MKT 3413 – Intro to Marketing – Exam 1 –
A+ Graded
CHPATER 1 - ✔✔CHAPTER 1
Which of the following is the best definition for marketing?
A) Marketing is an organizational function and a set of business activities designed to make profits.
B) Marketing is 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 stakeholders.
C) Marketing is a business function and a process for determining the value customers desire in order to
gain profit for business organizations and to seek societal benefits through nonprofit marketing.
D) Marketing is finding a hole and filling it while earning profitable dollars.
E) Marketing is the result of the equilibrium of supply, demand, marginal cost, and marginal revenue. -
✔✔B
Which of the following is most accurate?
A) Marketing is an attempt to create an exchange.
B) Marketing is an attempt to create long-term customer relationships.
C) Marketing is an attempt to create long-term customer relationships which will then likely satisfy the
organization's objectives.
D) Marketing is an attempt to earn profitable dollars.
E) Marketing is an attempt to gain customers from competitors while at least breaking even profitwise. -
✔✔C
According to the AMA definition of marketing, which of the following is true of marketing?
A) "Making the sale" should be considered the end of marketing.
B) Marketing is carried out for the benefit of the customer.
C) Marketing is carried out for the benefit of the stakeholders.
D) Marketing should not be considered an organizational function.
,E) all of the above - ✔✔C
What does the phrase "hearing the voice of the consumer" mean?
A) Companies have the information they need to effectively satisfy wants and needs in the marketplace.
B) Companies specifically use telemarketing to hear their customers' opinions.
C) Marketing is carried out for the benefit of the customers.
D) Marketing managers should take the time to listen in on focus groups.
E) Market trials are necessary for certain products. - ✔✔A
The key reason that the marketing concept has been recognized as the "right philosophy" is that it:
A) is well established in the marketing literature
B) has been recommended by successful marketing executives
C) does not rely on high-pressure selling
D) stresses understanding the competition
E) always puts the customer first - ✔✔E
What would a strategy "that allows a firm to truly meet the wants and needs of the consumers within
the market segment that is chosen" be called?
A) the "niche" strategy
B) the "incentivized" strategy
C) the information strategy
D) the "right" strategy
E) the recommended strategy - ✔✔D
In order to develop the "right strategy" to succeed in business, managers must make the right decisions;
and in order to make the right decisions, they must have objective, accurate, and timely:
A) reports about the competition
B) reports about customers wants and needs
C) information about market trends and changes
,D) the number and sizes of market segments
E) information - ✔✔C
Which of the following is the best definition of marketing research? Marketing research is:
A) the activity of analyzing secondary information and providing executives with timely reports
B) the process of designing experiments that provide decision makers with causal information
C) the linking of consumers with information managers
D) the process of designing, gathering, analyzing, and reporting information that may be used to solve a
specific marketing problem
E) the process of designing, gathering, analyzing, and reporting information that may be used to solve
general marketing problems - ✔✔D
Which of the following products was actually a failure after marketing research predicted it would be
successful?
A) Ice Breakers Pacs
B) Coca-Cola C2
C) Wolfgang Puck's Self-Heating Latte
D) Coca-Cola Blak
E) all of the above - ✔✔E
Market research refers to________.
A) applying marketing research to a specific geographical marketing area
B) a process used by businesses to collect information used to make sound business decisions and
successfully manage the business
C) a process used by businesses to analyze and interpret information used to make sound business
decisions and successfully manage the business
D) the function that links the consumer, customer, and public to the marketer through information
E) information used to identify and define marketing opportunities and problems - ✔✔A
Which of the following is the best statement reflecting the purpose of marketing research?
, A) to provide information that improves profitability
B) to link the environments to the firm
C) to link the consumer to the marketer by providing information that can be used in making marketing
decisions
D) to link target markets to specific decision makers at all levels within firms
E) to be perceived as providing value to higher level executives within the firm - ✔✔C
When everyone saw the music industry facing a terrible decline due to pirating of songs on the Internet,
Apple saw an opportunity for iTunes. This example illustrates which use of marketing research?
A) identify market opportunities and problems
B) generate, refine, and evaluate potential marketing actions
C) monitor marketing performance
D) improve marketing as a process
E) improve marketing research as a process - ✔✔A
Which of the following is an example of a study whose goal is to find opportunities or to identify
problems with an existing strategy?
A) pricing test
B) image analysis
C) web site evaluation
D) environmental analysis studies
E) tracking studies - ✔✔D
Which of the following best illustrates one of the uses of marketing research, monitoring marketing
performance?
A) marketing research managers closely overseeing the work of subordinates in the marketing research
industry
B) tracking research that monitors how well products are performing in the marketplace
C) describing the return on investment of firms using/not using marketing research
D) providing closed circuit TV to monitor the actions of marketing researchers practicing in the field
A+ Graded
CHPATER 1 - ✔✔CHAPTER 1
Which of the following is the best definition for marketing?
