MBA 706 Exam 1 and answers
Commoditization✔✔the curse of mature markets whereby products lack any real
means of differentiation and customers see competing products as offering roughly
the same benefits
Environmental scanning✔✔involves the analysis of economic, political, legal,
technological, and cultural events and trends that may affect the future of the
organization and its marketing efforts.
Which of the following statements about pricing decisions in the marketing program
is TRUE?
a. Customers will always equate higher prices with higher quality products.
b. Pricing is the most difficult element of the marketing mix to change.
c. Price has a direct connection with customer demand.
d. Price is one of two elements of the marketing mix that leads to revenue✔✔C.
Price has a direct connection with customer demand
Tactical Planning✔✔This type of planning deals with specific markets or market
segments and the development of marketing programs that will fulfill the needs of
customers in those markets
A vision statement answers which of the following statements?
a. What business are we in?
b. Which is our market position?
c. How can we serve our target markets?
d. What do we want to become?✔✔D. What do we want to become?
In the context of marketing planning, why is it vital that the marketing plan be
capable of selling itself to top management?
a. Because top managers must be able to clearly communicate the strategy to
external stakeholders.
b. Because top managers are responsible for executing the marketing plan.
c. Because top managers must decide whether the marketing plan is the best use for
the organization's scarce resources.
d. Because top managers must ensure that the marketing program is
successful.✔✔D. Because top managers must decide whether the marketing plan is
the best use for the organization's scarce resources.
Motorola continuously establishes performance standards and assesses actual
performance by comparing it with these standards. Afterwards, Motorola often takes
corrective action to reduce any discrepancies. This process is most likely outlined in
the __________ section of Motorola's marketing plan.Motorola continuously
establishes performance standards and assesses actual performance by comparing
it with these standards. Afterwards, Motorola often takes corrective action to reduce
any discrepancies. This process is most likely outlined in the __________ section of
Motorola's marketing plan.
a. goals and objectives
b. evaluation and control
, c. marketing strategy
d. marketing implementation✔✔B. evaluation and Control
What is needed to develop goals and objectives?✔✔Mission Statement
True/False: The SWOT analysis is derived from the marketing goals and objectives
section.✔✔False
Which of the following is NOT a part of evaluating the internal environment?
a. A review of current objectives, strategy, and performance.
b. A review of the current availability of organizational resources.
c. A review of the organizational structure.
d. A review of the competition.✔✔D. A review of the competition
What are the challenges and opportunities in today's economy?✔✔• Power shift to
customers
• Massive increase in product selection
• Audience and media fragmentation
• Changing value propositions
• Shift in demand patterns
• Privacy, security, and ethical concerns
• Unclear legal jurisdiction
Market✔✔Group of individuals or institutions with similar needs that can be met by a
specific product (collection of buyers and sellers)
Marketspace✔✔Electronic marketplaces unbound by time or space (ex: Ebay or
Etsy)
Meta market✔✔Cluster of closely related goods and services that center around a
specific consumption activity (Ex: automotive, homeownership, parenting, etc.)
Today's economy is characterized by what?✔✔Rapid technological change,
economic/financial anxiety, and increasing consumer skepticism.
In 2005, the definition of marketing stressed what two critical success factors? What
was added in 2006 to the definition?✔✔Value and customer relationship; meeting
human and social needs
Metamediary✔✔Provides a single access point where buyers can locate and contact
many different sellers in the metamarket (ex: homeownership = www.zillow.com,
parenting = www.babycenter.com)
Exchange✔✔Traditionally defined as the process of obtaining something of value
from someone by offering something in return; this usually entails obtaining products
for money.
Commoditization✔✔the curse of mature markets whereby products lack any real
means of differentiation and customers see competing products as offering roughly
the same benefits
Environmental scanning✔✔involves the analysis of economic, political, legal,
technological, and cultural events and trends that may affect the future of the
organization and its marketing efforts.
Which of the following statements about pricing decisions in the marketing program
is TRUE?
a. Customers will always equate higher prices with higher quality products.
b. Pricing is the most difficult element of the marketing mix to change.
c. Price has a direct connection with customer demand.
d. Price is one of two elements of the marketing mix that leads to revenue✔✔C.
Price has a direct connection with customer demand
Tactical Planning✔✔This type of planning deals with specific markets or market
segments and the development of marketing programs that will fulfill the needs of
customers in those markets
A vision statement answers which of the following statements?
a. What business are we in?
b. Which is our market position?
c. How can we serve our target markets?
d. What do we want to become?✔✔D. What do we want to become?
In the context of marketing planning, why is it vital that the marketing plan be
capable of selling itself to top management?
a. Because top managers must be able to clearly communicate the strategy to
external stakeholders.
b. Because top managers are responsible for executing the marketing plan.
c. Because top managers must decide whether the marketing plan is the best use for
the organization's scarce resources.
d. Because top managers must ensure that the marketing program is
successful.✔✔D. Because top managers must decide whether the marketing plan is
the best use for the organization's scarce resources.
Motorola continuously establishes performance standards and assesses actual
performance by comparing it with these standards. Afterwards, Motorola often takes
corrective action to reduce any discrepancies. This process is most likely outlined in
the __________ section of Motorola's marketing plan.Motorola continuously
establishes performance standards and assesses actual performance by comparing
it with these standards. Afterwards, Motorola often takes corrective action to reduce
any discrepancies. This process is most likely outlined in the __________ section of
Motorola's marketing plan.
a. goals and objectives
b. evaluation and control
, c. marketing strategy
d. marketing implementation✔✔B. evaluation and Control
What is needed to develop goals and objectives?✔✔Mission Statement
True/False: The SWOT analysis is derived from the marketing goals and objectives
section.✔✔False
Which of the following is NOT a part of evaluating the internal environment?
a. A review of current objectives, strategy, and performance.
b. A review of the current availability of organizational resources.
c. A review of the organizational structure.
d. A review of the competition.✔✔D. A review of the competition
What are the challenges and opportunities in today's economy?✔✔• Power shift to
customers
• Massive increase in product selection
• Audience and media fragmentation
• Changing value propositions
• Shift in demand patterns
• Privacy, security, and ethical concerns
• Unclear legal jurisdiction
Market✔✔Group of individuals or institutions with similar needs that can be met by a
specific product (collection of buyers and sellers)
Marketspace✔✔Electronic marketplaces unbound by time or space (ex: Ebay or
Etsy)
Meta market✔✔Cluster of closely related goods and services that center around a
specific consumption activity (Ex: automotive, homeownership, parenting, etc.)
Today's economy is characterized by what?✔✔Rapid technological change,
economic/financial anxiety, and increasing consumer skepticism.
In 2005, the definition of marketing stressed what two critical success factors? What
was added in 2006 to the definition?✔✔Value and customer relationship; meeting
human and social needs
Metamediary✔✔Provides a single access point where buyers can locate and contact
many different sellers in the metamarket (ex: homeownership = www.zillow.com,
parenting = www.babycenter.com)
Exchange✔✔Traditionally defined as the process of obtaining something of value
from someone by offering something in return; this usually entails obtaining products
for money.
