Mizzou Introduction to Marketing Principles Exam

1. How do you choose an appropriate strategy?

Choose randomly without any specific criteria

Base on Mission StatementFocus and build assets to lead to long term performance

Follow the latest trends without analyzing their relevance

Select a strategy based solely on immediate financial gains

Choosing an appropriate strategy involves aligning it with the organization's mission statement, focusing on building assets that lead to long-term performance rather than short-term gains.

Explanation

Choosing an appropriate strategy involves aligning it with the organization's mission statement, focusing on building assets that lead to long-term performance rather than short-term gains.

2. What is a Strategic Business Unit (SBU)?

Part of a larger organization, Limited control over operations, Operates solely for profit

Distinct Mission, Own Competitors, Single business, or collection of related business, Planned Independently

3. What are the 6 areas of Situation Analysis?

Technological Environment- Advancements in technology impacting the market

Psychological Environment- Consumer behavior and attitudes influencing the market

Geographical Environment- Physical location and climate affecting the market

Situation analysis involves assessing various external and internal factors that impact a firm's marketing strategy. The correct answer lists the 6 key areas to consider during this analysis process.

Explanation

Situation analysis involves assessing various external and internal factors that impact a firm's marketing strategy. The correct answer lists the 6 key areas to consider during this analysis process.

4. What is the concept of marketing?

Focus solely on product development without considering customer preferences.

Maximize profits regardless of customer needs.

Seek to make a profit by serving the needs of Customer groups

Ignore customer satisfaction and solely focus on competitor analysis.

The concept of marketing revolves around meeting the needs of customer groups to ultimately make a profit. It involves understanding customer preferences and tailoring products or services to meet those needs.

Explanation

The concept of marketing revolves around meeting the needs of customer groups to ultimately make a profit. It involves understanding customer preferences and tailoring products or services to meet those needs.

5. What is the AMA Definition of Marketing?

Marketing is only about advertising and promotion strategies.

Marketing is the act of selling products or services to customers.

Marketing is solely focused on profit generation for companies.

The correct answer provides a comprehensive definition of marketing encompassing various aspects beyond sales and profit generation.

Explanation

The correct answer provides a comprehensive definition of marketing encompassing various aspects beyond sales and profit generation.

6. What are the major types of marketing?

Cold Calling- Direct sales, Networking- Building relationships, Referral- Word of mouth

Digital- Online campaigns, Print- Traditional advertising, TV- Broadcast commercials

Social Media- Online advertising, Email Marketing- Direct communication, Influencer- Endorsements

The correct answer lists the major types of marketing including product marketing, service marketing, person marketing, place marketing, cause marketing, and organization marketing. The incorrect answers provide different marketing methods or strategies which do not classify as major types of marketing.

Explanation

The correct answer lists the major types of marketing including product marketing, service marketing, person marketing, place marketing, cause marketing, and organization marketing. The incorrect answers provide different marketing methods or strategies which do not classify as major types of marketing.

7. What are the steps in the Strategic Planning process?

Objectives, Action Plan, Financial Strategy, Performance Metrics

Goals, Mission, Operational Tactics, Evaluation Plan

Mission, Objectives, Organizational Strategy, Choosing a Strategy, Portfolio Plan

Vision, Objectives, Tactical Planning, Implementing Strategies

The correct steps in the strategic planning process include defining the Mission, setting Objectives, developing Organizational Strategy, Choosing a Strategy, and creating a Portfolio Plan to achieve the goals.

Explanation

The correct steps in the strategic planning process include defining the Mission, setting Objectives, developing Organizational Strategy, Choosing a Strategy, and creating a Portfolio Plan to achieve the goals.

8. What should a Mission be?

Vague and uninspiring statements.

Achievable, motivating, specific, long term.The reason for a companies existence.

Unattainable and demotivating objectives.

Short term goals that can be easily achieved.

A mission should serve as the guiding force for a company's activities, providing a clear direction and purpose. It should be achievable, motivating, specific, and long term to drive the organization towards success and sustainable growth.

Explanation

A mission should serve as the guiding force for a company's activities, providing a clear direction and purpose. It should be achievable, motivating, specific, and long term to drive the organization towards success and sustainable growth.

9. What should objectives be?

Vague and undefined

Broad and abstract ideas

Unattainable and unrealistic

Specific, measurable, action commitments to get mission achieved.

Objectives should be specific, measurable, and actionable in order to effectively work towards achieving the mission.

Explanation

Objectives should be specific, measurable, and actionable in order to effectively work towards achieving the mission.

10. What can Organizational Strategy be based on?

Employee Satisfaction, Technology Trends, Social Media Influence

Products and MarketsCompetitive AdvantageValue

Organizational strategy is typically based on factors such as the products and markets the organization operates in, competitive advantage within the industry, and creating value for customers.

Explanation

Organizational strategy is typically based on factors such as the products and markets the organization operates in, competitive advantage within the industry, and creating value for customers.

11. What Organizational Strategies are based on Value?

Price, Quality, ServiceProduct Excellence

Innovation, Creativity, Branding

Employee Satisfaction, Market Share, Cost Cutting

Advertising, Sales, Growth

Organizational strategies based on value focus on delivering high-quality products or services at competitive prices while ensuring excellent customer service and product excellence. Options like Advertising, Sales, and Growth focus on marketing and expansion strategies, not specifically value-based strategies. Innovation, Creativity, and Branding are important but don't necessarily define value-based strategies. Employee Satisfaction, Market Share, and Cost Cutting are important elements of organizational strategies, but they do not solely represent value-based strategies.

Explanation

Organizational strategies based on value focus on delivering high-quality products or services at competitive prices while ensuring excellent customer service and product excellence. Options like Advertising, Sales, and Growth focus on marketing and expansion strategies, not specifically value-based strategies. Innovation, Creativity, and Branding are important but don't necessarily define value-based strategies. Employee Satisfaction, Market Share, and Cost Cutting are important elements of organizational strategies, but they do not solely represent value-based strategies.