Marketing Exam #1 UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (118)
Promotion Tanya is opening her own boutique store selling name brand footwear for women.
She has signed exclusive agreements with several major luxury manufacturers.
These manufacturers have given her a suggested retail price (MSRP) that her
research with potential customers has confirmed is the right price point. She has
signed a lease on the perfect location for her new boutique in a wealthy,
downtown area of the city and has begun remodeling the store to fit the image of
her brand. Based on this description, which element of the marketing mix does
Tanya still need to work on?
Who the target market is and what their needs and wants Daniel is the Marketing Director for a major consumer packaged goods company.
may be After conducting marketing research, he has a few innovative ideas about. how his
company can better utilize their promotional efforts to motivate customers to buy
more product. He understands the importance of planning and wants to develop
a marketing plan. IN order to create the right marketing mix strategies, Daniel
should focus on:
Place Bill is planning on opening a clothing store selling apparel for men. He has signed
exclusive agreements with several major luxury manufacturers. These
manufacturers have given him a suggested retail price (MSRP) that his research
with potential customers has confirmed is the right price point. He has met with a
local graphic design firm who will be developing displays, signs and print ads to
build awareness of his business. Based on this description, which element of the
marketing mix does Bill still need to work on?
The Exchange Process The essence of ___ is that two people/entities will each give something of value
to the other so that both are satisfied with their transaction or relationship.
, False True or False: The marketing mix is uncontrollable by employees within the
organization, such as the marketing manager, since competitors and customers
largely make strategic marketing decisions
False True or False: Marketing can be identified primarily as the activities of advertising
and personal selling
True True or False: The four strategies that are blended into the marketing mix to meet
the needs and preferences of a specific target market are product, pricing, place,
and promotion.
Marketing Mix Marketing activities are customarily divided into four different strategies: product,
price, place, and promotion. Select the term that best describes the four P's.
Marketing is the only important business function within Your parents ask why you are taking a class in marketing and why it is important
for-profit firms for your future. All of the following are possible responses EXCEPT:
Business-to-Business Exchanges Robert is the marketing director for a real estate agency that specializes in a
commercial real estate. Part of his job responsibilities include developing
brochures and business cards for the agents, purchasing billboard space to
promote he company's bran, and purchasing ad keywords in high profile search
engines. All of these purchases that he makes on behalf of the real estate firm are
examples of:
Consumer-to-Consumer Exchange Leah is in the market for a vintage album by Nat King Cole and has decided to use
Ebay to try and find this unique product. She is thrilled when she learns that a
woman in Tucson, Arizona is actually selling her mint condition album and that no
one has bid on it yet. After her winning bid on the auction, Leah pays the seller
and anxiously awaits the album by mail next week. This transaction can best be
defined as a:
False True or False: Marketing concepts and techniques can only be applied in profit-
oriented businesses.
All of the Above (Time, Money, Effort) Customers may give up ____ in order to get (purchase) something they need or
want.
True True or False: It will be difficult, if not impossible, for a product to be successful if
any of the elements of the marketing mix are overlooked or poorly planned.
Place In the last decade, the ____ strategy has been significantly impacted by the ability
for customers to order products via mobile apps, the Internet, and free-standing
kiosks. These activities are most closely associated with which element of the
marketing mix?
Profit To calculate __ , a company must subtract expenses from revenue.
All of the Above (What features should the product have? Which of the following questions must be addressed when making marketing
What message should be used to promote the product? decisions?
What retailers should be used to sell the product to the
customer? How much should the product cost?)
C
Terms in this set (118)
Promotion Tanya is opening her own boutique store selling name brand footwear for women.
She has signed exclusive agreements with several major luxury manufacturers.
These manufacturers have given her a suggested retail price (MSRP) that her
research with potential customers has confirmed is the right price point. She has
signed a lease on the perfect location for her new boutique in a wealthy,
downtown area of the city and has begun remodeling the store to fit the image of
her brand. Based on this description, which element of the marketing mix does
Tanya still need to work on?
Who the target market is and what their needs and wants Daniel is the Marketing Director for a major consumer packaged goods company.
may be After conducting marketing research, he has a few innovative ideas about. how his
company can better utilize their promotional efforts to motivate customers to buy
more product. He understands the importance of planning and wants to develop
a marketing plan. IN order to create the right marketing mix strategies, Daniel
should focus on:
Place Bill is planning on opening a clothing store selling apparel for men. He has signed
exclusive agreements with several major luxury manufacturers. These
manufacturers have given him a suggested retail price (MSRP) that his research
with potential customers has confirmed is the right price point. He has met with a
local graphic design firm who will be developing displays, signs and print ads to
build awareness of his business. Based on this description, which element of the
marketing mix does Bill still need to work on?
The Exchange Process The essence of ___ is that two people/entities will each give something of value
to the other so that both are satisfied with their transaction or relationship.
, False True or False: The marketing mix is uncontrollable by employees within the
organization, such as the marketing manager, since competitors and customers
largely make strategic marketing decisions
False True or False: Marketing can be identified primarily as the activities of advertising
and personal selling
True True or False: The four strategies that are blended into the marketing mix to meet
the needs and preferences of a specific target market are product, pricing, place,
and promotion.
Marketing Mix Marketing activities are customarily divided into four different strategies: product,
price, place, and promotion. Select the term that best describes the four P's.
Marketing is the only important business function within Your parents ask why you are taking a class in marketing and why it is important
for-profit firms for your future. All of the following are possible responses EXCEPT:
Business-to-Business Exchanges Robert is the marketing director for a real estate agency that specializes in a
commercial real estate. Part of his job responsibilities include developing
brochures and business cards for the agents, purchasing billboard space to
promote he company's bran, and purchasing ad keywords in high profile search
engines. All of these purchases that he makes on behalf of the real estate firm are
examples of:
Consumer-to-Consumer Exchange Leah is in the market for a vintage album by Nat King Cole and has decided to use
Ebay to try and find this unique product. She is thrilled when she learns that a
woman in Tucson, Arizona is actually selling her mint condition album and that no
one has bid on it yet. After her winning bid on the auction, Leah pays the seller
and anxiously awaits the album by mail next week. This transaction can best be
defined as a:
False True or False: Marketing concepts and techniques can only be applied in profit-
oriented businesses.
All of the Above (Time, Money, Effort) Customers may give up ____ in order to get (purchase) something they need or
want.
True True or False: It will be difficult, if not impossible, for a product to be successful if
any of the elements of the marketing mix are overlooked or poorly planned.
Place In the last decade, the ____ strategy has been significantly impacted by the ability
for customers to order products via mobile apps, the Internet, and free-standing
kiosks. These activities are most closely associated with which element of the
marketing mix?
Profit To calculate __ , a company must subtract expenses from revenue.
All of the Above (What features should the product have? Which of the following questions must be addressed when making marketing
What message should be used to promote the product? decisions?
What retailers should be used to sell the product to the
customer? How much should the product cost?)
