(Test Bank) Marketing Management Prep Questions-And-Answers Updated 2022

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StuDocu is not sponsored or endorsed by any college or university Exam 19 September 2017, questions and answers Marketing Management (Alliance University) StuDocu is not sponsored or endorsed by any college or university Exam 19 September 2017, questions and answers Marketing Management (Alliance University) Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Chapter 1: Defining Marketing for the 21st Century GENERAL CONCEPT QUESTIONS Multiple Choice 1.Good marketing is no accident, but a result of careful planning and ________. a.execution b.selling c.strategies d.tactics e.research Answer: aPage: 4 Level of difficulty: Medium 2.Marketing is both an “art” and a “science”—there is constant tension between the formulated side of marketing and the ________ side. a.creative b.selling c.management d.forecasting e.behavior Answer: a Page: 4 Level of difficulty: Easy 3.The most formal definition of marketing is ________. a.meeting needs profitably b.identifying and meeting human and social needs c.the 4Ps (Product, Price, Place, Promotion) d.an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders. e.improving the quality of life for consumers Answer: d Page: 6 Level of difficulty: Medium 4.Marketing management is ________. a.managing the marketing process b.monitoring the profitability of the companies products and services c.selecting target markets d.developing marketing strategies to move the company forward e.the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value Answer: e Page: 6 Level of difficulty: Easy 1 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Part 1: Defining Marketing and the Marketing Process 5.A transaction involves ________. a.at least two parties b.each party has something that might be of value to the other party c.each party is capable of communication and delivery d.each party is free to accept or reject the exchange offer e.all of the above Answer: e Pages: 6–7 Level of difficulty: Medium 6.________ goods constitute the bulk of most countries’ production and marketing efforts. a.Durable b.Impulse c.Physical d.Service e.Event Answer: c Page: 8 Level of difficulty: Medium 7.________ can be produced and marketed as a product. a.Information b.Celebrities c.Durable goods d.Organizations e.Properties Answer: a Page: 9 Level of difficulty: Medium 8.Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.” a.we make profits b.we challenge competitors c.we implement ads d.we sell hope e.we sell quality Answer: d Page: 9 Level of difficulty: Easy 9.A ________ is someone seeking a response (attention, a purchase, a vote, a donation) from another party, called the ________. a.salesperson, customer b.fund raiser, contributor c.politician, voter d.marketer, prospect e.celebrity, audience Answer: d Page: 10 Level of difficulty: Hard 2 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Chapter 1: Marketing: Managing Profitable Customer Relationships 10.In ________—consumers may share a strong need that cannot be satisfied by an existing product. a.negative demand b.latent demand c.declining demand d.irregular demand e.non-existent demand Answer: b Page: 10 Level of difficulty: Medium 11. In ________—more customers would like to buy the product than can be satisfied. a.latent demand b.irregular demand c.overfull demand d.excessive e.negative demand Answer: c Page: 10 Level of difficulty: Medium 12.Marketers often use the term ________ to cover various groupings of customers. a.people b.buying power c.demographic segment d.social class position e.market Answer: e Page: 10 Level of difficulty: Hard 13.Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel, and athletic shoes and equipment spend a great deal of time trying to establish a superior brand image in markets called ________. a.business markets b.global markets c.consumer markets d.nonprofit and governmental markets e.service markets Answer: c Page: 11 Level of difficulty: Medium 14.In business markets, advertising can play a role, but a stronger role may be played by the sales force, ________, and the company’s reputation for reliability and quality. a.brand image b.distribution c.promotion d.price e.performance Answer: d Page: 11 Level of difficulty: Hard 3 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Part 1: Defining Marketing and the Marketing Process 15.Global marketers must decide ________. a.which countries to enter b.how to enter each country (as an exporter, licenser, joint venture partner, contract manufacturer, or solo manufacturer) c.how to adapt their product and service features to each country d.how to price their products in different countries e.all of the above Answer: e Pages: 11–12 Level of difficulty: Medium 16.Mohan Sawhney has proposed the concept of ________ to describe a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries. a.metamarket