Marketing Chapter Multiple Choice Quiz Questions!
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Marketing chapter two concepts, multiple-choice
- 1.
Which of the following is one of the three basic marketing management jobs?
- A.
To direct the implementation of plans
- B.
To control the plans in actual operation
- C.
To plan marketing activities
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
The correct answer is "All of the above" because all three options listed - directing the implementation of plans, controlling the plans in actual operation, and planning marketing activities - are indeed basic marketing management jobs. Marketing managers are responsible for overseeing the execution of marketing plans, monitoring their effectiveness, and strategizing future marketing activities. Therefore, all three options accurately describe fundamental tasks performed by marketing managers.Rate this question:
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- 2.
The marketing management process:
- A.
Includes the on-going job of planning marketing activities.
- B.
Is mainly concerned with obtaining continuous customer feedback.
- C.
Involves finding opportunities and planning marketing strategies, but does not include the management tasks of implementing and control.
- D.
Is called "strategic planning."
- E.
Both a and d are true statements.
Correct Answer
A. Includes the on-going job of planning marketing activities.Explanation
The correct answer is "includes the on-going job of planning marketing activities." This answer is supported by the statement in the question that the marketing management process involves finding opportunities and planning marketing strategies. Planning marketing activities is an essential part of this process, as it helps in identifying goals and objectives, determining target markets, and developing strategies to reach those markets. It is an ongoing job because marketing activities need to be continuously planned and adjusted based on market conditions and customer feedback.Rate this question:
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- 3.
A marketing strategy consists of two interrelated parts. These are:
- A.
Selection of a target market and implementing the plan.
- B.
Selection of a target market and development of a marketing mix.
- C.
Selection and development of a marketing mix.
- D.
Finding attractive opportunities and developing a marketing mix.
- E.
Finding attractive opportunities and selecting a target market.
Correct Answer
B. Selection of a target market and development of a marketing mix.Explanation
The correct answer is "selection of a target market and development of a marketing mix." This answer accurately reflects the two interrelated parts of a marketing strategy. The selection of a target market involves identifying the specific group of customers that the company wants to focus its marketing efforts on. The development of a marketing mix refers to the creation and implementation of a set of marketing tactics, including product, price, promotion, and place, that are tailored to the chosen target market. These two components work together to ensure that the company's marketing efforts are effectively reaching and appealing to the desired customer segment.Rate this question:
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- 4.
Marketing strategy planners should recognize that:
- A.
Target markets should not be large and spread out.
- B.
Mass marketing is often very effective and desirable.
- C.
Firms like General Electric, Sears, and Procter & Gamble are too large to aim at clearly defined markets.
- D.
Target marketing is not limited to small market segments.
- E.
The terms "mass marketing" and "mass marketers" mean essentially the same thing.
Correct Answer
D. Target marketing is not limited to small market segments.Explanation
The correct answer suggests that target marketing is not limited to small market segments. This means that companies can focus their marketing efforts on specific segments of the market, regardless of their size. This allows for a more personalized and tailored approach, which can lead to more effective and efficient marketing strategies. It also implies that target marketing can be applied to both small and large market segments, providing flexibility for companies to reach their desired audience.Rate this question:
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- 5.
A marketing mix consists of:
- A.
Policies, procedures, plans, and personnel.
- B.
The customer and the "four Ps."
- C.
All variables, controllable and uncontrollable.
- D.
Product, price, promotion, and place.
- E.
None of the above.
Correct Answer
D. Product, price, promotion, and place.Explanation
A marketing mix consists of product, price, promotion, and place. These four elements are commonly known as the "four Ps" of marketing. Product refers to the goods or services being offered, price is the amount customers are willing to pay, promotion involves advertising and other methods to communicate the value of the product, and place refers to the distribution channels used to make the product available to customers. Together, these elements form the foundation of a marketing strategy and help businesses effectively reach their target audience and sell their products or services.Rate this question:
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- 6.
Which of the following statements about marketing mix variables is FALSE?
- A.
"Promotion" includes personal selling, mass selling, and sales promotion.
- B.
The term "Product" refers to services as well as physical goods.
- C.
A channel of distribution does not have to include any middlemen.
- D.
Generally speaking, "Price" is more important than "Place."
- E.
The needs of a target market virtually determine the nature of an appropriate marketing mix.
Correct Answer
D. Generally speaking, "Price" is more important than "Place."Explanation
The statement "Generally speaking, 'Price' is more important than 'Place'" is false. In marketing, the concept of the marketing mix refers to the combination of product, price, promotion, and place (distribution) strategies that a company uses to meet the needs of its target market. While price is certainly an important variable in the marketing mix, it is not inherently more important than place. The distribution channel, or place, plays a crucial role in ensuring that the product reaches the target market effectively and efficiently. Both price and place are equally important in achieving marketing objectives.Rate this question:
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- 7.
