MKTG 3701 Study Guide Exam Questions With Well Elaborated Answers.

According to your text, what is the most basic concept in marketing?A. satisfying the needs of stakeholders B. streamlining production costs to generate maximum profits C. determining the difference between consumer needs and wants D. determining the best advertising outlet for a product E. getting all members of an organization to agree on a marketing plan - correct answer determining the difference between consumer needs and wants All of the following are elements contained in the 4 Ps of the marketing mix EXCEPT? A. product. B. profit. C. price. D. place. E. promotion - correct answer B. Profit Daphne used to work in the city where she would take public transportation to work. However, she just took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to get to and from her job. For Daphne, these things represent? A. a dilemma. B. a craving. C. a want. D. a desire. E. a need. - correct answer E. a Need In Marketing, an exchange refers to? A. two people bartering products and services for other products an services. B. the money paid by a consumer for a product or service. C. buyers and sellers trading things of value so that each is better off as a result. D. updating or replacing a non-profitable product in hopes of generating more revenue. E. replacing a non-effective form of advertising for a more effective one. - correct answer C. buyers and sellers trading things of value so that each is better off as a result. Outdoor Adventures is a company that sells clothing and gear related to all types of outdoor activities. In an effort to stave off competition, the company has begun keeping a log of customer interests and hobbies so it can alert them to local events of relevance to them as well as send them articles that pertain to their favorite activities. In addition, Outdoor Adventures has added a section to their website where customers can post pictures of themselves using the stores gear. These efforts illustrate how the firm is engaged in? A. personal selling B. a sales orientation C. relationship marketing D. logistics E. societal marketing - correct answer C. relationship marketing What is the premise behind the marketing concept? A. a company-wide focus on increasing profits B. a focus on satisfying the need of the customer C. utilizing all aspects of marketing to persuade consumers to buy D. an interest in streamlining production processes E. focusing on keeping the company stakeholders satisfied - correct answer B. a focus on satisfying the needs of the customer A company that has a market orientation and adheres to the marketing concept does NOT? A. focus on consumer needs and wants B. differentiate its products from its competitors products C. concentrate on long-term goal achievement for the firm D. integrate all the activities of the firm to satisfy customer wants E. fuel sales growth through the application of aggressive sales techniques - correct answer E. fuel sales growth through the application of aggressive sales techniques. A problem facing the timber industry is the absence of any effective way to prove that rain forest timber has been legally harvested. In places like Indonesia, as much as 80 percent of timber available for sale is illegally cut. Companies like The Home Depot do not want to sell timber from illegally logged forests even though the demand is great for timber from rain forests. Which of the following conditions required for an exchange to occur is missing when a company tries to sell illegally acquired logs to The Home Depot? A.Each party has something of value to bring to the exchange. B. Each party believes it is appropriate to deal with the other party. C.Nobody sees the exchange as producing value. D.There are more than two parties involved. E.One party is free to accept the exchange offer. - correct answer B. Each party believes it is appropriate to deal with the other party. Colorado Silversmith creates and markets silver and turquoise jewelry, which it sells to retailers in the western United States. Management believes its retail customers will stock more jewelry if its salespeople use aggressive marketing techniques, so the company provides strong incentives for salespeople and promotional allowances to resellers to get distribution for its jewelry. In other words, the company has a _____________ orientation? A. sales B. customer C. market D. production E. promotion - correct answer A. Sales Kelloggs is offering free DVDs to consumers who collect five official Collection certificates from the back panels of specially marked packages of Kelloggs cereals and then mail them with the official order form. Within 90 days, these consumers will receive the movie of their choice. _____________ will occur when a movie fan mails in his or her certificates for a movie? A. reciprocity B. synergy C. entropy D. exchange E. sublimation - correct answer D. exchange Mimi Couturier is a design company that specializes in formalwear for women. The company is known for challenging fashion mores. The fashion designers use computer assisted design software to create what it thinks women should wear. The company regularly hires industry experts to examine its factories to find waste and inefficiencies that can be eliminated. The company has expanded the number of products it offers for sale many times. However, for the last two years Mimi Couturier has lost money, and it has had to lay off some of its workforce. To avoid this occurrence in the future, Mimi Couturier should? A. increase its sales force to find more potential customers for the firm B. hire more retail efficiency experts to trace down any production problems C. design more sophisticated products that use the latest computer-aided techniques D. cut prices so that its prices will be at least 10 percent below those of it - correct answer have someone study its target market to see what needs and wants should be met by Mimi Couturier One facet of marketing is that it is? A. independent of value creation B. an approach that focuses on maximizing sales C. a philosophy that stresses customer satisfaction D. a short t