b.vertical integration c.horizontal integration d.betamarket e.synchronized marketing Answer: a Page: 12 Level of difficulty: Hard 17.The ________ promises to lead to more accurate levels of production, more targeted communications, and more relevant pricing. a.Age of Globalization b.Age of Deregulation c.Industrial Age d.Information Age e.Production Age Answer: d Page: 13 Level of difficulty: Medium 18.Companies must consider several factors in developing their communications mix: type of product market, consumer readiness to make a purchase and stage in the a.Product Life Cycle b.Marketing Mix c.Advertising Mix d.Buying process e.None of the above Answer: a. Product Life Cycles 19.Many countries have ________ industries to create greater competition and growth opportunities. a.open-market b.deregulated c.regulated d.scientifically segmented e.created mass market Answer: b Page: 13 Level of difficulty: Medium 20.Customers are showing greater price sensitivity in their search for ________. a.the right product b.the right service 4 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Chapter 1: Marketing: Managing Profitable Customer Relationships c.the right store d.value e.relationships Answer: d Page: 14 Level of difficulty: Medium 5 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Part 1: Defining Marketing and the Marketing Process 21.Rising promotion costs and shrinking profit margins are the result of ________. a.changing technology b.globalization c.deregulation d.privatization e.heightened competition Answer: e Page: 14 Level of difficulty: Hard 22.Industry boundaries are blurring at an incredible rate as companies are recognizing that new opportunities lie at the intersection of two or more industries —this is called ________. a.globalization b.customization c.industry convergence d.heightened competition e.acquisition Answer: c Page: 14 Level of difficulty: Medium 23.In response to giant retailers and category killers, entrepreneurial retailers are building entertainment into stores with coffee bars, lectures, demonstrations, and performances. They are marketing a(n) ________ rather than a product assortment. a.experience b.customer value c.customer delight d.total service solution e.intangible benefit(s) Answer: a Page: 15 Level of difficulty: Medium 24.In response to threats from such companies as AOL, Amazon, Yahoo, eBay, E’TRADE, and dozens of others, established manufacturers and retailers became “brick-and-click” oriented by adding online services to their existing offerings. This process became known as ________. a.reintermediation b.disintermediation c.e-commerce d.e-collaboration e.new market synchronization Answer: a Page: 15 Level of difficulty: Hard 6 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Chapter 1: Marketing: Managing Profitable Customer Relationships 25.Many brick-and-click competitors became stronger contenders in the marketplace than the pure-click firms because they had a larger pool of resources to work with and ________. a.better prices b.greater value c.well-established brand names d.one-on-one communications e.direct selling capability Answer: c Page: 15 Level of difficulty: Medium 26.The ________ is practiced most aggressively with unsought goods, goods that buyers normally do not think of buying, such as insurance, encyclopedias, and funeral plots. a.marketing concept b.selling concept c.production concept d.product concept e.holistic marketing concept Answer: b Page: 15 Level of difficulty: Medium 27.The ________ concept holds that consumers will favor those products that offer the most quality, performance, or innovative features. a.product b.marketing c.production d.selling e.holistic marketing Answer: a Page: 15 Level of difficulty: Easy 28.The ________ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization’s products. a.production b.selling c.marketing d.product e.holistic marketing Answer: b Page: 15 Level of difficulty: Medium 29.Several scholars have found that companies who embrace the marketing concept achieve superior performance. This was first demonstrated for companies practicing a ________—understanding and meeting customers’ expressed needs. a.reactive market orientation b.proactive marketing orientation c.total market orientation d.impulsive market orientation e.holistic market orientation Answer: a Page: 16 Level of difficulty: Medium 30.According to Theodore Levitt, who drew a perceptive contrast between the selling and marketing concepts, ________ is preoccupied with the need to convert products into cash. 7 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Part 1: Defining Marketing and the Marketing Process a.marketing b.selling c.direct marketing d.holistic marketing e.service marketing Answer: b Page: 16 Level of difficulty: Medium 31.In the course of converting to a marketing orientation, a company faces three hurdles—________. a.organized resistance, slow learning, and fast forgetting