MKTG 490; MIDTERM EXAM POOL

MKTG 490; MIDTERM EXAM POOL ITEMS

The most formal definition of marketing is ________.

1. meeting needs profitably
2. identifying and meeting human and social needs
3. the 4Ps (Product, Price, Place, Promotion)
4. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders.
5. improving the quality of life for consumers

2. A ________ is a written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives.

a. strategic plan

b. marketing plan

c. sales plan

d. target market plan

e. competitive analysis plan

3. The four elements of the “marketing mix” include all of the following EXCEPT ___?

a. Product

b. People

c. Promotion

d. Price

e. All of the above are marketing mix elements

4. Which of the “marketing mix” elements address wholesalers and retailers?

a. Product

b. People

c. Promotion

1. Price

e. None of the above

5. Marketing Planning is a process in which the 4^th step is to:

a. Plan segmentation, targeting, positioning

b. Understand markets and customers

c. Plan, direction, objectives, marketing support

d. Develop marketing strategies and programs

e. None of the above

6. Marketing Planning is a process in which the 3^rd step is to:

a. Plan segmentation, targeting, positioning

b. Understand markets and customers

c. Plan, direction, objectives, marketing support

d. Develop marketing strategies and programs

e. None of the above

7. Marketing Planning is a process in which the 6^th step is to:

a. Plan segmentation, targeting, positioning

b. Understand markets and customers

c. Plan, direction, objectives, marketing support

d. Develop marketing strategies and programs

e. None of the above

8. ________ marketing has the aim of building mutually satisfying long-term relations with key parties such as customers, suppliers, distributors, and other marketing partners in order to earn and retain their business.

a. Holistic

b. Demand-based

c. Direct

d. Relationship

e. Synthetic

9. Which marketing Planning stage entails deciding whether to pursue business-to-customer (B2C) or business-to-business (B2B) markets?

a. Plan segmentation, targeting, positioning

b. Understand markets and customers

c. Plan, direction, objectives, marketing support

d. Develop marketing strategies and programs

e. None of the above

10. Which three strengths that are developed when “Preparing for Marketing Planning”?

a. knowledge of company, core competencies, and financial resources

b. knowledge of customers and markets, core competencies, and financial resources

c. knowledge of customers and markets, knowledge of company, and relationships

d. core competencies, relationships, and financial resources

e. None of the above

11. Which of the following is NOT one of the five guiding principles to contribute to customer value and stay competitive?

a. build brand awareness

b. emphasize relationships

c. seek alliances

d. gain market share

e. a & d

12. Which of the following is NOT a “Network of Alliances” category?

a. Customers

b. Channel Members

c. Suppliers

d. Planners

e. All of the above are Network of Alliance categories

13. Which of the following is NOT a “Network of Alliances” category?

a. Community

b. Technology

c. Suppliers

d. Partners

e. All of the above are Network of Alliance categories

14. What is the strategic logic of the “Six Approaches to Growth” matrix?

a. Match products and markets

b. Manage growth direction by pursuing sustainable marketing

c. Measure marketing planning based on how in many different squares are entered

d. Model the ideal market scenario assuming no resource limitations or competition

e. None of the Above

 

15. Which of the following “Six Approaches to Growth” requires the least resources?

a. Penetrate existing markets

b. Expand to new geographic markets

c. Innovate product offers for existing markets

d. Diversify

e. None of the Above

16. Which of the following “Six Approaches to Growth” is best for Oil companies pursuing wind energy generation?

a. Penetrate existing markets

b. Expand to new geographic markets

c. Innovate product offers for existing markets

d. Diversify

e. None of the Above

17. Which of the following “Six Approaches to Growth” requires the greatest change?

a. Penetrate existing markets

b. Expand to new geographic markets

c. Innovate product offers for existing markets

d. Diversify

e. None of the Above

18. Which of the following “Six Approaches to Growth” is best for Oil companies facing declining U.S. gasoline demand?

a. Penetrate existing markets

b. Expand to new geographic markets

c. Innovate product offers for existing markets

d. Diversify

e. None of the Above

19. Which of the following “Six Approaches to Growth” is best for Oil companies preparing for bio-fuel and electric automobiles globally?

