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Question(s) / Instruction(s):

Marketing Management 

1. Good marketing is no accident, but a result of careful planning and ________.

a. execution

b. selling

c. strategies

d. tactics

e. research

 

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

 

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

 

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

 

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

 

________ goods constitute the bulk of most countries’ production and marketing efforts.

a. Durable

b. Impulse

c. Physical

d. Service

e. Event

 

6. ________ can be produced and marketed as a product.

a. Information

b. Celebrities

c. Durable goods

d. Organizations

e. Properties

 

7. 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

 

8. 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

 

9. 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

 

10. 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

 

11. 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

 

12. 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

 

13. 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

 

14. 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

 

15. 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

 

16. 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

 

17. 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

 

18. Customers are showing greater price sensitivity in their search for ________.

a. the right product

b. the right service

c. the right store

d. value

e. relationships

 

19. Rising promotion costs and shrinking profit margins are the result of ________.

a. changing technology

b. globalization

c. deregulation

d. privatization

e. heightened competition

 

20.a: 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

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