SMPS CPSM Professional Certification Quiz!
- 1.
Marketing goals are most effective when they are:
- A.
Qualitative and related to a firm's goals.
- B.
Quantifiable and flexible.
- C.
Related to a firm's profitability.
- D.
Specific, measurable, and achievable.
Correct Answer
D. Specific, measurable, and achievable.Explanation
Marketing goals that are specific, measurable, and achievable are more effective because they provide clear direction, allow for tracking progress, and can be realistically accomplished. Qualitative goals may lack specificity and make it difficult to determine success, while quantifiable and flexible goals may lack clarity and may not be attainable. Goals related to a firm's profitability may be important, but without being specific, measurable, and achievable, they may not lead to effective marketing strategies. Therefore, specific, measurable, and achievable goals are the most effective in guiding marketing efforts.Rate this question:
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- 2.
The term market position refers to the:
- A.
External perception of the firm compared to its competition.
- B.
Firm's perception of itself compared to its competition.
- C.
Firm's percentage of market share.
- D.
Market's response to economic fluctuations.
Correct Answer
A. External perception of the firm compared to its competition.Explanation
Market position refers to how a firm is perceived by the external market in relation to its competitors. It reflects how customers, investors, and other stakeholders view the firm's products, reputation, and competitive advantage. This perception plays a crucial role in determining the firm's market share, customer loyalty, and overall success in the market. By understanding its market position, a firm can strategically position itself to differentiate from competitors and attract target customers.Rate this question:
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- 3.
A well-designed and implemented marketing plan will:
- A.
Determine the current level of client satisfaction
- B.
Analyze the effectiveness of the firm’s past marketing efforts
- C.
Analyze the effectiveness of the firm’s client relationship management system
- D.
Focus marketing efforts to make effective use of a firm’s resources
Correct Answer
D. Focus marketing efforts to make effective use of a firm’s resourcesExplanation
A well-designed and implemented marketing plan will focus marketing efforts to make effective use of a firm's resources. This means that the plan will prioritize and allocate resources such as time, money, and manpower in a way that maximizes their impact on the target market. By doing so, the firm can ensure that its marketing activities are efficient and cost-effective, leading to a higher return on investment. This approach also helps the firm to avoid wasting resources on ineffective or unnecessary marketing tactics, allowing them to allocate their resources strategically and achieve their marketing objectives more effectively.Rate this question:
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- 4.
An effective network can save substantial time by:
- A.
Providing coverage when a firm is understaffed.
- B.
Validating information on clients and projects.
- C.
Designing a firm's marketing strategy.
- D.
Providing information on fees.
Correct Answer
B. Validating information on clients and projects.Explanation
An effective network can save substantial time by validating information on clients and projects. This means that having a strong network allows a firm to verify the accuracy and reliability of information related to their clients and projects. By doing so, they can avoid wasting time on unreliable or false information, which can lead to costly mistakes or delays. Having a network of trusted contacts who can provide accurate and up-to-date information can help a firm make informed decisions and streamline their processes, ultimately saving time and resources.Rate this question:
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- 5.
After a marketing plan has been developed, if market research identifies a new market niche opportunity, the marketing professional should:
- A.
Prepare a news release identifying the market niche and announcing the firm's intent to enter the new area of practice.
- B.
Announce the firm's intent to enter the new area of practice to employees in an in-house newsletter.
- C.
Conduct additional research to identify other market niche opportunities before acting on the first one.
- D.
Inform management about the opportunity, and with management concurrence, bring about a new focus in the firm's marketing materials.
Correct Answer
D. Inform management about the opportunity, and with management concurrence, bring about a new focus in the firm's marketing materials.Explanation
If market research identifies a new market niche opportunity after a marketing plan has been developed, the marketing professional should inform management about the opportunity. With management's agreement, they should then bring about a new focus in the firm's marketing materials. This approach ensures that the decision to enter the new market niche is made with the involvement and approval of management, and the necessary adjustments can be made in the marketing strategy to target the new opportunity effectively.Rate this question:
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- 6.
