Marketing Management Exam: MCQ Quiz!
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Questions and Answers
- 1.
What is the marketing plan? What does it entail?
- A.
A written out document that includes information about the planning phase, implementation phase, and control phase.
- B.
A written out document that includes information about the planning phase, the work phase, and the analysis phase.
- C.
A written out document that includes information about the planning phase, the experiment phase, and the collective phase.
Correct Answer
A. A written out document that includes information about the planning phase, implementation phase, and control phase.Explanation
The correct answer is a written out document that includes information about the planning phase, implementation phase, and control phase. A marketing plan is a comprehensive document that outlines the strategies and tactics that an organization will use to promote its products or services. It includes information about the planning phase, where goals and objectives are established, the implementation phase, where the marketing activities are executed, and the control phase, where the effectiveness of the plan is evaluated and adjustments are made if necessary. This document serves as a roadmap for the marketing team and helps ensure that all efforts are aligned towards achieving the desired outcomes.Rate this question:
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- 2.
Within a marketing plan, defining a firm's mission and then evaluating how various factors affect potential success is known as what phase?
- A.
Control Phase
- B.
Implementation Phase
- C.
Planning Phase
- D.
Analysis Phase
- E.
Collective Phase
Correct Answer
C. Planning PhaseExplanation
The correct answer is Planning Phase. In the planning phase of a marketing plan, a firm's mission is defined and various factors are evaluated to determine their impact on potential success. This phase involves setting objectives, identifying target markets, conducting market research, and developing strategies and tactics to achieve the desired outcomes. It is a crucial step in the marketing process as it lays the foundation for the rest of the plan and guides the decision-making process.Rate this question:
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- 3.
When defining a marketing plan, identifying and evaluating opportunities and working them into the marketing mix is know as what phase?
- A.
Control Phase
- B.
Implementation Phase
- C.
Planning Phase
- D.
Analysis Phase
- E.
Collective Phase
Correct Answer
B. Implementation PhaseExplanation
The correct answer is Implementation Phase. In this phase of the marketing plan, opportunities identified and evaluated in the planning phase are put into action. It involves executing the marketing strategies and tactics outlined in the plan, such as launching advertising campaigns, distributing products, and engaging with customers. The implementation phase is crucial as it determines whether the marketing plan will be successful in achieving its objectives.Rate this question:
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- 4.
In a market plan, evaluating performance and taking corrective actions is part of what phase?
- A.
Control Phase
- B.
Implementation Phase
- C.
Planning Phase
- D.
Analysis Phase
- E.
Collective Phase
Correct Answer
A. Control PhaseExplanation
The control phase in a market plan involves evaluating the performance of the plan and taking corrective actions. This phase is crucial for monitoring the progress of the plan and ensuring that it is on track to achieve its objectives. By regularly assessing the performance and making necessary adjustments, the control phase helps to optimize the effectiveness and efficiency of the market plan.Rate this question:
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- 5.
What is a mission statement?
- A.
A broad description of the firm's objectives.
- B.
A broad description of the scope of activities a firm plans to undertake.
- C.
A broad description of the Marketing Plan.
- D.
A and C
- E.
A and B
Correct Answer
E. A and BExplanation
A mission statement is a broad description of the firm's objectives and the scope of activities that a firm plans to undertake. It serves as a guiding principle for the organization, outlining its purpose and goals. By including both options A and B, the answer covers both aspects of a mission statement, providing a comprehensive understanding of its purpose.Rate this question:
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- 6.
List the steps, in order, of the strategic marketing planning process. There are five steps, separate answers using a semicolon.
Correct Answer
Define the Business Mission; Conduct a Situation Analysis; Identify Opportunities; Implement the Marketing Mix; Evaluate PerformanceExplanation
The strategic marketing planning process involves several steps that need to be followed in a specific order. Firstly, the business mission should be defined, which sets the overall purpose and objectives of the organization. Then, a situation analysis should be conducted to assess the internal and external factors that may impact the marketing strategy. Once the situation is understood, opportunities can be identified for the business to capitalize on. After that, the marketing mix, which includes product, price, place, and promotion, is implemented to reach the target market effectively. Lastly, the performance of the marketing strategy is evaluated to determine its success and make any necessary adjustments.Rate this question:
- 7.
Step two of the strategic marketing planning process is conducting a situation analysis. In this analysis what will a firm analyze?
- A.
Strengths
- B.
Weaknesses
- C.
Opportunities
- D.
Threats
- E.
