MARKETING Actual EXAM Questions And
CORRECT Answers
Promotion - CORRECT ANSWER 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 may be - CORRECT ANSWER Daniel
is the Marketing Director for a major consumer packaged goods company. 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 - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER True or False: Marketing can be identified primarily as the activities
of advertising and personal selling
, True - CORRECT ANSWER 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 - CORRECT ANSWER 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 for-profit firms - CORRECT
ANSWER Your parents ask why you are taking a class in marketing and why it is important for
your future. All of the following are possible responses EXCEPT:
Business-to-Business Exchanges - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER True or False: Marketing concepts and techniques can only be
applied in profit-oriented businesses.
All of the Above (Time, Money, Effort) - CORRECT ANSWER Customers may give up _____ in
order to get (purchase) something they need or want.
True - CORRECT ANSWER 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 - CORRECT ANSWER 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?
CORRECT Answers
Promotion - CORRECT ANSWER 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 may be - CORRECT ANSWER Daniel
is the Marketing Director for a major consumer packaged goods company. 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 - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER True or False: Marketing can be identified primarily as the activities
of advertising and personal selling
, True - CORRECT ANSWER 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 - CORRECT ANSWER 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 for-profit firms - CORRECT
ANSWER Your parents ask why you are taking a class in marketing and why it is important for
your future. All of the following are possible responses EXCEPT:
Business-to-Business Exchanges - CORRECT ANSWER 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 - CORRECT ANSWER 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 - CORRECT ANSWER True or False: Marketing concepts and techniques can only be
applied in profit-oriented businesses.
All of the Above (Time, Money, Effort) - CORRECT ANSWER Customers may give up _____ in
order to get (purchase) something they need or want.
True - CORRECT ANSWER 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 - CORRECT ANSWER 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?
