialization until it develops the means to facilitate:

A)production of essential goods such as food for domestic consumption.
B)protection of local industries from external players.
C)the trade and exchange of surpluses among its members.
D)production of all goods that are needed for domestic consumption.

Question 39

Internal control of the full range of marketing functions and activities is referred to as vertical integration.

Question 40

The customers who buy goods and services for their own personal use are known as:

A)internal customers.
B)external customers.
C)promotional consumers.
D)ultimate consumers.

Question 41

Which of the following is one of the components of marketing mix?

A)Company
B)Context
C)Price
D)Rivals

Question 42

A business-level strategy addresses:

A)how a business intends to compete in its industry.
B)how a business should define its mission and vision.
C)what products should an organization produce.
D)how an organization should design its marketing communication.

Question 43

Which of the following components of the marketing mix concerns distribution of products?

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

Question 44

Which of the following is the most important element that determines the value a customer attaches to a product?

A)Company resources
B)Company policies
C)Services provided
D)Costs of production

Question 45

_____ strategy reflects the company's mission and provides direction for decisions about what businesses it should pursue,how it should allocate its available resources,and its growth policies.

A)Competitive
B)Corporate
C)Operational
D)Business-level

Question 46

Which of the following components of the marketing mix is related to advertising,personal selling,point-of-purchase displays,and publicity?

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

Question 47

The total market for a particular product category is often fragmented into several groups of people having relatively homogeneous needs,wants,and sought after benefits.These groups are referred to as a market:

A)promoters.
B)suppliers.
C)channels.
D)segments.

Question 48

A(n)_____ is a written document detailing the current situation with respect to customers,competitors,and the external environment and providing guidelines for objectives,marketing actions,and resource allocations over the planning period for either an existing or a proposed product or service.

A)strategic program
B)marketing plan
C)marketing mix
D)opportunity analysis

Question 49

_____ is the combination of controllable marketing variables that a manager uses to carry out a marketing strategy in pursuit of the firm's objectives in a given target market.

A)Market forecasting
B)Advertising
C)Market segmentation
D)Marketing mix

Question 50

Designing of the products and its marketing programs so as to emphasize attributes and benefits that appeal to customers in the target segment and at once distinguish the company's brand from those of competitors is referred to as _____ of the object.

A)servicing
B)valuing
C)pricing
D)positioning

Question 51

_____ is the process of analyzing,planning,implementing,coordinating,and controlling programs involving the conception,pricing,promotion,and distribution of products,services,and ideas designed to create and maintain beneficial exchanges with target markets for the purpose of achieving organizational objectives.

A)Marketing communication
B)Marketing control
C)Strategic control
D)Marketing management

Question 52

Brand equity reflects the value of the:

A)brand name and logo as promotional tools for attracting future buyers.
B)major customers who are associated with the brand.
C)actual benefits that a product or brand provides.
D)market segments in taking decisions regarding a new product launch.

Question 53

Mars,a company that markets home appliances,realizes that their clients in China would prefer it if their range of juicers were to have extra strong blades so that it cuts through all kinds of fruits.In order to fulfill this demand,the company modifies its product designs and marketing programs to cater to the needs of the Chinese customers.Mars is trying to:

A)provide a unique benefit to a segment of the juicer market.
B)focus on the individual transactions with customers.
C)provide a unique benefit to the overall market of juicers.
D)use its brand as a promotional tool for attracting future buyers.

Question 54

Which of the following best describes lifetime customer value?

A)It is the value a customer places on specific ways of satisfying a basic need.
B)It is the value companies place on an individual transaction with a customer.
C)It is the present value of a stream of revenue that can be produced by a customer over time.
D)It is the value a company places on selling the product to more than one customer.

Question 55

Distinct subsets of consumers with similar needs,circumstances,and characteristics that lead them to respond in a similar way to a particular product or service are known as market _____.

A)channels
B)contexts
C)spirals
D)segments

Question 56

Albus Technologies is a firm that functions in drastically changing technology trends.The economic situations in the industry are also changing drastically.Which of the 4 Cs is associated with these external factors?

A)Company
B)Context
C)Customers
D)Competitor

Question 57

Which of the following is NOT one of the 4 Cs of marketing management?

A)Company
B)Context
C)Cost
D)Competitor

Question 58

_____ are essentially tangible physical objects that provide a benefit.

A)Services
B)Products
C)Values
D)Brands

Question 59

Which of the following components of the marketing mix is concerned with quality,features and customer services an offering?

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

Question 60

Interrelated decisions about segments,product line,advertising appeals and media,prices,and partnerships with suppliers,distributors,retailers,and other agencies reflect a firm's _____ strategy.

A)marketing
B)corporate
C)competitive
D)business-level

Question 61

Which of the following sections in a marketing plan discusses how the plan's progress will be monitored and present special plans?

A)Contingency plans
B)Key issues
C)Action plans
D)Marketing objectives

Question 62

Discuss the value of long-term customer relationships.

Question 63

_____ sell to resellers,industrial,or commercial customers,but they do not take title to the goods they sell.

A)Facilitating agents
B)Agent middlemen
C)Retailers
D)Merchant wholesalers

Question 64

Compare and contrast the three levels of organizational strategies.

Question 65

Distinguish between an ultimate consumer and an organizational customer.Provide an example of each.

Question 66

Name and cite examples of the four different categories of E-Commerce.

Question 67

eBay is an auction site that allows individual sellers list their products and buyers purchase the listed items.This website is an example of _____.

A)business-to-business
B)consumer-to-business
C)business-to-consumer
D)consumer-to-consumer

Question 68

The alliances or networks involved in the marketing of goods and services in most developed economies are commonly referred to as _____.

A)alternate customers
B)market segments
C)target clients
D)marketing channels

Question 69

Customers want to purchase products with minimum of risk and shopping time.This is referred to as _____ utility.

A)possession
B)place
C)time
D)duration

Question 70

A _____ can be defined as any activity or benefit that one party can offer another that is essentially intangible and that does not result in the ownership of anything.

A)product
B)value
C)service
D)sale

Question 71

List and describe the four types of marketing intermediaries.

Question 72

Which of the following sections of a marketing plan presents a short overview of the issues,objectives,strategy,and actions incorporated in the plan and their expected outcomes for quick review?

A)Executive summary
B)Key issues
C)Objectives
D)Action plan

Question 73

Discuss brand equity.

Question 74

List some important questions that a marketing manager must ask in order to efficiently define a target market?

Question 75

_____ in a marketing plan describe actions to be taken if specific threats or opportunities materialize during the planning period.

A)Project controls
B)Contingency plans
C)Action plans
D)Marketing objectives

Question 76

What elements should be analyzed for a good strategic marketing plan?

Question 77

What are the changes that the computer revolution has brought about in the nature of marketing management?

Question 78

List the major components of a marketing plan.

Question 79

In a company,if all the marketing functions and activities are performed by a single internal organization and there is no involvement of an external middleman,the company is said to be _____.

A)vertically integrated
B)horizontally integrated
C)following the wheel-and-spoke system
D)following the cohesive distribution system

Question 80

Gobex International is a reputed marketing research firm.This firm is an example of a(n)_____.

A)merchant wholesaler
B)retailer
C)agent middleman
D)facilitating agency