Secondary research about market trends involves which of the following?
- A.
Facilitating client focus groups
- B.
Networking at a client industry trade show
- C.
Gathering data from U.S. Census Bureau
- D.
Conducting competitive analyses
Correct Answer
C. Gathering data from U.S. Census BureauExplanation
Secondary research about market trends involves gathering data from various sources, such as the U.S. Census Bureau. The U.S. Census Bureau provides a wide range of demographic, economic, and social data that can be used to analyze market trends. This data can include information about population, income, employment, housing, and more. By gathering data from the U.S. Census Bureau, researchers can gain insights into the characteristics and behaviors of different market segments, which can help inform marketing strategies and decision-making.Rate this question:
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- 7.
Which of the following is the most appropriate first step in conducting marketing research?
- A.
Determine desired work.
- B.
Determine market size.
- C.
Determine market maturity.
- D.
Determine feasibility.
Correct Answer
A. Determine desired work.Explanation
The most appropriate first step in conducting marketing research is to determine the desired work. This involves clearly defining the goals and objectives of the research, as well as identifying the specific information that needs to be gathered. By determining the desired work upfront, researchers can ensure that their efforts are focused and aligned with the overall marketing strategy. This step sets the foundation for the research process and helps guide subsequent decisions regarding data collection, analysis, and interpretation.Rate this question:
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- 8.
Which of the following is an example of quantitative research?
- A.
A business publication conducting surveys to determine growth potential of a project delivery method.
- B.
A firm conducting a focus group to determine their clients’ perception of the firm’s services.
- C.
A business development professional meeting with a prospective client to determine when an RFP will be issued.
- D.
A marketing professional calling government agencies to determine funding availability for a municipal project.
Correct Answer
A. A business publication conducting surveys to determine growth potential of a project delivery method.Explanation
The example of quantitative research in this scenario is the business publication conducting surveys to determine the growth potential of a project delivery method. Quantitative research involves the collection and analysis of numerical data to draw conclusions and make predictions. In this case, the surveys conducted by the business publication would likely involve gathering quantitative data through structured questionnaires or surveys to measure and quantify the growth potential of the project delivery method. This data can then be analyzed statistically to provide insights and make informed decisions.Rate this question:
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- 9.
A major shortcoming of developing a marketing budget based on the prior year's budget is that it:
- A.
Depends on an accounting of year-to-date costs for labor and expenses.
- B.
Requires a projection of increases or decreases in each market-cost line item.
- C.
Overlooks the goals of the marketing plan for the coming year.
- D.
Depends on a stable, established marketing effort.
Correct Answer
C. Overlooks the goals of the marketing plan for the coming year.Explanation
Developing a marketing budget based on the prior year's budget overlooks the goals of the marketing plan for the coming year. This means that the budget does not take into account any changes or new objectives that may have been set for the upcoming year. By solely relying on the previous year's budget, the company may miss out on opportunities to allocate resources towards new initiatives or strategies that align with the marketing goals for the future. It is important to consider the specific goals and targets for the coming year when creating a marketing budget to ensure that resources are allocated effectively and efficiently.Rate this question:
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- 10.
Knowledge of a firm's strengths and weaknesses, changes in the business environment, historical trends, and management goals are:
- A.
Components of a firm's mission statement.
- B.
Useful in assessing the firm's marketing budget.
- C.
The basis for selecting target markets.
- D.
Critical for developing a public relations plan.
Correct Answer
C. The basis for selecting target markets.Explanation
Knowledge of a firm's strengths and weaknesses, changes in the business environment, historical trends, and management goals are the basis for selecting target markets. This knowledge allows a firm to understand its competitive advantages and disadvantages, identify opportunities and threats in the market, and align its marketing efforts with the needs and preferences of its target customers. By analyzing these factors, a firm can determine which market segments are most likely to be interested in its products or services and develop strategies to effectively reach and serve those segments.Rate this question:
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