Losses
Correct Answer(s)
A. Strengths
B. Weaknesses
C. Opportunities
D. ThreatsExplanation
In the situation analysis, a firm will analyze its strengths, weaknesses, opportunities, and threats. This analysis helps the firm understand its internal capabilities and limitations (strengths and weaknesses) as well as external factors that could impact its success (opportunities and threats). By identifying these factors, the firm can develop strategies to leverage its strengths, address its weaknesses, capitalize on opportunities, and mitigate threats. This analysis is crucial for effective strategic marketing planning as it provides a comprehensive understanding of the firm's current position in the market and helps in making informed decisions.Rate this question:
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- 8.
Step three of the strategic marketing planning process involves identifying opportunities. Three parts of identifying opportunities include:
- A.
Strengths
- B.
Segmentation
- C.
Targeting
- D.
Positioning
- E.
Weaknesses
Correct Answer(s)
B. Segmentation
C. Targeting
D. PositioningExplanation
Step three of the strategic marketing planning process involves identifying opportunities. This is done by analyzing the strengths and weaknesses of the company, as well as identifying the target market segments that the company can effectively cater to. Once the target market segments are identified, the company can then develop a positioning strategy that will differentiate it from competitors and appeal to the chosen target market segments. Therefore, the three parts of identifying opportunities are segmentation, targeting, and positioning.Rate this question:
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- 9.
Macroenvironmental factors operate in the external environment.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Macroenvironmental factors refer to the external factors that influence an organization's business environment. These factors are beyond the control of the organization and include factors such as economic conditions, political and legal factors, social and cultural factors, technological advancements, and environmental factors. These factors can have a significant impact on the organization's operations, strategies, and overall performance. Therefore, it is true that macroenvironmental factors operate in the external environment.Rate this question:
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- 10.
What categories affect social trends as a macroenvironmental factor?
- A.
Time-Poor Society
- B.
Privacy Concerns
- C.
Social Networking Tendencies
- D.
Green Marketing
Correct Answer(s)
A. Time-Poor Society
B. Privacy Concerns
D. Green MarketingExplanation
The categories that affect social trends as a macroenvironmental factor are a time-poor society, privacy concerns, and green marketing. A time-poor society refers to the busy and hectic lifestyles of individuals, which can influence their behavior and preferences. Privacy concerns arise due to the increasing use of technology and the potential invasion of personal information, leading to changes in consumer behavior. Green marketing focuses on promoting environmentally friendly products and practices, which can impact social trends as consumers become more conscious of sustainability and eco-friendly choices. These factors collectively shape social trends and influence consumer behavior in the broader macroenvironment.Rate this question:
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- 11.
There are six macroenvironmental factors that the strategic marketing planning process takes into account. Please list those six.
Correct Answer(s)
Culture; Demographics; Social Trends; Technological Advances; Economic Situation; Political EnvironmentExplanation
The correct answer includes six macroenvironmental factors that are considered in the strategic marketing planning process. These factors are culture, demographics, social trends, technological advances, economic situation, and political environment. These factors play a crucial role in shaping the marketing strategies of a company as they provide insights into the external environment in which the company operates. Understanding cultural norms, demographic characteristics, social trends, technological advancements, economic conditions, and political factors helps marketers identify opportunities and challenges, and develop effective marketing strategies to target their desired audience and achieve their goals.Rate this question:
- 12.
There are five steps in the Consumer Decision Process. What is the first step?
- A.
Search for Information
- B.
Need Recognition
- C.
Postpurchase
- D.
Evaluation of Alternatives
- E.
Purchase and Consumption
Correct Answer
B. Need RecognitionExplanation
The first step in the Consumer Decision Process is Need Recognition. This is when a consumer realizes that there is a gap between their current state and their desired state, leading to a need or desire for a particular product or service. It could be triggered by internal stimuli (such as hunger or thirst) or external stimuli (such as advertising or recommendations from others). Once the need is recognized, the consumer moves on to the next steps in the decision-making process.Rate this question:
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- 13.
There are five steps in the Consumer Decision Process. What is the second step?
- A.
Search for Information
- B.
Need Recognition
- C.
Postpurchase
- D.
Evaluation of Alternatives
- E.
Purchase and Consumption
Correct Answer
A. Search for InformationExplanation
The second step in the Consumer Decision Process is "Search for Information." After recognizing a need or want, consumers typically engage in information search to gather relevant information about different products or services that can fulfill their needs. This step involves seeking information from various sources such as online research, seeking recommendations from friends or family, reading reviews, or visiting stores to gather information about the available options. This information search helps consumers evaluate different alternatives and make an informed decision before making a purchase.Rate this question:
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- 14.
There are five steps in the Consumer Decision Process. What is the third step?
- A.