a. Penetrate existing markets

b. Expand to new geographic markets

c. Innovate product offers for existing markets

d. Diversify

e. None of the Above

20. Which of the following “Six Approaches to Growth” is best for Oil companies to respond to global commodity speculation?

a. Penetrate existing markets

b. Expand to new geographic markets

c. Innovate product offers for existing markets

d. Diversify

e. None of the Above

 

Chapter 2

1. The two types of strategic factors required to map an effective marketing plan are:

a. supply and demand

b. macroenvironment and microenvironment

c. past and future

d. internal and external

e. None of the above

2. The two types of environmental scanning that must be done for SWOT analysis are:

a. supply and demand

b. macroenvironment and microenvironment

c. past and future

d. internal and external

e. None of the above

3. With the rapidly changing global picture, the firm must monitor seven major forces. All of the following would be among those forces EXCEPT ________.

a. demographic

b. economic

c. social-cultural

d. global

e. ecological

4. The main demographic force that marketers monitor is(are) ________.

a. suppliers

b. population

c. communication (such as advertising)

d. government reports dealing with birth rates

e. competitors

5. Marketers need to be aware of threats and opportunities associated with four trends in the ecological environment. All of the following are among those trends EXCEPT ________.

a. the shortage of raw materials

b. the increased cost of energy

c. near 90 percent corporate support for “green causes”

d. increased pollution levels

e. the changing role of governments

6. The marketer should monitor the following trends in technology, EXCEPT ________, if progress is to be made in business.

a. global digital technology penetration

b. high technology company stock prices

c. cutting edge innovations

d. industry technology standards

e. government technology regulation

7. A S.W.O.T. analysis

a. seeks to improve strategy planning by “Scanning for Warnings, Omens, and Tips” about competitors’ plans.

b. is not necessary if competitors have already entered the market.

c. defends against potential competitive threats by planning specific “safeguards, weapons, or tactics.”

d. should help a manager develop a strategy that leads to a competitive advantage.

e. None of the above is a good answer.

8. A S.W.O.T. analysis can help a marketing manager:

a. define what business and markets the firm wants to compete in.

b. narrow down strategic market options from the many alternatives available.

c. see the pros and cons of different possible strategies.

d. develop a competitive advantage.

e. all of the above.

9. A S.W.O.T. analysis ___

a. focuses on what a firm plans to do to “Satisfy Wishes Of a Target” customer.

b. summarizes a firm’s “strategy, wishes (of its customers), outlook and tactics.”

c. helps defend against potential competitors by developing a set of competitive “safeguards, weapons, offensives, and tactics.”

d. identifies a firm’s “strengths, weaknesses, opportunities and threats.”

e. seeks to reduce the risk of competitive surprises by scanning the market for “signals, warnings, omens, and tips.”

10. The marketer should monitor the following trends in technology, EXCEPT ____

a. global digital technology penetration

b. high technology company stock prices

c. cutting edge innovations

d. industry technology standards

e. government technology regulation

11. The categories of sources for Environmental Scanning include:

a. past, present, future

b. paid, unpaid, shared

c. company, industry, government

d. hardcopy, electronically saved, and online

e. None of the above

12. Internal environment analysis do NOT include:

a. mission

b. resources

c. offerings

d. projected results

e. All of the above are included in internal environment analysis

13. Which of the following is NOT included in the 5 competitive forces?

a. Industry competitors

b. Potential entrants

c. Brokers

d. Suppliers

e. All of the above are included in the 5 competitive forces

14. Which factor is best to judge strengths and weaknesses in the current financial industry

a. Past performance trends

b. Comparison against competitors

c. Specific goals or targets

d. Personal opinion of strategic decision makers

e. All of the above

15. Which of the external environment elements impact on the current financial industry most?

a. Demographics

b. Economics

c. Ecological

d. Competitive