Marketing Practice Exam

​Successful business organizations should take actions to convert internal weaknesses into ____ and external threats into ____.

​strengths; opportunities

During the Industrial Revolution, most firms operated using a(n) ____ orientation.

Production

​For an exchange to occur, at least one of the parties must be willing to give up his or her "something of value."

False

Walmart's pricing, service, and continuing investment in improving its website with additional product offerings give it a(n) ____ over many other retailers.

Competitive advantage

Apple introduced the HomePod, a smart speaker/home automation device. For Apple, HomePod represents a strategy of

Diversification

A bribe offered to benefit an organization is generally considered acceptable.

False

Cause-related marketing refers to the specific development, pricing, promotion, and distribution of products that do not harm the natural environment.

False

When the right combination of circumstances and timing permits an organization to take action to reach a particular target market, a core competency exists.

False

​A marketing strategy is a written document that specifies the activities to be performed to implement and control a firm's marketing activities.

False

​A physical product you can touch is a(n)

Good

Martin was given the task of conducting a research project for his firm and proceeds with the following steps: He asks questions to determine the research topic, conducts a telephone survey, writes a report describing the survey results, and gives that report to his boss. Which step of the marketing research process has Martin omitted?

Interpreting research

A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its

Stakeholders

​An analysis of ____ examines internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.

Strengths and weaknesses

Customer relationship management is the use of information about customers to create marketing strategies that develop and sustain desirable customer relationships.

True

People learn values and principles through socialization by family members, social groups, religion, and formal education.

True

To resolve a social responsibility issue, it is helpful to check with concerned consumer groups and industry or specific company policy regarding the activity.

True

​Each of the marketing mix elements must work together with the others.

True

​The marketing concept is a management philosophy, not a second definition of marketing.

True

In marketing research, a sample is best described as

a limited number of units chosen to represent the characteristics of a total population

Primary data are best described as the

data that are observed, recorded, or collected directly from subjects