A "marketing plan":
- A.
Is just another term for "marketing strategy."
- B.
Consists of several "marketing programs."
- C.
Includes the time-related details for carrying out a marketing strategy.
- D.
Is a strategy without all the operational decisions.
- E.
Ignores implementation and control details.
Correct Answer
C. Includes the time-related details for carrying out a marketing strategy.Explanation
A marketing plan includes the time-related details for carrying out a marketing strategy. This means that a marketing plan not only outlines the overall strategy but also includes specific timelines and deadlines for implementing various marketing activities. It helps ensure that the marketing strategy is executed in a timely and organized manner, allowing for effective implementation and control of marketing initiatives.Rate this question:
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- 8.
Which of the following would NOT require an operational decision for a leading hair color manufacturer?
- A.
Solicit orders from any new, financially attractive, solutions.
- B.
Drop colors that are losing appeal.
- C.
Create a fresh ad for each Sunday newspaper.
- D.
Set a competitive price if a primary competitor offers a special discount.
- E.
Promote the fair price and satisfactory quality of the product.
Correct Answer
E. Promote the fair price and satisfactory quality of the product.Explanation
Promoting the fair price and satisfactory quality of the product does not require an operational decision for a leading hair color manufacturer because it is a marketing strategy rather than an operational decision. Operational decisions typically involve the day-to-day activities and processes of a business, such as managing orders, production, and pricing. In this case, soliciting orders, dropping colors, creating ads, and setting competitive prices are all examples of operational decisions that directly impact the manufacturing and sales processes. Promoting the product's price and quality, on the other hand, falls under the marketing and advertising department's responsibilities.Rate this question:
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- 9.
A "marketing program":
- A.
Is another name for a particular marketing mix.
- B.
Blends several different marketing plans.
- C.
Consists of a target market and the marketing mix.
- D.
Is primarily concerned with all of the details of implementing a marketing plan.
- E.
Must be set before a target market can be selected.
Correct Answer
B. Blends several different marketing plans.Explanation
A "marketing program" refers to a comprehensive strategy that combines various marketing plans. It involves integrating different tactics and approaches to achieve marketing objectives. By blending several marketing plans, a marketing program ensures a holistic and coordinated approach towards reaching the target market and achieving desired outcomes. This approach allows for a more effective and efficient allocation of resources and efforts across different marketing initiatives.Rate this question:
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- 10.
Which of the following statements about customer equity is FALSE?
- A.
Expected losses depend on customer equity.
- B.
If the parts of a firm's marketing program work well together, it should increase the firm's customer equity.
- C.
Expected profits depend on customer equity.
- D.
If a firm has more than one marketing strategy, ti will likely decrease the firm's customer equity.
- E.
None of the above is false.
Correct Answer
D. If a firm has more than one marketing strategy, ti will likely decrease the firm's customer equity.Explanation
If a firm has more than one marketing strategy, it will likely decrease the firm's customer equity. This statement is false because having multiple marketing strategies can actually increase a firm's customer equity. By targeting different customer segments or using different approaches, the firm can attract a wider range of customers and increase their overall customer equity.Rate this question:
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- 11.
The watch industry example in the text serves to illustrate that:
- A.
Good implementation and control is usually more important than good planning.
- B.
There are a limited number of potential target markets.
- C.
An effective marketing strategy guarantees future success.
- D.
Consumers want only high-quality products.
- E.
A successful strategy often involves a marketing mix that is very different from what competitors have offered.
Correct Answer
E. A successful strategy often involves a marketing mix that is very different from what competitors have offered.Explanation
The watch industry example in the text serves to illustrate that a successful strategy often involves a marketing mix that is very different from what competitors have offered. This means that in order to stand out and succeed in the market, a company needs to differentiate itself from its competitors by offering a unique combination of product, price, promotion, and distribution. This example highlights the importance of a distinctive marketing strategy in achieving success in a competitive industry like the watch industry.Rate this question:
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- 12.
The text's discussion of "death-wish marketing" suggests that
- A.
Firms that don't spend more on marketing than their competitors are likely to fail.
- B.
Managers who seek big breakthroughs, rather that going after easier to achieve marketing opportunities, face big risks and are likely to fail.
- C.
It is fairly common for marketing efforts to turn out poorly, so to avoid that fate and get better than average results, a good manager needs to use a logical process for marketing strategy planning.
- D.
Getting good marketing results is really quite easy as long as the marketing manager focuses on the 4 Ps.
