Marketing Management Exam 1 Study Guide and
Practice Questions
What is the term when we have similar groups of prospective buyers that have common needs
and will respond similarly to marketing actions? - correct answer ✔✔ Market Segments
What are the controllables in the marketing model? - correct answer ✔✔ Price
Product
Place
Promotion
Whats on the inside of the marketing model? - correct answer ✔✔ Customers or target markets
What is the term for when we try to build trust and make friends with our customers? - correct
answer ✔✔ Relationship marketing
What is the academic term for the controllables or the 4 Ps? - correct answer ✔✔ Marketing
mix
What do we call it when a firm tries to find out what customers want and need and then deliver
what the customers want and need? - correct answer ✔✔ Marketing
What is the term for people with both the desire and the ability to buy a specific offering? -
correct answer ✔✔ a market
Which uncontrollable usually has the most impact? - correct answer ✔✔ Competition
,What are the four things needed for marketing? - correct answer ✔✔ -Two+ Parties with
Unsatisfied Needs
-A Desire and Ability to Be Satisfied
-A Way for the Parties to Communicate
-Something to Exchange
What are the four forms of utility? - correct answer ✔✔ Form utility
place utility
time utility
possession utility
What is the unique combination of benefits received by targeted buyers that includes quality,
convenience, on-time delivery, and both before-sale and after-sale service at a specific price? -
correct answer ✔✔ Customer value
What do your hands represent in the marketing model - correct answer ✔✔ values and vision
What consists of one or more specific groups of potential consumers toward which an
organization directs its marketing program? - correct answer ✔✔ Target market
What is the term we give to how consumers benefit? - correct answer ✔✔ Utility
What are the broad terms we use to describe the two types of buyers? - correct answer ✔✔
Ultimate consumers
organizational buyers
Name all five uncontrollables - correct answer ✔✔ social
competitive
,economic
regulatory
technological
A technique that managers use to categorize strategic business units as question marks, stars,
cash cows, or dogs is referred to as - correct answer ✔✔ a business portfolio analysis
Aggregating prospective buyers into groups that have common needs and will respond similarly
to a marketing action is called - correct answer ✔✔ market segmentation
Where on the marketing model do we find most opportunities and threats? - correct answer
✔✔ uncontrollables
What kind of market-product strategy is used when the Tech bookstore tries to sell Hokie
sweatshirts to those in Russia? - correct answer ✔✔ Market development
What is the term we give to the fundamental, passionate, and enduring principles of an
organization that guide its conduct over time? - correct answer ✔✔ core values
How should you describe a star on the Boston Consulting Group matrix? - correct answer ✔✔
High market share, high growth rate
What kind of market-product strategy is used when the Tech bookstore tries to sell leftover
sweatshirts to Tech students? - correct answer ✔✔ Market penetration
What is the term we give to a product that has a high market share, but in an industry which
isn't growing? - correct answer ✔✔ Cash cow
, What are the two axes on the Boston Consulting Group matrix - correct answer ✔✔ market
growth and relative market share
What is the term we use for a product that is in a high market growth area, but has a low
market share? - correct answer ✔✔ Question mark
What is the term we give to a visual representation of complex data which makes it easier for us
to understand? - correct answer ✔✔ Dashboard
What kind of market-product strategy is used when the Tech bookstore sells hot-air balloon
rides to those in Brazil? - correct answer ✔✔ Diversification
What is the term we give to a product which has a low market share in an industry that isn't
growing? - correct answer ✔✔ Dog
What is the difference between the Boston Consulting Group Matrix and the business portfolio
analysis? - correct answer ✔✔ Nothing
What are the four main forms of competition? - correct answer ✔✔ -pure competition
-monopolistic competition
-oligopoly
-monopoly
What is the term we use for the idea that organizations are part of a larger society and are
accountable to that society for their actions? - correct answer ✔✔ Social responsibility
What is the term for the type of competition which has a few large companies selling similar