b.management, customer reaction, competitive response c.decreased profits, increased R&D, additional distribution d.forecasted demand, increased sales expense, increased inventory costs e.customer focus, profitability, slow learning Answer: a Page: 16 Level of difficulty: Hard 32.Companies that practice both a reactive and proactive marketing orientation are implementing a ________ and are likely to be the most successful. a.total market orientation b.external focus c.customer focus d.competitive, customer focus e.confrontation process Answer: a Page: 16 Level of difficulty: Medium 33.Marketers argue for a ________ in which all functions work together to respond to, serve, and satisfy the customer. a.cross-functional team orientation b.collaboration model c.customer orientation d.management-driven organization e.total quality model Answer: c Page: 16 Level of difficulty: Medium 34.________ can be seen as the development, design, and implementation of marketing programs, processes, and activities that recognizes the breadth and interdependencies of their effects. a.Niche marketing b.Holistic marketing c.Relationship marketing d.Supply-chain marketing e.Demand-centered marketing Answer: b Page: 17 Level of difficulty: Medium 35.________ marketing has the aim of building mutually satisfying long-term relations with key parties such as customers, suppliers, distributors, and other marketing partners in order to earn and retain their business. a.Holistic b.Demand-based c.Direct d.Relationship 8 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Chapter 1: Marketing: Managing Profitable Customer Relationships e.Synthetic Answer: d Pages: 17–18 Level of difficulty: Easy 36.Companies who form a ________ collect information on each customer’s past transactions, demographics, psychographics, and media and distribution preferences. a.sales network b.holistic union c.marketing network d.supply-chain network e.integrated network Answer: c Page: 18 Level of difficulty: Hard 37.The ability of a company to deal with customers one at a time has become practical as a result of advances in ________, computers, the Internet, and database marketing software. a.improved communication flow b.information technology c.just-in-time manufacturing d.factory customization e.customer-centered strategies Answer: d Page: 18 Level of difficulty: Hard 38.One traditional depiction of marketing activities is in terms of the marketing mix or four Ps. The four Ps are characterized as being ________. a.product, positioning, place, and price b.product, production, price, and place c.promotion, place, positioning, and price d.place, promotion, production, and positioning e.product, price, promotion, and place Answer: e Page: 19 Level of difficulty: Easy 9 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Part 1: Defining Marketing and the Marketing Process 39.The four Ps represent the sellers’ view of the marketing tools available for influencing buyers. From a buyer’s point of view, each marketing tool is designed to deliver a customer benefit. Robert Lauterborn suggested that the sellers’ four Ps correspond to the customers’ four Cs. The four Cs are ________. a.customer focus, cost, convenience, and communication b.customer solution, customer cost, convenience, and communication c.convenience, control, competition, and cost d.competition, cost, convenience, and communication e.category control, cost, concept development, and competition Answer: b Pages: 19–20 Level of difficulty: Medium 40.Holistic marketing incorporates ________, ensuring that everyone in the organization embraces appropriate marketing principles, especially senior management. a.profit objectives b.share of customer c.internal marketing d.the marketing mix e.strategic planning Answer: c Page: 20 Level of difficulty: Hard 41.Marketing is not a department so much as a ________. a.company orientation b.philosophy c.function d.branch of management e.branch of economics Answer: a Page: 20 Level of difficulty: Medium 42.Holistic marketing incorporates ________ and understanding broader concerns and the ethical, environmental, legal, and social context of marketing activities and programs. a.safe product design b.cultural marketing c.social responsibility marketing d.cross-functional teams e.direct sales policies Answer: c Page: 20 Level of difficulty: Medium 10 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Chapter 1: Marketing: Managing Profitable Customer Relationships 43.The ________ holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well-being. a.customer-centered business b.focused business model c.societal marketing concept d.ethically responsible marketing manager e.production-centered business Answer: c Page: 22 Level of difficulty: Medium 44.Companies see ________ as an opportunity to enhance their corporate reputation, raise brand awareness, increase customer loyalty, build sales, and increase press coverage. a.cause-related