MKT 451 EXAM 1_99 QUESTIONS WITH VERIFIED
ANSWERS
Sellers send goods and services and communication such as ads and direct mail to
the market; in return they receive money and information such as customers
attitude and sales data - CORRECT ANSWER How are sellers and buyers
connected? Figure 1.1
inner loop shows exchange of money for goods while the outer loop shows an
exchange of information - CORRECT ANSWER Describe the simple market system
based on the development, design, and implementation of marketing programs,
processes, and activities that recognize their breadth and interdependencies. -
CORRECT ANSWER Holistic Marketing Concept
Product, Price, Promotion, Place - CORRECT ANSWER What are the marketing mix
four P's?
People, Processes, Programs, Performance - CORRECT ANSWER What are the
modern marketing management four P's?
1) managing their businesses as an investment portfolio
2) assessing the market's growth rate and the company's position in the market
3) establishing a strategy - CORRECT ANSWER What are the roll of strategic
planning's key areas?
-corporate
,-division
-business unit
-product - CORRECT ANSWER What are the four organizational levels?
A clear and thoughtful paragraph that is shared with managers, employees, and
often customers that provides a shared sense of purpose, direction, and
opportunity. - CORRECT ANSWER Mission statements
written document that summarizes what the marketer has learned about the
marketplace and indicates how the firm plans to reach its marketing objectives -
CORRECT ANSWER Marketing plan
-Executive summary and table of contents
-Situational analysis
-Marketing Strategy
-Marketing Tactics
-Financial projections
-Implementation controls - CORRECT ANSWER Elements of marketing plan
tool for identifying ways to create more customer value - CORRECT ANSWER value
chain
a supply chain - CORRECT ANSWER value delivery method
, 1) is a source of competitive advantage and makes a significant contribution to
perceived customer benefits
2) is has applications in a wide variety of markets
3)is is difficult for competitors to imitate - CORRECT ANSWER core competency
lays of the target markets and the firms value propositions, based on an analysis
of the best market opportunities - CORRECT ANSWER strategic marketing plan
specifies the marketing tactics, including product, features, promotion,
merchandising, pricing, sales channels, and services - CORRECT ANSWER tactical
marketing plan
the shared experiences, stories, beliefs, and norms that characterize an
organization - CORRECT ANSWER corporate culture
develops plausible representations of a firm's possible future using assumptions
about forces driving the market and different uncertainties - CORRECT ANSWER
scenario analysis
area of buyer need and interest that a company has a high probability of
profitably satisfying. - CORRECT ANSWER market opportunity
challenge posted by an unfavorable trend that would lead to lower sales and
profit - CORRECT ANSWER environmental threat
a game plan for achieving goals - CORRECT ANSWER strategy
ANSWERS
Sellers send goods and services and communication such as ads and direct mail to
the market; in return they receive money and information such as customers
attitude and sales data - CORRECT ANSWER How are sellers and buyers
connected? Figure 1.1
inner loop shows exchange of money for goods while the outer loop shows an
exchange of information - CORRECT ANSWER Describe the simple market system
based on the development, design, and implementation of marketing programs,
processes, and activities that recognize their breadth and interdependencies. -
CORRECT ANSWER Holistic Marketing Concept
Product, Price, Promotion, Place - CORRECT ANSWER What are the marketing mix
four P's?
People, Processes, Programs, Performance - CORRECT ANSWER What are the
modern marketing management four P's?
1) managing their businesses as an investment portfolio
2) assessing the market's growth rate and the company's position in the market
3) establishing a strategy - CORRECT ANSWER What are the roll of strategic
planning's key areas?
-corporate
,-division
-business unit
-product - CORRECT ANSWER What are the four organizational levels?
A clear and thoughtful paragraph that is shared with managers, employees, and
often customers that provides a shared sense of purpose, direction, and
opportunity. - CORRECT ANSWER Mission statements
written document that summarizes what the marketer has learned about the
marketplace and indicates how the firm plans to reach its marketing objectives -
CORRECT ANSWER Marketing plan
-Executive summary and table of contents
-Situational analysis
-Marketing Strategy
-Marketing Tactics
-Financial projections
-Implementation controls - CORRECT ANSWER Elements of marketing plan
tool for identifying ways to create more customer value - CORRECT ANSWER value
chain
a supply chain - CORRECT ANSWER value delivery method
, 1) is a source of competitive advantage and makes a significant contribution to
perceived customer benefits
2) is has applications in a wide variety of markets
3)is is difficult for competitors to imitate - CORRECT ANSWER core competency
lays of the target markets and the firms value propositions, based on an analysis
of the best market opportunities - CORRECT ANSWER strategic marketing plan
specifies the marketing tactics, including product, features, promotion,
merchandising, pricing, sales channels, and services - CORRECT ANSWER tactical
marketing plan
the shared experiences, stories, beliefs, and norms that characterize an
organization - CORRECT ANSWER corporate culture
develops plausible representations of a firm's possible future using assumptions
about forces driving the market and different uncertainties - CORRECT ANSWER
scenario analysis
area of buyer need and interest that a company has a high probability of
profitably satisfying. - CORRECT ANSWER market opportunity
challenge posted by an unfavorable trend that would lead to lower sales and
profit - CORRECT ANSWER environmental threat
a game plan for achieving goals - CORRECT ANSWER strategy
