MKTG2500 EXAM 1 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS
One key goal of marketing is to
focus on satisfying the needs of the customer
The process of thoughtfully defining a firm's objectives and developing a method
for achieving those objectives is known as
strategic planning
The four P's are
product, price, promotion, place
As an online subscription retailer, Fabletics sells most of its athletic wear online,
which means that marketing decisions related to ________ are most important.
place
Without successful marketing, there is no need for a firm to expand its business
or invest in capital expenditures. Which key functional area would be most
affected by this lack of growth and investment?
finance
Which of the following statements about a marketing manager's role within an
organization is true?
A marketing manager is responsible for all the short- and long-term operational and
strategic activities of a firm.
,Factors such as competition, societal change, economic uncertainty, and
evolving customer demand are all part of a firm's
marketing environment.
Marketing is defined as
the process of creating, communicating, and delivering value to customers and
managing those relationships in ways that benefit the organization and its employees,
customers, investors, and society as a whole.
Which of the four Ps of the marketing mix is typically the easiest to change and
therefore makes it a powerful tool for firms that are looking to quickly adjust their
market share or revenues?
price
Which of the following is true of customer value?
Value is what customers receive from a product less what they give to obtain it.
Have you ever been to a new restaurant and found that its food, service, and
prices were excellent? Is that restaurant still in business? If not, the restaurant
likely failed to createvalue for its target market.
False
Millions of people throughout the world buy and enjoy Diet Coke every day. Coca-
Cola's ability to deliver the physical product to countless customers globally
demonstrates its ability to capture value through effective exchange of the
product.
False
, During the rainy season, people look to buy raincoats and umbrellas. Raindrop,
an apparels manufacturer, caters to this need. Which of the following actions
would represent the conversion of this need into a want?
Raindrop introduces a line of see-through umbrellas that glow in the dark.
The advertising element of the promotional mix differs from the other elements in
that advertising uses which of the following persuasive tools?
Internet, TV, radio, print, social media
Why should marketers distinguish between needs and wants?
It helps them provide products that fulfill customers' wants and satisfy their underlying
needs.
Unlike ________ greening, which involves limited change within a single area of
the organization, ________ greening involves more substantive changes in
marketing actions.
tactical; quasi-strategic
Which of the following questions would a firm ask if it were using the ethical
decision-making framework regarding its promotion?
Does the advertising message represent the product's benefits honestly?
According to the ethical decision-making framework, after Mia and her marketing
team make a decision regarding its promotional material for their new meditation
app, they must then monitor and assess the quality of their decision. This step
differs from considering how the decision will affect stakeholders in that
monitoring and assessing the quality of the decision occurs after feedback from
stakeholders is gathered.
COMPLETE SOLUTIONS
One key goal of marketing is to
focus on satisfying the needs of the customer
The process of thoughtfully defining a firm's objectives and developing a method
for achieving those objectives is known as
strategic planning
The four P's are
product, price, promotion, place
As an online subscription retailer, Fabletics sells most of its athletic wear online,
which means that marketing decisions related to ________ are most important.
place
Without successful marketing, there is no need for a firm to expand its business
or invest in capital expenditures. Which key functional area would be most
affected by this lack of growth and investment?
finance
Which of the following statements about a marketing manager's role within an
organization is true?
A marketing manager is responsible for all the short- and long-term operational and
strategic activities of a firm.
,Factors such as competition, societal change, economic uncertainty, and
evolving customer demand are all part of a firm's
marketing environment.
Marketing is defined as
the process of creating, communicating, and delivering value to customers and
managing those relationships in ways that benefit the organization and its employees,
customers, investors, and society as a whole.
Which of the four Ps of the marketing mix is typically the easiest to change and
therefore makes it a powerful tool for firms that are looking to quickly adjust their
market share or revenues?
price
Which of the following is true of customer value?
Value is what customers receive from a product less what they give to obtain it.
Have you ever been to a new restaurant and found that its food, service, and
prices were excellent? Is that restaurant still in business? If not, the restaurant
likely failed to createvalue for its target market.
False
Millions of people throughout the world buy and enjoy Diet Coke every day. Coca-
Cola's ability to deliver the physical product to countless customers globally
demonstrates its ability to capture value through effective exchange of the
product.
False
, During the rainy season, people look to buy raincoats and umbrellas. Raindrop,
an apparels manufacturer, caters to this need. Which of the following actions
would represent the conversion of this need into a want?
Raindrop introduces a line of see-through umbrellas that glow in the dark.
The advertising element of the promotional mix differs from the other elements in
that advertising uses which of the following persuasive tools?
Internet, TV, radio, print, social media
Why should marketers distinguish between needs and wants?
It helps them provide products that fulfill customers' wants and satisfy their underlying
needs.
Unlike ________ greening, which involves limited change within a single area of
the organization, ________ greening involves more substantive changes in
marketing actions.
tactical; quasi-strategic
Which of the following questions would a firm ask if it were using the ethical
decision-making framework regarding its promotion?
Does the advertising message represent the product's benefits honestly?
According to the ethical decision-making framework, after Mia and her marketing
team make a decision regarding its promotional material for their new meditation
app, they must then monitor and assess the quality of their decision. This step
differs from considering how the decision will affect stakeholders in that
monitoring and assessing the quality of the decision occurs after feedback from
stakeholders is gathered.
