Definition Of Marketing Quiz
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Can you answer all the following questions of marketing? Test your knowledge on this quiz to see how you do and compare your score to others.
- 1.Marketing enriches society by:
- A.
Encouraging employees to participant and invest in socially responsible activities and charities.
- B.
Solely focusing on maximizing firm profits.
- C.
Recognizing that the firm can do very little by itself, and so it should stay focused on - and develop - its own core competencies and let municipal, state and federal governments sort out the complex, societal issues.
- D.
All of the above
- E.
None of the above
- 2.Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase _________ marketing.
- A.
B2C
- B.
C2C
- C.
B2B
- D.
A2C
- E.
Underground
- 3.To become value driven, firms:
- A.
Share information across the entire organization about customers and competitors
- B.
Balance relationships with customers beyond thinking about individual transactions
- C.
Balance benefits with costs to create value for customers
- D.
None of the above
- E.
All of the abobe
- 4.The evolution of marketing progressed along the continuum:
- A.
Production, sales, marketing, value-based marketing
- B.
Sales, marketing, value-based marketing, production
- C.
Marketing, value-based marketing, production, sales
- D.
Value-based marketing, production, sales, marketing
- E.
-sales, value-based marketing, marketing, production
- 5.Which of the following is not true about marketing?
- A.
Marketing adds value to the products and services you use and buy.
- B.
Marketing makes life easier.
- C.
The growth of the internet means that marketing will diminish in importance and impact as customers interact directly with the firms
- D.
Marketing establishes a price that is affordable to the customers while covering the costs of the features and benefits and providing a reasonable profit for the company.
- 6.The four Ps comprise the marketing mix, which is the ______________ set of activities that the firm uses to respond to the wants of its target markets.
- A.
Reversible
- B.
External
- C.
Organic
- D.
Global
- E.
Controllable
- 7.________________ is communication by a marketer that informs, persuades, and reminds potential customers.
- A.
Promotion
- B.
Pricing
- C.
Placement
- D.
Product value creation
- E.
Pork barreling
- 8.Of the five steps to the strategic marketing planning process, which step usually comes in the MIDDLE of the process?
- A.
Evaluate performance
- B.
Define the business mission.
- C.
Situation analysis
- D.
Identifying and evaluating opportunities.
- E.
Implement marketing mix and resources.
- 9.Which of the following is NOT one of the four major growth strategies marketers typically utilize?
- A.
Market penetration
- B.
Product proliferation
- C.
Market development
- D.
Diversification
- E.
Product development
- 10.Firms achieve ___________ through efficient procedures and excellent supply chain management.
- A.
Operational excellence
- B.
Customer loyalty
- C.
Strategic acceptance
- D.
Relative market share
- E.
Value-based penetration
- 11.When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?
- A.
Implementation
- B.
Control
- C.
Segmentation
- D.
Planning
- E.
All of the above
- 12.A mission statement describes a firm's tactical mission.
- A.
True
- B.
False
- 13.Brian is struggling with the choice of publishing his new book, “How to cook Polish Barbeque” as an e-book or a paperback. Brian is addressing which core marketing aspect?
- A.
Making product decisions
- B.
Satisfying customer needs and wants.
- C.
Exchange function of marketing.
- D.
Decisions regarding in which setting marketing takes place.
- E.
Making pricing decisions.
- 14.The basic difference between a good and a service is a good:
- A.
Provides intangible benefits.
- B.
-always less expensive than a corresponding service.
- C.
Can be physically touched
- D.
Generates greater interest among consumers
- E.
Depreciates more rapidly in the minds of consumers.
- 15.The marketing goal of getting the "right quantities to the right locations, at the right time" is:
- A.
Communicating the value proposition.
- B.
Creating value.
- C.
Supply chain management
- D.
Capturing value.
- E.
Price and performance management.
- 16.When referring to “exchange,” marketers are focusing on:
- A.
Location where products and services are traded.
- B.
Price charged adjusted for currency exchange rates.
- C.
The trading of things of value
- D.
Creating value.
- E.
Promotional offers designed to stimulate barter.
- 17.Franco uses a database software system to remind him when his customers should be ready to re-order his industrial cleaning products. With this reminder system, Franco contacts his customers when they are most likely to be “in the buying mode.” Franco’s system is part of:
- A.
Customer relationship management
- B.
C2C marketing
- C.
A transactional marketing orientation.
- D.
Supply chain retail simplification system.
- E.
A value driven global positioning system.
- 18.Value is:
- A.
The lowest cost option.
- B.
Represented by brand names.
- C.
The highest priced alternative.
- D.
Everyday low prices.
- E.
What you get for what you give
- 19.To build a sustainable competitive advantage, most companies should focus on a single strategy.
- A.
True
- B.
False
- 20.In ________________ pricing, the firm first determines the perceived worth of the product from the customer's point of view and then prices accordingly.
- A.
Product-based
- B.
Cost-based
- C.
Competitor-based
- D.
Management-based
- E.
Value-based
- 21.A ___________ is a group of products that consumers may use together or perceive as similar in some way.
- A.
SBU
- B.
STP
- C.
Market segment
- D.
Product line
- E.
Promotional service
- 22.When positioning products relative to competitors’ offerings, firms typically are most successful when they focus on opportunities:
- A.
For diversification.
- B.
In international markets.
- C.
Where value-based pricing can be ignored.
- D.
That build on their strengths relative to those of their competitors
- E.
Where customer excellence can be substituted with product excellence.
- 23.Marketing involves all of the following EXCEPT:
- A.
Exchange
- B.
Efforts by individuals and organizations
- C.
Satisfying customer needs and wants
- D.
Production scheduling
- E.
Creating value
- 24.Jenny, the delivery and sales representative for a beer distributor is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company’s distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of:
- A.
Advising production on how much product to make.
- B.
Engaging customers and developing long-term relationships.
- C.
Identifying opportunities to expand.
- D.
Synthesizing and interpreting sales, accounting, and customer-profile data.
- E.
Alerting the logistics department when to ship products.
- 25.Price should be based on the value that the customer perceives.
- A.
True
- B.
False
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