Marketing Management MKT 300 Exam 1 Practice Questions
with Answers
Marketing is the process of... - correct answer ✔✔ creating, distributing, promoting, and pricing
products to facilitate satisfying exchange relationships with customers and to develop and
maintain favorable relationships with stakeholders in a dynamic environment.
Distribution, price, promotion, and product are all elements of... - correct answer ✔✔ the
marketing mix
____ are the focal point of all marketing activities - correct answer ✔✔ Customers
In which of the following situations is the marketer selling an idea, rather than a service or
good? - correct answer ✔✔ The Green Party holds a press conference to let the public know its
views on capital punishment.
The ______ variable of the marketing mix relates to activities used to inform individuals or
groups about the organization and its products. - correct answer ✔✔ promotion
The marketing plan is... - correct answer ✔✔ a written document detailing activities to be
performed to implement and control marketing actions
The process of putting marketing strategies into action is called... - correct answer ✔✔
marketing implementation
An organizations goals should be based on its _____, which is a long term view or vision of what
the organization wants to become. - correct answer ✔✔ mission statement
, Groups of individuals and/or organizations that need products in a product class and have the
ability, willingness, and authority to purchase those products are called... - correct answer ✔✔
markets
Procter & Gamble's superb marketing distribution skills and R&D capabilities in five core
technologies (fats, oils, skin chemistry, surfactants, and emulsifiers) have enabled it to build a
strong reputation in the marketplace and drive down competition. It can be said that these skills
and capabilities are examples of Procter & Gamble's... - correct answer ✔✔ core competencies
To monitor changes in the marketing environment effectively, marketers must engage in... -
correct answer ✔✔ environmental scanning and analysis
Most marketers operate in a competitive environment of either... - correct answer ✔✔ oligopoly
or monopolistic competition
Which of the following is a characteristic of pure competition? - correct answer ✔✔ Large
number of sellers
Which of the following is a characteristic of the prosperity stage of the business cycle? - correct
answer ✔✔ Total income is relatively high
The amount of money left after payment of taxes that is used by individuals for spending on
purchase of basic necessities, and savings is referred to as... - correct answer ✔✔ disposable
income
Employees, customers, communities, and investors are all considered ________ in relation to
marketing. - correct answer ✔✔ stakeholder
All companies have a responsibility to _________ so they can provide a return on investment to
their owners and investors, create jobs for the community, and contribute goods and services to
the economy. - correct answer ✔✔ be profitable
with Answers
Marketing is the process of... - correct answer ✔✔ creating, distributing, promoting, and pricing
products to facilitate satisfying exchange relationships with customers and to develop and
maintain favorable relationships with stakeholders in a dynamic environment.
Distribution, price, promotion, and product are all elements of... - correct answer ✔✔ the
marketing mix
____ are the focal point of all marketing activities - correct answer ✔✔ Customers
In which of the following situations is the marketer selling an idea, rather than a service or
good? - correct answer ✔✔ The Green Party holds a press conference to let the public know its
views on capital punishment.
The ______ variable of the marketing mix relates to activities used to inform individuals or
groups about the organization and its products. - correct answer ✔✔ promotion
The marketing plan is... - correct answer ✔✔ a written document detailing activities to be
performed to implement and control marketing actions
The process of putting marketing strategies into action is called... - correct answer ✔✔
marketing implementation
An organizations goals should be based on its _____, which is a long term view or vision of what
the organization wants to become. - correct answer ✔✔ mission statement
, Groups of individuals and/or organizations that need products in a product class and have the
ability, willingness, and authority to purchase those products are called... - correct answer ✔✔
markets
Procter & Gamble's superb marketing distribution skills and R&D capabilities in five core
technologies (fats, oils, skin chemistry, surfactants, and emulsifiers) have enabled it to build a
strong reputation in the marketplace and drive down competition. It can be said that these skills
and capabilities are examples of Procter & Gamble's... - correct answer ✔✔ core competencies
To monitor changes in the marketing environment effectively, marketers must engage in... -
correct answer ✔✔ environmental scanning and analysis
Most marketers operate in a competitive environment of either... - correct answer ✔✔ oligopoly
or monopolistic competition
Which of the following is a characteristic of pure competition? - correct answer ✔✔ Large
number of sellers
Which of the following is a characteristic of the prosperity stage of the business cycle? - correct
answer ✔✔ Total income is relatively high
The amount of money left after payment of taxes that is used by individuals for spending on
purchase of basic necessities, and savings is referred to as... - correct answer ✔✔ disposable
income
Employees, customers, communities, and investors are all considered ________ in relation to
marketing. - correct answer ✔✔ stakeholder
All companies have a responsibility to _________ so they can provide a return on investment to
their owners and investors, create jobs for the community, and contribute goods and services to
the economy. - correct answer ✔✔ be profitable
