MKTG1501 - MCQ (50Qs-a)

*A market is a set of _____ and potential buyers of a product (as defined by marketers)* actual financial interested targetted

...

*Achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

...

Customers can be classified by their profitability and loyalty to a company. The best customers for a company to have are true friends-they are loyal, profitable, and a good fit for the company's market offerings. Butterflies are profitable, but tend to flit away (thus the name). They are not loyal to the company, buying only when the terms are most beneficial for them. Strangers are just that-they don't interact much with the company and its products because the company's offerings don't fit their needs. Barnacles are named after small marine animals that attach themselves and then cling to rocks and the hulls of ships. Just like these animals, customers who are classified as barnacles are loyal to the company, refusing to go away, but do little to generate profits for the company.

...

*Which of the following are aspects of partner relationship management?* Please select all answers that apply. Marketing is done only by marketing, sales, and customer support people. All areas of a company can interact with customers. Different departments work together to bring greater value to customers. Companies avoid relying on partnerships with other firms.

All areas of a company can interact with customers. Different departments work together to bring greater value to customers.

Select the correct term for each of the for the type of SBU in the growth-share matrix. *Low-growth, high-share businesses or products that are established and successful* Cash cows Dogs Stars Question marks

Cash cows

Select the correct term for each of the for the type of SBU in the growth-share matrix. *Low-growth, low-share businesses and products that do not promise to be large sources of cash* Cash cows Dogs Stars Question marks

Dogs

*A market is a particular need or want that can be satisfied through an exchange.* True False

False

*Customer satisfaction is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product.* True False

False

*Customer-driven marketing works best when a clear need exists but customers do not know what they want to meet that need* True False

False

*Marketing is getting more complex, both domestically and internationally. According to your textbook, which of the following is not a key challenge for marketers in the 21st century?* Rapid globalisation The growth of not-for-profit marketing The uncertain world economy The digital age. None of the above

None of the above

Select the correct term for each of the for the type of SBU in the growth-share matrix. *Low-share business units in high-growth markets that require a lot of cash to hold their share* Cash cows Dogs Stars Question marks

Question marks

Select the correct term for each of the for the type of SBU in the growth-share matrix. *High-growth, high-share businesses or products that often need heavy investment to finance their rapid growth* Cash cows Dogs Stars Question marks

Stars

*KFC, Heinz and Microsoft state in colourful ways by slogans that they deliver the desired satisfaction better than their competitors. What business concept or orientation are they professing that they operate with?* The selling concept The societal marketing concept The marketing concept The product concept

The marketing concept

3.2 *Which of the following are problems with matrix approaches?* Please select all answers that apply. They can be time consuming to implement. They can be costly to implement. They do not offer a centralised approach to planning. They focus too little on reviewing current SBU performance. They focus too little on future planning for SBUs.

They can be time consuming to implement. They can be costly to implement. They focus too little on future planning for SBUs.

*In outstanding marketing companies, people at all levels stay close to customers.* True False

True

*Marketing management is the art and science of choosing target markets and building profitable relationships with them.* True False

True

*Which of the customer relationship groups discussed in the text are the best for long-term profitability?* Barnacles Butterflies Strangers True Friends

True Friends

Match each description to its corresponding customer classification. *strong fit between the company's offerings and customer's needs, with long-term loyalty* butterflies barnacles strangers true friends

True Friends

*Not every firm in the world has to adopt the marketing concept. Markets are all different, and require the correct orientation decision at the time. When is the production concept appropriate for a company to use?* If the product is unsought When continuous product improvements are needed When the demand for product exceeds supply When the product's cost is too high and improved productivity is needed to bring it down

When the demand for product exceeds supply When the product's cost is too high and improved productivity is needed to bring it down

*eBay's mission to be a unique Web community in which people can meet and have fun as well as shop is an example of which of the following?* a market-oriented mission a product-oriented mission an unrealistic mission a mission that does not fit the market environment

a market-oriented mission

Match each description to its corresponding customer classification. *limited fit between the company's offerings and customer's needs, but long-term loyalty* butterflies barnacles strangers true friends

barnacles

*When marketers look beyond the individual attributes of the products and services they sell and instead orchestrate several services and products for their customers, they create* marketing myopia. brand experiences. target markets. exchange relationships.

brand experiences.

