MKTG 2500 EXAM 1 QUESTIONS WITH VERIFIED
ANSWERS
One key goal of marketing is to - Answers - focus on satisfying the needs of the
customer
The process of thoughtfully defining a firm's objectives and developing a method for
achieving those objectives is known as - Answers - strategic planning
The four P's are - Answers - product, price, promotion, place
As an online subscription retailer, Fabletics sells most of its athletic wear online, which
means that marketing decisions related to ________ are most important. - Answers -
place
Without successful marketing, there is no need for a firm to expand its business or
invest in capital expenditures. Which key functional area would be most affected by this
lack of growth and investment? - Answers - finance
Which of the following statements about a marketing manager's role within an
organization is true? - Answers - A marketing manager is responsible for all the short-
and long-term operational and strategic activities of a firm.
Factors such as competition, societal change, economic uncertainty, and evolving
customer demand are all part of a firm's - Answers - marketing environment.
Marketing is defined as - Answers - the process of creating, communicating, and
delivering value to customers and managing those relationships in ways that benefit the
organization and its employees, customers, investors, and society as a whole.
Which of the four Ps of the marketing mix is typically the easiest to change and
therefore makes it a powerful tool for firms that are looking to quickly adjust their market
share or revenues? - Answers - price
Which of the following is true of customer value? - Answers - Value is what customers
receive from a product less what they give to obtain it.
Have you ever been to a new restaurant and found that its food, service, and prices
were excellent? Is that restaurant still in business? If not, the restaurant likely failed to
createvalue for its target market. - Answers - False
, Millions of people throughout the world buy and enjoy Diet Coke every day. Coca-Cola's
ability to deliver the physical product to countless customers globally demonstrates its
ability to capture value through effective exchange of the product. - Answers - False
During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an
apparels manufacturer, caters to this need. Which of the following actions would
represent the conversion of this need into a want? - Answers - Raindrop introduces a
line of see-through umbrellas that glow in the dark.
The advertising element of the promotional mix differs from the other elements in that
advertising uses which of the following persuasive tools? - Answers - Internet, TV, radio,
print, social media
Why should marketers distinguish between needs and wants? - Answers - It helps them
provide products that fulfill customers' wants and satisfy their underlying needs.
Unlike ________ greening, which involves limited change within a single area of the
organization, ________ greening involves more substantive changes in marketing
actions. - Answers - tactical; quasi-strategic
Which of the following questions would a firm ask if it were using the ethical decision-
making framework regarding its promotion? - Answers - Does the advertising message
represent the product's benefits honestly?
According to the ethical decision-making framework, after Mia and her marketing team
make a decision regarding its promotional material for their new meditation app, they
must then monitor and assess the quality of their decision. This step differs from
considering how the decision will affect stakeholders in that - Answers - monitoring and
assessing the quality of the decision occurs after feedback from stakeholders is
gathered.
Every year the local community center hosts a street fair to raise money for Habitat for
Humanity. Along with a cash donation, the local hardware supply stores donate
construction supplies. This action illustrates - Answers - corporate philanthropy.
A clothing manufacturer has decided to buy its cotton only from those growers that grow
it organically. This is an example of - Answers - tactical greening.
When a firm is deciding the ethics of outsourcing jobs to other members of the supply
chain, what element of the marketing mix is being affected? - Answers - place
Patagonia, a California-based clothing company, uses solar panels to generate most of
the electricity at its headquarters. In its advertising, it asks its customers to think twice
before buying anything that might increase their carbon footprint. This is an example of
how Patagonia is engaged in - Answers - sustainable marketing.
ANSWERS
One key goal of marketing is to - Answers - focus on satisfying the needs of the
customer
The process of thoughtfully defining a firm's objectives and developing a method for
achieving those objectives is known as - Answers - strategic planning
The four P's are - Answers - product, price, promotion, place
As an online subscription retailer, Fabletics sells most of its athletic wear online, which
means that marketing decisions related to ________ are most important. - Answers -
place
Without successful marketing, there is no need for a firm to expand its business or
invest in capital expenditures. Which key functional area would be most affected by this
lack of growth and investment? - Answers - finance
Which of the following statements about a marketing manager's role within an
organization is true? - Answers - A marketing manager is responsible for all the short-
and long-term operational and strategic activities of a firm.
Factors such as competition, societal change, economic uncertainty, and evolving
customer demand are all part of a firm's - Answers - marketing environment.
Marketing is defined as - Answers - the process of creating, communicating, and
delivering value to customers and managing those relationships in ways that benefit the
organization and its employees, customers, investors, and society as a whole.
Which of the four Ps of the marketing mix is typically the easiest to change and
therefore makes it a powerful tool for firms that are looking to quickly adjust their market
share or revenues? - Answers - price
Which of the following is true of customer value? - Answers - Value is what customers
receive from a product less what they give to obtain it.
Have you ever been to a new restaurant and found that its food, service, and prices
were excellent? Is that restaurant still in business? If not, the restaurant likely failed to
createvalue for its target market. - Answers - False
, Millions of people throughout the world buy and enjoy Diet Coke every day. Coca-Cola's
ability to deliver the physical product to countless customers globally demonstrates its
ability to capture value through effective exchange of the product. - Answers - False
During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an
apparels manufacturer, caters to this need. Which of the following actions would
represent the conversion of this need into a want? - Answers - Raindrop introduces a
line of see-through umbrellas that glow in the dark.
The advertising element of the promotional mix differs from the other elements in that
advertising uses which of the following persuasive tools? - Answers - Internet, TV, radio,
print, social media
Why should marketers distinguish between needs and wants? - Answers - It helps them
provide products that fulfill customers' wants and satisfy their underlying needs.
Unlike ________ greening, which involves limited change within a single area of the
organization, ________ greening involves more substantive changes in marketing
actions. - Answers - tactical; quasi-strategic
Which of the following questions would a firm ask if it were using the ethical decision-
making framework regarding its promotion? - Answers - Does the advertising message
represent the product's benefits honestly?
According to the ethical decision-making framework, after Mia and her marketing team
make a decision regarding its promotional material for their new meditation app, they
must then monitor and assess the quality of their decision. This step differs from
considering how the decision will affect stakeholders in that - Answers - monitoring and
assessing the quality of the decision occurs after feedback from stakeholders is
gathered.
Every year the local community center hosts a street fair to raise money for Habitat for
Humanity. Along with a cash donation, the local hardware supply stores donate
construction supplies. This action illustrates - Answers - corporate philanthropy.
A clothing manufacturer has decided to buy its cotton only from those growers that grow
it organically. This is an example of - Answers - tactical greening.
When a firm is deciding the ethics of outsourcing jobs to other members of the supply
chain, what element of the marketing mix is being affected? - Answers - place
Patagonia, a California-based clothing company, uses solar panels to generate most of
the electricity at its headquarters. In its advertising, it asks its customers to think twice
before buying anything that might increase their carbon footprint. This is an example of
how Patagonia is engaged in - Answers - sustainable marketing.
