MKT 3413 EXAM 1
➢ CHPATER 1 -CORRECT ANSWER -CHAPTER 1
1. Which of the following is the best definition for marketing?
a. Marketing is an organizational function and a set of business activities
designed to make profits.
b. Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the organization and its
stakeholders.
c. Marketing is a business function and a process for determining the value
customers desire in order to gain profit for business organizations and to seek
societal benefits through nonprofit marketing.
d. Marketing is finding a hole and filling it while earning profitable dollars.
e. Marketing is the result of the equilibrium of supply, demand, marginal cost,
and marginal revenue. -CORRECT ANSWER -B
2. Which of the following is most accurate?
a. Marketing is an attempt to create an exchange.
b. Marketing is an attempt to create long-term customer relationships.
c. Marketing is an attempt to create long-term customer relationships which will
then likely satisfy the organization's objectives.
d. Marketing is an attempt to earn profitable dollars.
e. Marketing is an attempt to gain customers from competitors while at least
breaking even profitwise. -CORRECT ANSWER -C
3. According to the AMA definition of marketing, which of the following is true of
marketing?
a. "Making the sale" should be considered the end of marketing.
b. Marketing is carried out for the benefit of the customer.
c. Marketing is carried out for the benefit of the stakeholders.
d. Marketing should not be considered an organizational function.
e. all of the above -CORRECT ANSWER -C
,4. What does the phrase "hearing the voice of the consumer" mean?
a. Companies have the information they need to effectively satisfy wants and
needs in the marketplace.
b. Companies specifically use telemarketing to hear their customers' opinions.
c. Marketing is carried out for the benefit of the customers.
d. Marketing managers should take the time to listen in on focus groups.
e. Market trials are necessary for certain products. -CORRECT ANSWER -A
5. The key reason that the marketing concept has been recognized as the "right
philosophy" is that it:
a. is well established in the marketing literature
b. has been recommended by successful marketing executives
c. does not rely on high-pressure selling
d. stresses understanding the competition
e. always puts the customer first -CORRECT ANSWER -E
6. What would a strategy "that allows a firm to truly meet the wants and needs of the
consumers within the market segment that is chosen" be called?
a. the "niche" strategy
b. the "incentivized" strategy
c. the information strategy
d. the "right" strategy
e. the recommended strategy -CORRECT ANSWER -D
7. In order to develop the "right strategy" to succeed in business, managers must make
the right decisions; and in order to make the right decisions, they must have
objective, accurate, and timely:
a. reports about the competition
b. reports about customers wants and needs
c. information about market trends and changes
d. the number and sizes of market segments
e. information -CORRECT ANSWER -C
8. Which of the following is the best definition of marketing research? Marketing
research is:
, a. the activity of analyzing secondary information and providing executives with
timely reports
b. the process of designing experiments that provide decision makers with
causal information
c. the linking of consumers with information managers
d. the process of designing, gathering, analyzing, and reporting information that
may be used to solve a specific marketing problem
e. the process of designing, gathering, analyzing, and reporting information that
may be used to solve general marketing problems -CORRECT ANSWER -D
9. Which of the following products was actually a failure after marketing research
predicted it would be successful?
a. Ice Breakers Pacs
b. Coca-Cola C2
c. Wolfgang Puck's Self-Heating Latte
d. Coca-Cola Blak
e. all of the above -CORRECT ANSWER -E
10. Market research refers to________.
a. applying marketing research to a specific geographical marketing area
b. a process used by businesses to collect information used to make sound
business decisions and successfully manage the business
c. a process used by businesses to analyze and interpret information used to
make sound business decisions and successfully manage the business
d. the function that links the consumer, customer, and public to the marketer
through information
e. information used to identify and define marketing opportunities and
problems -CORRECT ANSWER -A
11. Which of the following is the best statement reflecting the purpose of marketing
research?
a. to provide information that improves profitability
b. to link the environments to the firm
c. to link the consumer to the marketer by providing information that can be
used in making marketing decisions
d. to link target markets to specific decision makers at all levels within firms
, e. to be perceived as providing value to higher level executives within the firm -
CORRECT ANSWER -C
12. When everyone saw the music industry facing a terrible decline due to pirating of
songs on the Internet, Apple saw an opportunity for iTunes. This example illustrates
which use of marketing research?
a. identify market opportunities and problems
b. generate, refine, and evaluate potential marketing actions
c. monitor marketing performance
d. improve marketing as a process
e. improve marketing research as a process -CORRECT ANSWER -A
13. Which of the following is an example of a study whose goal is to find opportunities or
to identify problems with an existing strategy?
a. pricing test
b. image analysis
c. web site evaluation
d. environmental analysis studies
e. tracking studies -CORRECT ANSWER -D
14. Which of the following best illustrates one of the uses of marketing research,
monitoring marketing performance?
a. marketing research managers closely overseeing the work of subordinates in
the marketing research industry
b. tracking research that monitors how well products are performing in the
marketplace
c. describing the return on investment of firms using/not using marketing
research
d. providing closed circuit TV to monitor the actions of marketing researchers
practicing in the field
e. identifying opportunities and problems in the marketplace -CORRECT
ANSWER -B
15. The difference between basic research and applied research is that basic research is
conducted to:
a. determine the most effective advertising copy
➢ CHPATER 1 -CORRECT ANSWER -CHAPTER 1
1. Which of the following is the best definition for marketing?
a. Marketing is an organizational function and a set of business activities
designed to make profits.
b. Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the organization and its
stakeholders.
c. Marketing is a business function and a process for determining the value
customers desire in order to gain profit for business organizations and to seek
societal benefits through nonprofit marketing.
d. Marketing is finding a hole and filling it while earning profitable dollars.
e. Marketing is the result of the equilibrium of supply, demand, marginal cost,
and marginal revenue. -CORRECT ANSWER -B
2. Which of the following is most accurate?
a. Marketing is an attempt to create an exchange.
b. Marketing is an attempt to create long-term customer relationships.
c. Marketing is an attempt to create long-term customer relationships which will
then likely satisfy the organization's objectives.
d. Marketing is an attempt to earn profitable dollars.
e. Marketing is an attempt to gain customers from competitors while at least
breaking even profitwise. -CORRECT ANSWER -C
3. According to the AMA definition of marketing, which of the following is true of
marketing?
a. "Making the sale" should be considered the end of marketing.
b. Marketing is carried out for the benefit of the customer.
c. Marketing is carried out for the benefit of the stakeholders.
d. Marketing should not be considered an organizational function.
e. all of the above -CORRECT ANSWER -C
,4. What does the phrase "hearing the voice of the consumer" mean?
a. Companies have the information they need to effectively satisfy wants and
needs in the marketplace.
b. Companies specifically use telemarketing to hear their customers' opinions.
c. Marketing is carried out for the benefit of the customers.
d. Marketing managers should take the time to listen in on focus groups.
e. Market trials are necessary for certain products. -CORRECT ANSWER -A
5. The key reason that the marketing concept has been recognized as the "right
philosophy" is that it:
a. is well established in the marketing literature
b. has been recommended by successful marketing executives
c. does not rely on high-pressure selling
d. stresses understanding the competition
e. always puts the customer first -CORRECT ANSWER -E
6. What would a strategy "that allows a firm to truly meet the wants and needs of the
consumers within the market segment that is chosen" be called?
a. the "niche" strategy
b. the "incentivized" strategy
c. the information strategy
d. the "right" strategy
e. the recommended strategy -CORRECT ANSWER -D
7. In order to develop the "right strategy" to succeed in business, managers must make
the right decisions; and in order to make the right decisions, they must have
objective, accurate, and timely:
a. reports about the competition
b. reports about customers wants and needs
c. information about market trends and changes
d. the number and sizes of market segments
e. information -CORRECT ANSWER -C
8. Which of the following is the best definition of marketing research? Marketing
research is:
, a. the activity of analyzing secondary information and providing executives with
timely reports
b. the process of designing experiments that provide decision makers with
causal information
c. the linking of consumers with information managers
d. the process of designing, gathering, analyzing, and reporting information that
may be used to solve a specific marketing problem
e. the process of designing, gathering, analyzing, and reporting information that
may be used to solve general marketing problems -CORRECT ANSWER -D
9. Which of the following products was actually a failure after marketing research
predicted it would be successful?
a. Ice Breakers Pacs
b. Coca-Cola C2
c. Wolfgang Puck's Self-Heating Latte
d. Coca-Cola Blak
e. all of the above -CORRECT ANSWER -E
10. Market research refers to________.
a. applying marketing research to a specific geographical marketing area
b. a process used by businesses to collect information used to make sound
business decisions and successfully manage the business
c. a process used by businesses to analyze and interpret information used to
make sound business decisions and successfully manage the business
d. the function that links the consumer, customer, and public to the marketer
through information
e. information used to identify and define marketing opportunities and
problems -CORRECT ANSWER -A
11. Which of the following is the best statement reflecting the purpose of marketing
research?
a. to provide information that improves profitability
b. to link the environments to the firm
c. to link the consumer to the marketer by providing information that can be
used in making marketing decisions
d. to link target markets to specific decision makers at all levels within firms
, e. to be perceived as providing value to higher level executives within the firm -
CORRECT ANSWER -C
12. When everyone saw the music industry facing a terrible decline due to pirating of
songs on the Internet, Apple saw an opportunity for iTunes. This example illustrates
which use of marketing research?
a. identify market opportunities and problems
b. generate, refine, and evaluate potential marketing actions
c. monitor marketing performance
d. improve marketing as a process
e. improve marketing research as a process -CORRECT ANSWER -A
13. Which of the following is an example of a study whose goal is to find opportunities or
to identify problems with an existing strategy?
a. pricing test
b. image analysis
c. web site evaluation
d. environmental analysis studies
e. tracking studies -CORRECT ANSWER -D
14. Which of the following best illustrates one of the uses of marketing research,
monitoring marketing performance?
a. marketing research managers closely overseeing the work of subordinates in
the marketing research industry
b. tracking research that monitors how well products are performing in the
marketplace
c. describing the return on investment of firms using/not using marketing
research
d. providing closed circuit TV to monitor the actions of marketing researchers
practicing in the field
e. identifying opportunities and problems in the marketplace -CORRECT
ANSWER -B
15. The difference between basic research and applied research is that basic research is
conducted to:
a. determine the most effective advertising copy
