MGT 301: Principles Of Marketing Exam! Quiz
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Take this MGT 301 exam quiz about the principles of marketing. Marketing ensures that businesses cannot only introduce products as needed, but they also attract new clients. The proper understanding of the product, price, place, and promotion principles help ensure a business comes up with a productive marketing strategy. In this quiz, you will get to test put just how much you know about marketing concepts and strategies. Check it out!
- 1.A social and managerial process by which individuals and organizations obtain what they need and want through value creation refers to which one of the following concepts?
- A.
Selling
- B.
Advertising
- C.
Barter
- D.
Marketing
- 2.Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers refers to which of the following options?
- A.
Customer perceived value
- B.
Marketing myopia
- C.
Customer relationship management
- D.
Customer satisfaction
- 3.Which one of the following options refers to “The art and science of choosing target markets and building profitable relationships”
- A.
Customer relationship management
- B.
Knowledge management
- C.
Total quality management
- D.
Marketing management
- 4.Which one of the following phrases reflects the marketing concept
- A.
The supplier is a king in the market
- B.
Marketing should be viewed as hunting not gardening
- C.
This is what I make, won’t you please buy it?
- D.
This is what I want, won’t you please make it?
- 5.Which one of the following options enables consumers and companies to access and share huge amounts of information with just a few mouse clicks?
- A.
Digital age
- B.
Internet
- C.
Extranet
- D.
WWW
- 6.All of the following are accurate descriptions of a company’s mission statement, EXCEPT which one?
- A.
Mission statement should fit the market environment
- B.
Mission statement should be realistic
- C.
Mission statement should be broad
- D.
Mission statement should be motivating
- 7.What are we going to do? And, how are we going to do? In which of the following categories these two questions fall?
- A.
Researching
- B.
Planning
- C.
Controlling
- D.
Managing
- 8.Some banks have increased their market share by offering accounts especially for children in another city. This example illustrates which of the following growth strategies?
- A.
Market penetration
- B.
Market development
- C.
Horizontal diversification
- D.
Conglomerate diversification
- 9.The strategic marketing process is how an organization allocates its marketing mix resources to reach its:
- A.
Stated business idea
- B.
Target market
- C.
Competition
- D.
Area of expertise
- 10.Which of the following sets refers to the order or sequence of marketing management functions?
- A.
Control – implementation – market planning
- B.
Market planning – control – implementation
- C.
Implementation – control – market planning
- D.
Marketing planning – implementation - control
- 11.Agencies that buy goods and services in order to produce public services or transfer them to those that need them reflect which of the following markets?
- A.
Reseller markets
- B.
Government markets
- C.
International markets
- D.
Business markets
- 12.Which one of the following environments is made up of institutions and other forces affecting society’s basic values, perceptions, preferences, and behaviors?
- A.
Cultural environment
- B.
Fictitious environment
- C.
Natural environment
- D.
Political environment
- 13.Your marketing department is attempting to improve strategic decision making, assess and track competitors’ actions and provide early warning of opportunities and threats. For this purpose which of the following will be used by your department?
- A.
Internal databases
- B.
External databases
- C.
Marketing intelligence
- D.
Company reports only
- 14.Harvard University is using the systematic design, collection, analysis, and reporting of data relevant to marketing its programs to minority students. What do we call this?
- A.
Promotion
- B.
Self-study
- C.
Marketing research
- D.
Cost-benefit analysis
- 15.Which one of the following schemes is TRUE regarding marketing research in sequence?
- A.
Gathering data, analysis, interpretation
- B.
Analysis, gathering data, interpretation
- C.
Interpretation, gathering data, analysis
- D.
Interpretation, reporting, analysis
- 16.The objective of which of the following research is to gather preliminary information that will help define the problem and suggest hypotheses?
- A.
Descriptive
- B.
Exploratory
- C.
Causal
- D.
Corrective
- 17.If Unilever needs to survey retailer’s attitudes on the availability of product literature in athletic shoe shops and needs the results within four working days, Unilever will probably use what kind of survey?
- A.
A mail
- B.
A telephone
- C.
Computer interviewing
- D.
A personal interview
- 18.A person’s pattern of living as expressed in his or her psychographics represents which one of the following concept?
- A.
Personality
- B.
Culture
- C.
Lifestyle
- D.
Motive
- 19.Which of the following is NOT a primary motivation?
- A.
Achievement
- B.
Self-esteem
- C.
Self-expression
- D.
Attitude
- 20.You purchase cleaning supplies for your custodial help regularly. It is showing which buying situation?
- A.
Modified rebuy
- B.
Straight rebuy
- C.
Modified straight rebuy
- D.
Consumer buy
- 21.When a company identifies the parts of the market it can serve best and most profitably. Which one of the following factors is in the practice of a company?
- A.
Concentrated marketing
- B.
Mass marketing
- C.
Targeted marketing
- D.
Market segmentation
- 22.Mr. ABC and his staff have decided to use target marketing to reach their sales goals. Which are their three steps (in order) to target marketing?
- A.
Market segmentation, market positioning and target marketing
- B.
Market segmentation, target marketing and market positioning
- C.
Market alignment, market segmentation and market positioning
- D.
Market recognition, market preference and market insistence
- 23.Demographic segmentation divides the market into groups based on which of the following variables?
- A.
Size, location, industry, customer
- B.
Size, company, industry, technology
- C.
Location, size, occupation, race
- D.
Customer, technology, company, industry
- 24.A marketer has brought the same products in the market for all segments without considering the needs and wants of the customers. Which one of the following strategies is being practiced by the marketer?
- A.
Undifferentiated marketing strategy
- B.
Differentiated marketing strategy
- C.
Concentrated marketing strategy
- D.
Custom marketing strategy
- 25.With concentrated marketing, the marketer goes after a _____ share of _____.
- A.
Small; a small market
- B.
Small; a large market
- C.
Large; one or a few niches
- D.
Large; the mass market