MKT 320F Exam 1 Review Questions With
Complete Answers
A company that wants to implement a market orientation would need to: -
ANSWER - implement actions that provide value to customers.
- do research on its customers, competitors, and markets.
- determine how to deliver superior customer value.
- establish and maintain mutually satisfying relationships with customers.
Which 3 components below are included in the Marketing Strategy Framework
from the HBP reading (and is a primary focus of this lesson)? - ANSWER - 5 Cs
(analysis)
- STP (aspiration decisions)
- 4 Ps (action plan decisions)
We have described the primary goal of marketing as driving revenue growth for
the organization. The Marketing Strategy Framework from the HBP reading
identifies 3 customer outcomes as the "purpose of marketing." Which of the
following is not included as one of those outcomes? - ANSWER advertising to
customers
Which marketing management philosophy focuses on the question, "What can
we make or do best?" - ANSWER production
A business is concerned with many day-to-day activities. Some of the most
important of these activities are the planning and development of a product, its
ability to communicate value, its pricing policy, and the distribution strategy.
These activities are all a part of: - ANSWER marketing
Earl is starting a new bank. Before the opening day, Earl had a meeting with all
employees. He discussed their mission, defined objectives for the bank for the
coming years, and shared who their target market is. He talked about their
product offerings and where their future branches would be located. Earl is
sharing the bank's: - ANSWER marketing plan
A firm that wants to develop a deeper understanding of its customers may
optimize profitability, revenue, and customer satisfaction by focusing on highly
defined and precise customer groups. This is _____: - ANSWER customer
relationship management
Marketers cannot control the external environment in which their organizations
operate. - ANSWER True
, Although marketers can control the marketing mix and perhaps influence the
external environment, they cannot control the external environment in which
their organizations operate.
Marketers need a thorough understanding of the laws established by the federal
government, state governments, and regulatory agencies. - ANSWER True
The laws established by regulatory agencies is a force that is external to the
company and not under their direct control and, yet, laws can have an enormous
impact on the ability of a company to produce, distribute, communicate, and
price their products and services in the marketplace.
Which of the following are factors we analyze as part of understanding the
marketing environment (the "Context" from the 5 Cs in the Situation Analysis). -
ANSWER Economic factors, Social/Cultural factors, Technology factors
Which of the following correctly lists the forces analyzed within the Porter's Five
Forces Framework? - ANSWER industry competitors, potential entrants,
availability of substitutes, buyer power, supplier power
To help understand why attendance at the team's games was so poor, the
Atlanta Falcons used marketing research to gather factual information. The
organization used in-game surveys and end-of-season surveys of ticket holders.
The gathering of factual statements is an example of marketing research in its
_____ role. - ANSWER descriptive
Caroline, the manager of a jewelry store, conducts statewide market research
and collects data on customer preferences for various jewelry items. Based on
her findings, she has to create a forecast of the items that customers are most
likely to purchase. In this scenario, Caroline will most likely be performing the
_____ of marketing research. - ANSWER predictive role
From the list below, which would be the last step in a market research process?
- ANSWER Analyze and interpret data
A customer is planning to purchase a car and decides to make a spreadsheet
that lists all of the features of the car that are the greatest interest to them. This
will allow them to more fully assess those features and make trade-offs based on
what set of features across the purchase options will provide them the most
value. Marketers refer to this type of decision-making as: - ANSWER
Compensatory Decision Making
The steps of the consumer decision-making process, in order, are: - ANSWER
need recognition, information search, evaluation of alternatives, purchase,
postpurchase behavior
Complete Answers
A company that wants to implement a market orientation would need to: -
ANSWER - implement actions that provide value to customers.
- do research on its customers, competitors, and markets.
- determine how to deliver superior customer value.
- establish and maintain mutually satisfying relationships with customers.
Which 3 components below are included in the Marketing Strategy Framework
from the HBP reading (and is a primary focus of this lesson)? - ANSWER - 5 Cs
(analysis)
- STP (aspiration decisions)
- 4 Ps (action plan decisions)
We have described the primary goal of marketing as driving revenue growth for
the organization. The Marketing Strategy Framework from the HBP reading
identifies 3 customer outcomes as the "purpose of marketing." Which of the
following is not included as one of those outcomes? - ANSWER advertising to
customers
Which marketing management philosophy focuses on the question, "What can
we make or do best?" - ANSWER production
A business is concerned with many day-to-day activities. Some of the most
important of these activities are the planning and development of a product, its
ability to communicate value, its pricing policy, and the distribution strategy.
These activities are all a part of: - ANSWER marketing
Earl is starting a new bank. Before the opening day, Earl had a meeting with all
employees. He discussed their mission, defined objectives for the bank for the
coming years, and shared who their target market is. He talked about their
product offerings and where their future branches would be located. Earl is
sharing the bank's: - ANSWER marketing plan
A firm that wants to develop a deeper understanding of its customers may
optimize profitability, revenue, and customer satisfaction by focusing on highly
defined and precise customer groups. This is _____: - ANSWER customer
relationship management
Marketers cannot control the external environment in which their organizations
operate. - ANSWER True
, Although marketers can control the marketing mix and perhaps influence the
external environment, they cannot control the external environment in which
their organizations operate.
Marketers need a thorough understanding of the laws established by the federal
government, state governments, and regulatory agencies. - ANSWER True
The laws established by regulatory agencies is a force that is external to the
company and not under their direct control and, yet, laws can have an enormous
impact on the ability of a company to produce, distribute, communicate, and
price their products and services in the marketplace.
Which of the following are factors we analyze as part of understanding the
marketing environment (the "Context" from the 5 Cs in the Situation Analysis). -
ANSWER Economic factors, Social/Cultural factors, Technology factors
Which of the following correctly lists the forces analyzed within the Porter's Five
Forces Framework? - ANSWER industry competitors, potential entrants,
availability of substitutes, buyer power, supplier power
To help understand why attendance at the team's games was so poor, the
Atlanta Falcons used marketing research to gather factual information. The
organization used in-game surveys and end-of-season surveys of ticket holders.
The gathering of factual statements is an example of marketing research in its
_____ role. - ANSWER descriptive
Caroline, the manager of a jewelry store, conducts statewide market research
and collects data on customer preferences for various jewelry items. Based on
her findings, she has to create a forecast of the items that customers are most
likely to purchase. In this scenario, Caroline will most likely be performing the
_____ of marketing research. - ANSWER predictive role
From the list below, which would be the last step in a market research process?
- ANSWER Analyze and interpret data
A customer is planning to purchase a car and decides to make a spreadsheet
that lists all of the features of the car that are the greatest interest to them. This
will allow them to more fully assess those features and make trade-offs based on
what set of features across the purchase options will provide them the most
value. Marketers refer to this type of decision-making as: - ANSWER
Compensatory Decision Making
The steps of the consumer decision-making process, in order, are: - ANSWER
need recognition, information search, evaluation of alternatives, purchase,
postpurchase behavior
