Deck 7: Marketing Management

Question 1

Before developing a marketing strategy,goals and objectives should be

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

Answer 1

C

Question 2

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

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

Answer 2

A

Question 3

a market segment that produces the most revenue

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

Answer 3

C

Question 4

Most successful marketing plans are based on

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

Question 5

Situation analysis refers to

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

Question 6

The text identifies four important marketing variables.They are:

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

Question 7

Well prepared,marketing plans

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

Question 8

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

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

Question 9

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

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

Question 10

Generally,it is recognized that

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

Question 11

CRM stands for

A)Customer Retention Methods
B)Customer Recall Monitoring
C)Customer Relationship Metrics
D)Customer Relationship Management

Question 12

Marketing action and strategy decisions budgets

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

Question 13

A marketing plan is not

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

Question 14

A company's mission

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

Question 15

Marketing strategy and action decisions address the question

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

Question 16

A marketing system is

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

Question 17

In connection with marketing,an owner manager

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

Question 18

Weak signals from a monitoring process

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

Question 19

Psychographic segmentation

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

Question 20

Marketing plans should

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

Question 21

Product deficiencies often result from

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