marketing b.brand marketing c.equity marketing d.direct marketing e.recognition marketing Answer: a Page: 23 Level of difficulty: Medium 45.When a customer has a(n) ________ need he/she wants a car whose operating cost, not its initial price, is low. a.stated b.real c.unstated d.delight e.secret Answer: b Page: 24 Level of difficulty: Hard 46.When a customer has a(n) ________ need the customer wants to be seen by friends as a savvy consumer. a.real b.unstated c.delight d.secret e.stated Answer: d Page: 24 Level of difficulty: Hard 11 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Part 1: Defining Marketing and the Marketing Process 47.During market segmentation analysis, the marketer identifies which segments present the greatest opportunity. These segments are called ________. a.target markets b.primary markets c.tertiary markets d.demographic markets e.focused markets Answer: a Page: 24 Level of difficulty: Medium 48.For each target market, the firm develops a ________. The offering is positioned in the minds of the target buyers as delivering some central benefit(s). a.value offering b.niche offering c.market offering d.segment offering e.social offering Answer: c Page: 24 Level of difficulty: Medium 49.________ reflects the perceived tangible and intangible benefits and costs to customers. a.Loyalty b.Satisfaction c.Value d.Expectations e.Comparison shopping Answer: c Page: 25 Level of difficulty: Medium 50.If a marketer decides to use warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using what is called a ________. a.service channel b.distribution channel c.brand channel d.relationship channel e.intermediary channel Answer: a Page: 26 Level of difficulty: Medium 51.________ includes all the actual and potential rival offerings and substitutes that a buyer might consider. a.Competition b.The product offering c.A value proposition d.The supply chain e.The marketing environment Answer: a Page: 26 Level of difficulty: Easy 52.The ________ includes the immediate actors involved in producing, distributing, and promoting the offering. The main actors are the company, suppliers, distributors, dealers, and the target customers. a.operations environment 12 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Chapter 1: Marketing: Managing Profitable Customer Relationships b.management environment c.strategic environment d.task environment e.tactical environment Answer: d Page: 26 Level of difficulty: Medium 53.The ________ process consists of analyzing marketing opportunities; selecting target markets; designing marketing strategies; developing marketing programs; and managing the marketing effort. a.marketing planning b.strategic planning c.market research d.opportunity analysis e.share of customer Answer: a Page: 27 Level of difficulty: Medium 54.David Packard of Hewlett-Packard once said, “Marketing is far too important to leave to ________.” a.the advertising boys b.uninformed managers c.novices d.the CEO e.the marketing department Answer: e Page: 27 Level of difficulty: Medium 55.Some companies are now switching from being solely product-centered (with product managers and product divisions to manage them) to being more ________ centered. a.competency b.strategy c.marketing d.customer-segment e.sales Answer: d Page: 27 Level of difficulty: Hard 13 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598 Part 1: Defining Marketing and the Marketing Process 56.Companies are recognizing that much of their market value comes from ________, particularly their brands, customer base, employees, distributor and supplier relations, and intellectual capital. a.variable assets b.the value proposition c.intangible assets d.tangible assets e.customer preferences Answer: c Page: 28 Level of difficulty: Easy 57.________ can increasingly be conducted electronically, with buyer and seller seeing each other on their computer screens in real time. a.Public relations b.E-commerce c.Advertising d.Personal selling e.Mass marketing Answer: d Page: 28 Level of difficulty: Medium 58.Personal selling is the most effective too at later stage of the buying process particularly in building up buyer preference, conviction and action. Personal selling has three distinctive qualities. These are personal interaction, response and ------------ a.Customized b.Dramatization c.Invloving d.Relevance e.Cultivation Answer: e. Cultivation 59.Top management is going beyond sales revenue alone to examine the marketing scorecard to interpret what is happening to ________. a.market share b.customer loss rate c.customer satisfaction d.product quality e.all of the above Answer: e Page: 29 Level of difficulty: Medium 60.At the heart of any marketing program is the ________—the firm’s tangible offering to the market. a.service offer b.product c.sales support team d.packaging e.auxiliary offer Answer: b Page: 30 Level of difficulty: Medium 14 Downloaded by Abhishek Pandey (spidyabhi007@gmail.com) lOMoARcPSD|3067598