Search for Information
- B.
Need Recognition
- C.
Postpurchase
- D.
Evaluation of Alternatives
- E.
Purchase and Consumption
Correct Answer
D. Evaluation of AlternativesExplanation
The third step in the Consumer Decision Process is the evaluation of alternatives. After recognizing a need, consumers search for information and then evaluate different alternatives before making a purchase. This step involves comparing the features, benefits, and prices of different options to determine which one best meets their needs and preferences. It is an important stage in the decision-making process as it helps consumers make informed choices and select the product or service that offers the most value to them.Rate this question:
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- 15.
There are five steps in the Consumer Decision Process. What is the fourth step?
- A.
Search for Information
- B.
Need Recognition
- C.
Postpurchase
- D.
Evaluation of Alternatives
- E.
Purchase and Consumption
Correct Answer
E. Purchase and ConsumptionExplanation
The fourth step in the Consumer Decision Process is the Evaluation of Alternatives. Once the consumer recognizes their need, they begin to search for information on different products or services that can satisfy that need. After gathering information, they evaluate the alternatives available to them based on factors such as price, quality, features, and benefits. This evaluation helps them make a decision on which product or service to purchase and consume. The final step, which is not mentioned in the options, is the Postpurchase stage where the consumer reflects on their purchase and decides if they are satisfied or not.Rate this question:
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- 16.
There are five steps in the Consumer Decision Process. What is the fifth step?
- A.
Search for Information
- B.
Need Recognition
- C.
Postpurchase
- D.
Evaluation of Alternatives
- E.
Purchase and Consumption
Correct Answer
C. PostpurchaseExplanation
The fifth step in the Consumer Decision Process is post-purchase. This step occurs after the consumer has made the purchase and consumed the product or service. During this stage, the consumer evaluates their purchase and determines if it met their expectations. They may also engage in post-purchase behaviors such as sharing their experience with others or seeking customer support if needed. This step is crucial as it can influence future buying decisions and brand loyalty.Rate this question:
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- 17.
What are three types of buying decisions?
- A.
Limited Problem Solving
- B.
Extended Problem Solving
- C.
Need Based Solving
- D.
Habitual Buying
- E.
Decision Heuristics
Correct Answer(s)
A. Limited Problem Solving
B. Extended Problem Solving
D. Habitual BuyingExplanation
The three types of buying decisions mentioned in the answer are Limited Problem Solving, Extended Problem Solving, and Habitual Buying. Limited Problem Solving refers to situations where consumers have some prior knowledge and experience but still need to gather more information before making a decision. Extended Problem Solving occurs when consumers have little or no prior knowledge and need to gather extensive information before making a decision. Habitual Buying refers to situations where consumers make repeat purchases without much thought or consideration. These three types cover different levels of consumer involvement and decision-making processes in buying decisions.Rate this question:
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- 18.
What are the psychological factors that affect the Consumer Decision Process?
- A.
Motives
- B.
Attitudes
- C.
Perception
- D.
Vision
- E.
Learning
Correct Answer(s)
A. Motives
B. Attitudes
C. Perception
E. LearningExplanation
The psychological factors that affect the Consumer Decision Process include motives, attitudes, perception, and learning. Motives refer to the needs and desires that drive individuals to make purchasing decisions. Attitudes are the evaluations and feelings individuals have towards a product or brand. Perception involves how individuals interpret and make sense of information about a product. Learning refers to the process of acquiring knowledge and experience that influences consumer decision-making. These factors play a crucial role in shaping consumer behavior and ultimately impacting their purchasing choices.Rate this question:
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- 19.
What are the social factors that affect the Consumer Decision Process?
- A.
Family
- B.
Social Networking
- C.
Reference Groups
- D.
Media Trends
- E.
Culture
Correct Answer(s)
A. Family
C. Reference Groups
E. CultureExplanation
The social factors that affect the Consumer Decision Process include family, reference groups, and culture. Family plays a significant role as they influence the consumer's values, beliefs, and purchasing decisions. Reference groups, such as friends or colleagues, also impact consumer behavior through their opinions and recommendations. Culture, on the other hand, shapes individuals' preferences, attitudes, and behaviors based on shared values, norms, and traditions. These social factors collectively influence how consumers perceive products or services and make decisions about purchasing them.Rate this question:
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- 20.
What are the four Ps of marketing mix factors that affect the Consumer Decision Process?
- A.
Product
- B.
Promotion
- C.
Package
- D.
Price
- E.
