Marketing Strategies Exam 1 Practice Questions

Which of the following is the highest level according to Maslow's Hierarchy of Needs?

self actualization

The general model of customer experience includes ___ steps.

5

The _________ regulates competition in the market.

Federal Trade Commission

What are the three major steps for executing a successful marketing strategy?

Plan, implement, evaluate

__________ is a comparison of performance to expectations.

Satisfaction

The current marketing orientation is ___.

Social

Segmentation is a ____ step process.

6

Brand loyalty is an example of a __________ marketing segmentation variable.

Behavioral

Which type of influence is the least stable?

Contextual Influences

Membership clubs and loyalty programs are an example of

Customer relationship marketing.

In the business buying process which party has final decision making authority?

Decider

___________ income is the amount of money available after deductions to pay for basic living expenses.

Disposable

T/F: Good marketing means not taking risks

False

t/f: It is easy to predict all issues that will come up during implementation with a thorough plan.

False

In the business buying process which party controls access to the rest of the buying center?

Gateskeeper

Which of the following is not one of the three basic categories of influences on the customer experience?

Market Influences

A _______ is a comprehensive investigation of the full marketing mix or a subset of the mix with the intention of checking for problems.

Marketing audit

A _______ is a snapshot of key marketing performance measures in a single display that is used to monitor strategic marketing performance.

Marketing dashboard

What is the second step in the segmentation process?

Narrow the market

Which P covers how a company communicates value to its customers?

Promotion

The breadth of marketing decisions is referred to as the 4...

Ps

Lifestyle is an example of a __________ marketing segmentation variable.

Psychographic

Which of the following is the fourth step in the general model of customer experience?

Purchase/Choice

_______ means you choose what information you pay attention to and what you ignore.

Selective attention

Which of the following companies would be a secondary competitor to Ben & Jerry's?

Talenti Gelato

Social responsibility

When companies act at least in part in the best interests of society they are practicing.

Which of the following statements is not true? a. In B2B and B2C marketing the customer experience model has the same steps. b. In B2B and B2C marketing the purchasing decision is always a group decision. c. In B2B marketing there is a buying center that differs from B2C marketing. d. In B2B marketing there are more formal decision rules than in B2C marketing.

b. In B2B and B2C marketing the purchasing decision is always a group decision.

Which of the following statements is not true? a. The micro-environment includes anything that is directly affected by the marketing manager's decisions. b. The macro-environment is more central to day-to-day business decisions than the micro-environment. c. The macro-environment includes general trends the company does not directly influence. d. Both the micro and macro environments are important to marketing managers.

b. The macro-environment is more central to day-to-day business decisions than the micro-environment.

Which of the following is not one of the three primary safeguards marketing managers employ to help a company deal with implementation issues? a. all action items in plan are assigned to a specific person. b. marketing plans are vetted through customer research. c. expectations are set in terms of time and budget. d. communication and reporting protocols are developed and enforced.

b. marketing plans are vetted through customer research.

Which of the following is not a component of the positioning statement?

business market

Which of the following statements is not true? a. Companies differentiate by focusing on a unique selling proposition. b. Competitive advantages can be achieved by offering lower prices or more benefits than the competition. c. A competitive advantage is short term and impossible to sustain over time. d. Competitive advantages focus on what is valuable to customers.

c. A competitive advantage is short term and impossible to sustain over time.

Which of the following statements is not true? a. Marketers want to maximize how much customers are willing to pay for a product while making sure customers think they got more than they paid for. b. Marketers focus their goals on a specific target market. c. Marketers are not able to change a customer's perceived value so they focus on different target markets instead. d. Marketers can focus on multiple target markets in one marketing plan.

c. Marketers are not able to change a customers perceived value so they focus on different target markets instead.

Perceived value is defined as the perceived benefits relative to the perceived ______ associated with an exchange.

costs

Which of the following statements about a perceptual map is not true? a. It is a graphical representation of customer perceptions. b. It can suggest product features that are important to customers. c. The information on a perceptual map often comes from market research. d. All of the statements are true.

d. All of the statements are true.

Which of the following is not a social element within the macro-environment? a. demographic trends b. cultural beliefs c. ethical mores d. federal laws

d. federal laws

__________ segmentation is the most widely used category of segmentation variables and is typically the first approach companies use.

demographics

Which of the following statements about marketing is true? a. Marketing is equivalent to sales and advertising b. Marketing always employs common sense c. Marketing can make consumers buy products they do not want or need. d. Creativity guarantees marketing success e. All the statements are misconceptions about marketing.

e. All the statements are misconceptions about marketing.

____________ markets have relatively stable competitors and customers.

established

Marketing is defined as managing ___ with ___.

exchanges; customers

A marketing plan is a written statement that includes which of the following...

goals, timelines, budget

Market segments should be internally ________ but externally __________.

homogeneous, heterogenous

Strategic business unit

is a subgroup within an organization that decides its own strategy and has its own customers.

Demand

is the combination of a strong desire for something and the ability to purchase that product.

The _______ environment generally impacts a business indirectly.

macro

___________ perform functions that help connect the company to the customer.

market intermediaries

Marketing research

measures the outcomes of specific marketing activities against goals.

The ________ environment is typically described as the internal market environment and the ______ is referred to as the external market environment.

micro, macro

When a company defines its mission too narrowly and loses its customer focus it is referred to as marketing _______.

myopia

In ________ marketing the company identifies a subsegment that has special needs that typically is not large enough for the larger competitors in a market to pursue.

niche

Which of the following is not a criteria for a successful marketing objective?

objectives should be broad.

Unexpected competitor

offers the same core benefit but with an entirely different product

The most credible external information comes from __________.

personal sources

Geographic segmentation is often a function of ________ and _______ decisions combined.

product; place

When a company creates a different perception of the brand in the customer's mind they are _________.

repositioning

A _______ sells something they have bought to someone else.

reseller

The marketing orientation in the 1930s and 1940s was a ____ orientation.

sales

SWOT Analysis

strengths, weaknesses, opportunities, threats

Which of the following choices reflects the correct order in the stages of economic growth?

subsistence economy to developing economy to mature economy.

A group of customers the company decides to focus its marketing efforts on is a ________.

target market

target market

the customers with whom marketing is trying to manage exchanges with is called.

Which of the following is not a basic right included in the Consumer Bill of Rights?

the right to privacy