MKT 230 - Exam 1: Quiz Compilation

Which is the correct association between the value and the corresponding element of the marketing mix? A. Creating Value => Product B. Exchanging Value => Place C. Providing Value => Promotion D. Communicating Value => Profit E. Delivering Value => Price

A. Creating Value => Product

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's A. Market Share B. Target Market C. Strategic Segment D. Market Cut E. Market Position

A. Market Share

The __________ for Facebook is "To give people the power to share and make the world more open and connected." This information states Facebook's functions in society by providing a clear, challenging, concise, meaningful, inspirational, focused, and long-term picture of an envisioned future. A. Mission Statement B. Sustainability Doctrine C. Corporate Philosophy D. Code of Ethics E. Core Benefit Proposition

A. Mission Statement

The marketing concept is best defined as? A. A philosophy stating that an organization should attempt to accomplish its goals with no regard for the needs of customers. B. A philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that create, communicate, distribute, and exchange offerings that benefit the organization and its stakeholders. C. The inclusion of marketing activities in the activities of an organization. D. The performance of business activities that direct the flow of goods and services from producer to customer or user. E. A philosophy stating that an organization should sell the products of the company to consumers without comprehending the market needs and increase sales transactions rather than building and enhancing relationships with customers.

B. A philosophy stating that an organization should try to satisfy customers' needs through a coordinated set of activities that create, communicate, distribute, and exchange offerings that benefit the organization and its stakeholders.

Which of the following is essentially an uncontrollable factor in developing a marketing mix? A. Pricing Strategies B. Government Regulations C. Product Adaptations D. Advertising Campaigns E. Retail Locations

B. Government Regulations

When Campbell's introduced a line of low-sodium soups in response to customer demand, it was following which one of the following philosophies? A. Retailing Concept B. Marketing Concept C. Customer Concept D. Selling Concept E. Production Concept

B. Marketing Concept

An expected level of performance against which actual performance can be compared is a ____? A. Standard Performance. B. Performance Standard. C. Corrective Standard. D. Step in Sales Analysis. E. Standard of Excellence.

B. Performance Standard

Which of the following is not a purpose of the marketing plan? A. Assign tasks and responsibilities for implementation B. Serve as a contract with the customer C. Monitor the performance of a marketing strategy D. Specify the allocation of resources E. Communicate internally with employees

B. Serve as a contract with the customer

The Church of the Latter Day Saints has used advertising for many years, airing a commercial TV spot that shows parents actively playing games with their children. The Church is using marketing to promote its ___? A. Production. B. Services. C. Ideas. D. Goods. E. Experiences.

C. Ideas.

A change in the minimum drinking age in any given state illustrates a change in the _____________ for Miller Brewing. A. Marketing Mix B. Marketing Concept C. Marketing Environment D. Product Concept E. Marketing Task

C. Marketing Environment

Kraft purchased the Duracell Battery Company and now operates this division as a separate profit center within the firm. In this example, Duracell is a(n) _____________ unit of Kraft. A. Dependent B. Marketing C. Strategic Business D. Corporate E. Independent

C. Strategic Business

Rob Donaldson runs a successful wholesale business that sells equipment to restaurants throughout the Midwest. He is considering purchasing his own fleet of trucks to deliver the equipment instead of relying on a shipper as he is currently doing. This most closely represents a decision about? A. How to effectively promote his business. B. The product he provides to his customer. C. The best way to distribute his products. D. Which supplier he should use. E. Which market he should target.

C. The best way to distribute his products.

Which of the following is NOT an advantage of being a first mover: A. Market is free of competition. B. It helps establish customer brand loyalty. C. The initial investment costs are lower. D. Confidentiality is protected by patents. E. It is easy to gain market share.

C. The initial investment costs are lower.

The equation a buyer applies to assess a product's value is ___? A. Value = Customer Benefits - Monetary Price. B. Value = Monetary Price - Customer Benefits. C. Value = Customer Benefits - Customer Costs. D. Value = Customer Benefits - Time and Effort. E. Value = Customer Costs - Customer Benefits.

C. Value = Customer Benefits - Customer Costs.

Consumers buying products online have dramatically affected the ____________ variable of the marketing mix. A. Price B. Research C. Promotion D. Distribution E. Product

D. Distribution

To formulate a marketing strategy, one must __? A. Develop a statement of what is to be accomplished through marketing activities. B. Develop an adequate marketing control process. C. Develop plans for implementation and control. D. Identify and analyze a target market and develop a marketing mix to satisfy individuals in that market. E. Determine marketing objectives.

D. Identify and analyze a target market and develop a marketing mix to satisfy individuals in that market.

The owners of Old School Brand Authentic Antique Foods researched Civil War records to come up with recipes used in the old-fashioned cookies the company produces and markets. This statement deals with which part of the marketing mix? A. People B. Price C. Place D. Product E. Process

D. Product

Assuming that you are the marketing manager of Perfect Body Leisure Center and would like to perform a SWOT analysis on the leisure center. You notice that it is widely acknowledged that Perfect Body has the best-trained and most respected staff of all of the centers in the locality. This factor can be considered as an opportunity of the leisure center. True False

False

When implementation outcome did not meet the objective specified by marketing plan, a positive deviation occurs. True False

False

A competitive advantage is a unique strength relative to competitors that provides superior returns and exists when a firm matches its core competencies to opportunities it has discovered in the marketplace. True False

True