Place
Correct Answer(s)
A. Product
B. Promotion
D. Price
E. PlaceExplanation
The four Ps of marketing mix are key factors that influence the consumer decision process. Product refers to the offering or solution that satisfies the customer's needs. Promotion involves the communication and marketing activities to create awareness and persuade customers to purchase the product. Price is the amount charged for the product, which affects the perceived value and affordability. Place refers to the distribution channels and availability of the product to the target market. These four factors play a crucial role in shaping consumer behavior and their ultimate decision to purchase a product or service.Rate this question:
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- 21.
What are the situational factors that can affect the Consumer Decision Process?
- A.
Crowd Situation
- B.
Purchase Situation
- C.
Shopping Situation
- D.
Temporal State
- E.
Promotional Situation
Correct Answer(s)
B. Purchase Situation
C. Shopping Situation
D. Temporal StateExplanation
The situational factors that can affect the Consumer Decision Process include the purchase situation, shopping situation, and temporal state. The purchase situation refers to the specific circumstances surrounding the act of buying a product, such as the reason for the purchase or the urgency of the need. The shopping situation refers to the environment in which the purchase takes place, such as the physical store or online platform. The temporal state refers to the consumer's mood or emotional state at the time of the purchase. All of these factors can influence the consumer's decision-making process and ultimately impact their buying behavior.Rate this question:
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- 22.
The process by which good, services, capital, people, information, and ideas flow across national borders is known as:
- A.
Offshoring
- B.
Globalization
- C.
National Assessment Marketing
- D.
Infrastructure Marketing
- E.
Exchange Marketing
Correct Answer
B. GlobalizationExplanation
Globalization refers to the process of integration and interaction among people, companies, and governments of different nations. It involves the flow of goods, services, capital, people, information, and ideas across national borders. This process leads to increased interconnectedness and interdependence among countries, resulting in the creation of a global economy and global culture. Globalization has been facilitated by advancements in technology, transportation, and communication, allowing for easier and faster movement of resources and ideas.Rate this question:
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- 23.
When assessing global markets there are four factors that must be taken into account. These include:
- A.
Power Distance Anaylsis
- B.
Economic Analysis
- C.
Infrastructure and Technology Analysis
- D.
Government Actions
- E.
Sociocultural Analysis
Correct Answer(s)
B. Economic Analysis
C. Infrastructure and Technology Analysis
D. Government Actions
E. Sociocultural AnalysisExplanation
The correct answer includes four factors that must be taken into account when assessing global markets. Economic analysis is important to understand the economic conditions of a market, such as GDP, inflation, and unemployment rates. Infrastructure and technology analysis is crucial to assess the availability and quality of infrastructure and technological advancements in a market. Government actions refer to the policies and regulations implemented by the government that can impact business operations. Sociocultural analysis involves understanding the cultural, social, and demographic factors that can influence consumer behavior and market trends.Rate this question:
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- 24.
Several Global Entry Strategies include Exporting, Franchising...
- A.
Strategic Alliances
- B.
Joint Ventures
- C.
Collaborative Communications
- D.
Direct Investments
- E.
Host Country Activation
Correct Answer(s)
A. Strategic Alliances
B. Joint Ventures
D. Direct InvestmentsExplanation
The correct answer is Strategic Alliances, Joint Ventures, and Direct Investments. These three entry strategies involve different levels of collaboration and investment between companies in the host country and the foreign company. Strategic alliances involve partnerships between two or more companies to achieve mutual benefits, joint ventures involve the creation of a new entity by two or more companies, and direct investments involve the establishment of a wholly-owned subsidiary or production facility in the host country. These strategies allow companies to access new markets, share resources and expertise, and mitigate risks associated with entering a foreign market.Rate this question:
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- 25.
What are some issues when entering a global market?
- A.
Environmental Concerns
- B.
Global Labor Issues
- C.
Cost to Enter Country
- D.
Affect on Guest Country
- E.
Impact on Host Country
Correct Answer(s)
A. Environmental Concerns
B. Global Labor Issues
E. Impact on Host CountryExplanation
When entering a global market, there are several issues that a company may face. Environmental concerns are one of the major issues as companies need to comply with different environmental regulations and standards in different countries. Global labor issues are also important as companies need to consider labor laws, wages, and working conditions in different countries. Additionally, the cost to enter a country can be a significant barrier, including expenses related to setting up operations, marketing, and distribution. Another issue is the impact on the host country, which includes economic, social, and cultural effects that the company may have on the local community.Rate this question:
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Quiz: Internal MCQ Examination For Marketing Management!
Quiz: Internal MCQ Examination For Marketing Management!
Trivia Test Questions On Marketing Management! Quiz
Trivia Test Questions On Marketing Management! Quiz
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