- E.
All of the above are good answers.
Correct Answer
C. It is fairly common for marketing efforts to turn out poorly, so to avoid that fate and get better than average results, a good manager needs to use a logical process for marketing strategy planning.Explanation
The text's discussion of "death-wish marketing" suggests that it is fairly common for marketing efforts to turn out poorly. Therefore, to avoid that fate and achieve better than average results, a good manager needs to use a logical process for marketing strategy planning. This implies that simply relying on luck or intuition is not enough to ensure success in marketing, and a systematic approach is necessary to mitigate the risks and increase the chances of achieving desired outcomes.Rate this question:
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- 13.
A breakthrough opportunity
- A.
Is an opportunity that gives a firm some sort of competitive advantage.
- B.
Can usually be achieved by copying the "best practices" of other firms that sell similar products.
- C.
Is one that helps an innovator develop a hard-to-copy marketing strategy that will be very profitable for a long time.
- D.
Is one that requires the firm to "breakthrough" its current resource limitations to obtain a new type of competitive advantage.
- E.
Is usually achieved by making better operational decisions.
Correct Answer
C. Is one that helps an innovator develop a hard-to-copy marketing strategy that will be very profitable for a long time.Explanation
A breakthrough opportunity is an opportunity that helps an innovator develop a hard-to-copy marketing strategy that will be very profitable for a long time. This means that the opportunity allows the firm to create a unique and innovative marketing approach that sets it apart from competitors and is difficult for them to replicate. This strategy will lead to long-term profitability and success for the firm.Rate this question:
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- 14.
Breakthrough opportunities:
- A.
Are so rare that they should be pursued even when they do not match the firm's resources and objectives.
- B.
Seldom occur within or close to a firm's present markets.
- C.
Are especially important in our increasingly competitive markets.
- D.
Are those which a firm's competitors can copy quickly.
- E.
Are best achieved by trying to hold onto a firm's current market share.
Correct Answer
C. Are especially important in our increasingly competitive markets.Explanation
In increasingly competitive markets, it becomes crucial for firms to identify and seize breakthrough opportunities. These opportunities can provide a competitive advantage and help the firm differentiate itself from its competitors. Pursuing breakthrough opportunities allows the firm to stay ahead in the market and adapt to changing customer needs and preferences. Therefore, it is important for firms to prioritize and pursue these opportunities, even if they do not align perfectly with the firm's existing resources and objectives.Rate this question:
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- 15.
Differentiation means that
- A.
The firm should aim its efforts at a target market that is different from a target market that a competitor would find attractive.
- B.
A firm's marketing mix is distinct from and better than what is available from a competitor.
- C.
A firm uses its resources in a different way than competitors use their resources.
- D.
A firm should screen out opportunities using different criteria than those used by other firms.
- E.
When a firm's marketing strategy is not going well it should change to a different set of operational decisions.
Correct Answer
B. A firm's marketing mix is distinct from and better than what is available from a competitor.Explanation
Differentiation in marketing refers to the process of making a firm's products or services unique and superior to those offered by competitors. This involves creating a marketing mix (product, price, place, and promotion) that is distinct and better than what is available from competitors. By offering unique features, superior quality, or better value, the firm can attract and retain customers in a target market that is different from what competitors find attractive. This strategy allows the firm to stand out and gain a competitive advantage in the market.Rate this question:
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- 16.
A S.W.O.T. analysis includes:
- A.
Strengths
- B.
Weaknesses
- C.
Opportunities
- D.
Threats
- E.
All of the above
Correct Answer
E. All of the aboveExplanation
A S.W.O.T. analysis is a strategic planning tool used to evaluate an organization's internal strengths and weaknesses, as well as external opportunities and threats. By considering all of these factors, organizations can gain a comprehensive understanding of their current situation and make informed decisions about their future direction. Therefore, the correct answer is "all of the above" as it encompasses all the elements of a S.W.O.T. analysis.Rate this question:
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- 17.
When a firm tries to increase sales by selling its present products in new markets, this is called:
- A.
Market penetration
- B.
Market development
- C.
Product development
- D.
Diversification
- E.
Market integration
Correct Answer
B. Market developmentExplanation
Market development refers to the strategy of expanding a firm's sales by selling its existing products in new markets. This involves identifying and entering new markets where the firm's products have not been previously available or where there is potential for growth. By reaching out to new customers and expanding its geographic reach, the firm aims to increase its sales and market share without making significant changes to its existing products. This strategy allows the firm to leverage its existing products and capabilities to tap into new market opportunities.Rate this question:
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Mar 22, 2023Quiz Edited by
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Jan 13, 2011Quiz Created by
Brentito
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