Match each description to its corresponding customer classification. *good fit between the company's offerings and customer's needs, but little loyalty* butterflies barnacles strangers true friends

butterflies

*The Victorian government has recently run an extensive advertising campaign instructing the community on ways to use less water. The council is engaged in:* not-for-profit marketing marketing management societal marketing demarketing political marketing

demarketing

*A firm's value proposition is the set of values and benefits it promises to deliver to customers. It substantiates how it will ___________ itself in the marketplace.* organise and price behave and conduct promote and sell differentiate and position

differentiate and position

*What are the functions of a value proposition?* Please select all answers that apply. differentiates one brand from another promises benefits or values to the consumer decreases cost to the consumer identifies a target market None of the above

differentiates one brand from another promises benefits or values to the consumer

2:1 *A company in a market with few customers and high margins would be most likely to pursue fostering ________ with its customers.* basic relationships consumer-generated marketing full partnerships supply chain management

full partnerships

2:2 *Iris Bucket owned a flower shop, and got her flowers from the local flower market, which imported them increasingly from Holland, Argentina, and Indonesia. Local growers were pricing their flowers out of the reach of the local population. Her husband was a lawyer and they needed both incomes to live as well as their parents did on one income. The source of Iris' flowers underscores the effect of ________ on the marketing landscape.* the uncertain world economy globalisation of markets the high risk of small business ventures the federal budget deficit

globalisation of markets

Select the right strategy for the term *making more sales to current customers without changing the product* Product Development Market Penetration Diversification Market Development

market penetration

*According to your text book, today's successful companies at all levels have one thing in common - they have a strong __________ concept.* product production marketing selling

marketing

*The marketing management philosophy that is characterised by a unique "outside-in" perspective is the ______ concept.* marketing product production societal marketing selling

marketing

*What is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return?* managing profit building selling advertising marketing

marketing

*An organisation yields profits by creating lasting relationships with the right customers based on creating customer value and satisfaction* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

marketing concept

*Most large firms typically address strategic planning at four levels. Which is not one of the levels?* market level product level operational level business unit level corporate level

operational level

*Consumers will favour products that offer the most in quality, performance, and innovative features* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

product concept

*companies can "build a better mousetrap, the world will beat a path to their door."* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

product concept

*Customers will favour products that are available and highly affordable* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

production concept

*computer-manufacturer which dominates the Chinese PC market through low labour costs, high production efficiency, and mass distribution, making its products more easily available and less expensive than competitors' offerings* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

production concept

*Marketing means different things to different people, and the different usage is confusing, and misleading at times. The term "marketing" is best identified in today's business world with the concept of:* satisfying customer needs making a sale communication through advertising maximising consumption creating customer needs

satisfying customer needs

*Marketing myopia refers to* sellers who fail to see the intangible benefits of retaining poorly-performing products. customers who base the majority of their purchases on cost rather than quality. sellers who pay more attention to the specific products they offer than to the benefits and experiences produced by these products. suppliers who disregard the importance of customer service when working with corporate clients.

sellers who pay more attention to the specific products they offer than to the benefits and experiences produced by these products.

*Consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

selling concept

*Customers who are coaxed into buying a company's product through extensive promotion efforts will like the product or, if they don't like it, possibly forget their disappointment and buy it again later* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

selling concept

*Now and into the future, the marketing management orientation that would be most acceptable to environmental protection groups is the _________ concept.* environmental marketing societal marketing green production

societal marketing

*A toy company stresses honesty, integrity, and putting the long-run welfare of customers before profits* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

societal marketing concept

*Marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests* IS AN EXAMPLE OF A: product concept marketing concept selling concept production concept societal marketing concept

societal marketing concept

Match each description to its corresponding customer classification. *little fit between the company's offerings and customer's needs, with little loyalty* butterflies barnacles strangers true friends

strangers

*John 'Cat' Stevens has been assigned to a team charged with the development of a clear company mission, supporting objectives, a sound business portfolio and coordinated functional strategies. John is involved in:* bottom-up planning. business planning. annual planning. strategic planning. long-range planning.

strategic planning

3:1 *As Managing Director, you must chart the future of the firm in conjunction with the Board.The process you use to develop and maintain a strategic fit between the organisation's goals and capabilities, and its marketing opportunities is called:* portfolio analysis strategic planning establishing strategic business units market research

strategic planning

*A company that believes in balancing short-run consumer wants with the company's requirements, as well as with the consumers' and society's long-run interests, would be most likely to follow which of the following marketing strategies?* the product concept the marketing concept the societal marketing concept the selling concept the production concept

the societal marketing concept

*Lifestyles are changing for most people, and we need extra money to support them. The fact that two parents have to work in order to be able to live as well as their parents did on only one income is indicative of which key force affecting the marketing landscape?* the federal budget deficit rapid globalisation the decline of the family unit the uncertain world economy

the uncertain world economy