products? - correct answer ✔✔ Oligopoly
Practice Questions
What is the term when we have similar groups of prospective buyers that have common needs
and will respond similarly to marketing actions? - correct answer ✔✔ Market Segments
What are the controllables in the marketing model? - correct answer ✔✔ Price
Product
Place
Promotion
Whats on the inside of the marketing model? - correct answer ✔✔ Customers or target markets
What is the term for when we try to build trust and make friends with our customers? - correct
answer ✔✔ Relationship marketing
What is the academic term for the controllables or the 4 Ps? - correct answer ✔✔ Marketing
mix
What do we call it when a firm tries to find out what customers want and need and then deliver
what the customers want and need? - correct answer ✔✔ Marketing
What is the term for people with both the desire and the ability to buy a specific offering? -
correct answer ✔✔ a market
Which uncontrollable usually has the most impact? - correct answer ✔✔ Competition
,What are the four things needed for marketing? - correct answer ✔✔ -Two+ Parties with
Unsatisfied Needs
-A Desire and Ability to Be Satisfied
-A Way for the Parties to Communicate
-Something to Exchange
What are the four forms of utility? - correct answer ✔✔ Form utility
place utility
time utility
possession utility
What is the unique combination of benefits received by targeted buyers that includes quality,
convenience, on-time delivery, and both before-sale and after-sale service at a specific price? -
correct answer ✔✔ Customer value
What do your hands represent in the marketing model - correct answer ✔✔ values and vision
What consists of one or more specific groups of potential consumers toward which an
organization directs its marketing program? - correct answer ✔✔ Target market
What is the term we give to how consumers benefit? - correct answer ✔✔ Utility
What are the broad terms we use to describe the two types of buyers? - correct answer ✔✔
Ultimate consumers
organizational buyers
Name all five uncontrollables - correct answer ✔✔ social
competitive
,economic
regulatory
technological
A technique that managers use to categorize strategic business units as question marks, stars,
cash cows, or dogs is referred to as - correct answer ✔✔ a business portfolio analysis
Aggregating prospective buyers into groups that have common needs and will respond similarly
to a marketing action is called - correct answer ✔✔ market segmentation
Where on the marketing model do we find most opportunities and threats? - correct answer
✔✔ uncontrollables
What kind of market-product strategy is used when the Tech bookstore tries to sell Hokie
sweatshirts to those in Russia? - correct answer ✔✔ Market development
What is the term we give to the fundamental, passionate, and enduring principles of an
organization that guide its conduct over time? - correct answer ✔✔ core values
How should you describe a star on the Boston Consulting Group matrix? - correct answer ✔✔
High market share, high growth rate
What kind of market-product strategy is used when the Tech bookstore tries to sell leftover
sweatshirts to Tech students? - correct answer ✔✔ Market penetration
What is the term we give to a product that has a high market share, but in an industry which
isn't growing? - correct answer ✔✔ Cash cow
, What are the two axes on the Boston Consulting Group matrix - correct answer ✔✔ market
growth and relative market share
What is the term we use for a product that is in a high market growth area, but has a low
market share? - correct answer ✔✔ Question mark
What is the term we give to a visual representation of complex data which makes it easier for us
to understand? - correct answer ✔✔ Dashboard
What kind of market-product strategy is used when the Tech bookstore sells hot-air balloon
rides to those in Brazil? - correct answer ✔✔ Diversification
What is the term we give to a product which has a low market share in an industry that isn't
growing? - correct answer ✔✔ Dog
What is the difference between the Boston Consulting Group Matrix and the business portfolio
analysis? - correct answer ✔✔ Nothing
What are the four main forms of competition? - correct answer ✔✔ -pure competition
-monopolistic competition
-oligopoly
-monopoly
What is the term we use for the idea that organizations are part of a larger society and are
accountable to that society for their actions? - correct answer ✔✔ Social responsibility
What is the term for the type of competition which has a few large companies selling similar
products? - correct answer ✔✔ Oligopoly