A) Marketing is an organizational function and a set of business activities designed to make profits.
B) Marketing is 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 stakeholders.
C) Marketing is a business function and a process for determining the value customers desire in order to
gain profit for business organizations and to seek societal benefits through nonprofit marketing.
D) Marketing is finding a hole and filling it while earning profitable dollars.
E) Marketing is the result of the equilibrium of supply, demand, marginal cost, and marginal revenue. -
✔✔B
Which of the following is most accurate?
A) Marketing is an attempt to create an exchange.
B) Marketing is an attempt to create long-term customer relationships.
C) Marketing is an attempt to create long-term customer relationships which will then likely satisfy the
organization's objectives.
D) Marketing is an attempt to earn profitable dollars.
E) Marketing is an attempt to gain customers from competitors while at least breaking even profitwise. -
✔✔C
According to the AMA definition of marketing, which of the following is true of marketing?
A) "Making the sale" should be considered the end of marketing.
B) Marketing is carried out for the benefit of the customer.
C) Marketing is carried out for the benefit of the stakeholders.
D) Marketing should not be considered an organizational function.
,E) all of the above - ✔✔C
What does the phrase "hearing the voice of the consumer" mean?
A) Companies have the information they need to effectively satisfy wants and needs in the marketplace.
B) Companies specifically use telemarketing to hear their customers' opinions.
C) Marketing is carried out for the benefit of the customers.
D) Marketing managers should take the time to listen in on focus groups.
E) Market trials are necessary for certain products. - ✔✔A
The key reason that the marketing concept has been recognized as the "right philosophy" is that it:
A) is well established in the marketing literature
B) has been recommended by successful marketing executives
C) does not rely on high-pressure selling
D) stresses understanding the competition
E) always puts the customer first - ✔✔E
What would a strategy "that allows a firm to truly meet the wants and needs of the consumers within
the market segment that is chosen" be called?
A) the "niche" strategy
B) the "incentivized" strategy
C) the information strategy
D) the "right" strategy
E) the recommended strategy - ✔✔D
In order to develop the "right strategy" to succeed in business, managers must make the right decisions;
and in order to make the right decisions, they must have objective, accurate, and timely:
A) reports about the competition
B) reports about customers wants and needs
C) information about market trends and changes
,D) the number and sizes of market segments
E) information - ✔✔C
Which of the following is the best definition of marketing research? Marketing research is:
A) the activity of analyzing secondary information and providing executives with timely reports
B) the process of designing experiments that provide decision makers with causal information
C) the linking of consumers with information managers
D) the process of designing, gathering, analyzing, and reporting information that may be used to solve a
specific marketing problem
E) the process of designing, gathering, analyzing, and reporting information that may be used to solve
general marketing problems - ✔✔D
Which of the following products was actually a failure after marketing research predicted it would be
successful?
A) Ice Breakers Pacs
B) Coca-Cola C2
C) Wolfgang Puck's Self-Heating Latte
D) Coca-Cola Blak
E) all of the above - ✔✔E
Market research refers to________.
A) applying marketing research to a specific geographical marketing area
B) a process used by businesses to collect information used to make sound business decisions and
successfully manage the business
C) a process used by businesses to analyze and interpret information used to make sound business
decisions and successfully manage the business
D) the function that links the consumer, customer, and public to the marketer through information
E) information used to identify and define marketing opportunities and problems - ✔✔A
Which of the following is the best statement reflecting the purpose of marketing research?
, A) to provide information that improves profitability
B) to link the environments to the firm
C) to link the consumer to the marketer by providing information that can be used in making marketing
decisions
D) to link target markets to specific decision makers at all levels within firms
E) to be perceived as providing value to higher level executives within the firm - ✔✔C
When everyone saw the music industry facing a terrible decline due to pirating of songs on the Internet,
Apple saw an opportunity for iTunes. This example illustrates which use of marketing research?
A) identify market opportunities and problems
B) generate, refine, and evaluate potential marketing actions
C) monitor marketing performance
D) improve marketing as a process
E) improve marketing research as a process - ✔✔A
Which of the following is an example of a study whose goal is to find opportunities or to identify
problems with an existing strategy?
A) pricing test
B) image analysis
C) web site evaluation
D) environmental analysis studies
E) tracking studies - ✔✔D
Which of the following best illustrates one of the uses of marketing research, monitoring marketing
performance?
A) marketing research managers closely overseeing the work of subordinates in the marketing research
industry
B) tracking research that monitors how well products are performing in the marketplace
C) describing the return on investment of firms using/not using marketing research
D) providing closed circuit TV to monitor the actions of marketing researchers practicing in the field
