Definition Of Marketing Quiz
(12).png "Definition Of Marketing Quiz")
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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