Marketing Management

1. Which of the following statements is correct?

  1. Marketing is the term used to refer only to the sales function within a firm
  2. Marketing managers usually don't get involved in production or distribution decisions
  3. Marketing is an activity that considers only the needs of the organization, not the needs of society as a whole
  4. 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
Correct answer: (D)
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

2. Which of the following is NOT an element of the marketing mix?

  1. Distribution
  2. Product
  3. Target market
  4. Pricing
Correct answer: (C)
Target market

3. Marketing decision makers in a firm must constantly monitor competitors' activities-their products, prices, distribution, and promotional efforts-because

  1. The competitors may be violating the law and can be reported to the authorities
  2. The actions of competitors may threaten the monopoly position of the firm in its industry
  3. The actions of competitors may create an oligopoly within an industry
  4. 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
Correct answer: (D)
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

4. Political campaigns are generally examples of---

  1. Cause marketing
  2. Organization marketing
  3. Event marketing
  4. Person marketing
Correct answer: (D)
Person marketing

5. ______________ is the collection and interpretation of information about forces, events, and relationships that may affect the organization.

  1. Environmental scanning
  2. Stakeholder analysis
  3. Market sampling
  4. Opportunity analysis
Correct answer: (A)
Environmental scanning

6. Which of the following is typically NOT a result of recognizing the importance of ethnic groups by marketers?

  1. Use of an undifferentiated one-size-fits-all marketing strategy
  2. Different pricing strategies for different groups
  3. Variations in product offerings to suit the wants of a particular group
  4. Study of ethnic buying habits to isolate market segments
Correct answer: (A)
Use of an undifferentiated one-size-fits-all marketing strategy

7. Strategic marketing planning establishes the---

  1. Resource base provided by the firm's strategy
  2. Economic impact of additional sales
  3. Tactical plans that must be implemented by the entire organization
  4. Basis for any marketing strategy
Correct answer: (D)
Basis for any marketing strategy

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

  1. Niche
  2. Hold
  3. Harvest
  4. Divest
Correct answer: (A)
Niche

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?

  1. Innovative marketing
  2. Consumer-oriented marketing
  3. Value marketing
  4. Societal marketing
Correct answer: (D)
Societal marketing

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?

  1. Optional-product pricing
  2. Captive-product pricing
  3. By-product pricing
  4. Product line pricing
Correct answer: (D)
Product line pricing
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