MKT 305 Exam Questions and
answers graded A+
What is a reason to not study marketing? - ANS✅✅Marketing involves actually making the goods
that people need.
Marketing - ANS✅✅Tries to accomplish a company's objectives by anticipating the customer's
needs and trying to satisfy them.
Is there an jobs that are least likely to need marketing skills? - ANS✅✅No, the aim of marketing is
to identify customer's needs and provide need-satisfying products, whether the product is a physical
good, a service or even an idea.
Which of the following articles from Business Week magazine would be reporting on a macro-
marketing topic?
a. "Pepsi sells in Japan"
b. "Two-person Engineering Firm offers Unique Service"
c. "Russia increases Output of Consumer Goods"
d. "Bank of America offers new Internet Banking Services"
e. "Donations to Tsunami victims Fund increase after tv broadcast" - ANS✅✅c. "Russia Increases
Output of Consumer Goods"
--The role of macro-marketing systems is to match the heterogeneously supply and demand and at
the same time accomplish society's objectives.
The face that a producer usually prefer to produce products in large quantities while most
consumers prefer to buy in small quantities results in: - ANS✅✅Discrepancies of Quantity
The Universal functions of marketing can be performed by:
a. Collaborators
b. Intermediaries
,c. Producers
d. Consumers
e. All of These - ANS✅✅e. All of these
Firms that specialize in providing marketing functions other than buying and selling are known as: -
ANS✅✅Consultants
The text considers five "eras" of marketing evolution. Which of the following shows the logical order
in which these eras occur? - ANS✅✅Simple Trade, Production, Sales, Marketing Department, &
Marketing Company
What is a phrase that best describes the Production Era of Marketing? - ANS✅✅"If we can make it,
it will sell"
--The production era is a time when a company focuses on production of a few specific products--
perhaps because few of these products are available in the market. This phrase is management
thinking characteristics of the production era, due to product shortages.
The total system view of the marketing concept builds on the idea that - ANS✅✅All departments-
not just marketing- should be guided by customer needs
--The marketing concept provides customer orientation as a guiding focus that all departments
adopt and should be a philosophy of the whole organization, not just the idea that applies to the
marketing department.
Triple Bottom line is a measure of a firm's success based on multiple criteria, commonly referred to
as: - ANS✅✅People, Planet, Profit
--A triple bottom line measures an organization's economic, social, and environmental outcomes- as
a measure of long-term success.
What practice suggests that Acme Tools practices a marketing orientation? - ANS✅✅It sets
inventory levels with customer requirements and costs in mind.
--Marketing-oriented firm tries to offer customers what they need instead of just trying to get
customers to buy what the firm has produced.
, BLANK refers to the difference between the benefits a customer sees from a market offering and the
costs of obtaining those benefits. - ANS✅✅Customer Value
--Customer value is the difference between the benefits a customer sees from a market offering and
the costs of obtaining those benefits.
What describes a micro-macro dilemma? - ANS✅✅What is good for some producers and
consumers may not be good for society as a whole.
Provide a true statement regarding social responsibility in marketing. - ANS✅✅Being socially
responsible can conflict with a firm's profit objective
Name the three basic tasks of all managers, according to the text. - ANS✅✅planning,
implementation, control
In the broadest sense, "Marketing strategy planning" means: - ANS✅✅Finding attractive
opportunities and developing profitable marketing strategies
A marketing strategy specifies - ANS✅✅A target market and a related marketing mix
It is a big picture of what a firm will do in some market.
Herbal Essences tries to sell its hair shampoos and conditioners to adult women, ages 18-24. These
women represent Herbal Essences' primary: - ANS✅✅Target Market
In contrast to mass marketing, target marketing: - ANS✅✅Tailors a marketing mix to fit some
specific group of customers
Name the variables of a "marketing mix" - ANS✅✅Product, Place, Promotion, Price
"Product" is concerned with: - ANS✅✅branding, packaging and warranty, physical goods, and
services
answers graded A+
What is a reason to not study marketing? - ANS✅✅Marketing involves actually making the goods
that people need.
Marketing - ANS✅✅Tries to accomplish a company's objectives by anticipating the customer's
needs and trying to satisfy them.
Is there an jobs that are least likely to need marketing skills? - ANS✅✅No, the aim of marketing is
to identify customer's needs and provide need-satisfying products, whether the product is a physical
good, a service or even an idea.
Which of the following articles from Business Week magazine would be reporting on a macro-
marketing topic?
a. "Pepsi sells in Japan"
b. "Two-person Engineering Firm offers Unique Service"
c. "Russia increases Output of Consumer Goods"
d. "Bank of America offers new Internet Banking Services"
e. "Donations to Tsunami victims Fund increase after tv broadcast" - ANS✅✅c. "Russia Increases
Output of Consumer Goods"
--The role of macro-marketing systems is to match the heterogeneously supply and demand and at
the same time accomplish society's objectives.
The face that a producer usually prefer to produce products in large quantities while most
consumers prefer to buy in small quantities results in: - ANS✅✅Discrepancies of Quantity
The Universal functions of marketing can be performed by:
a. Collaborators
b. Intermediaries
,c. Producers
d. Consumers
e. All of These - ANS✅✅e. All of these
Firms that specialize in providing marketing functions other than buying and selling are known as: -
ANS✅✅Consultants
The text considers five "eras" of marketing evolution. Which of the following shows the logical order
in which these eras occur? - ANS✅✅Simple Trade, Production, Sales, Marketing Department, &
Marketing Company
What is a phrase that best describes the Production Era of Marketing? - ANS✅✅"If we can make it,
it will sell"
--The production era is a time when a company focuses on production of a few specific products--
perhaps because few of these products are available in the market. This phrase is management
thinking characteristics of the production era, due to product shortages.
The total system view of the marketing concept builds on the idea that - ANS✅✅All departments-
not just marketing- should be guided by customer needs
--The marketing concept provides customer orientation as a guiding focus that all departments
adopt and should be a philosophy of the whole organization, not just the idea that applies to the
marketing department.
Triple Bottom line is a measure of a firm's success based on multiple criteria, commonly referred to
as: - ANS✅✅People, Planet, Profit
--A triple bottom line measures an organization's economic, social, and environmental outcomes- as
a measure of long-term success.
What practice suggests that Acme Tools practices a marketing orientation? - ANS✅✅It sets
inventory levels with customer requirements and costs in mind.
--Marketing-oriented firm tries to offer customers what they need instead of just trying to get
customers to buy what the firm has produced.
, BLANK refers to the difference between the benefits a customer sees from a market offering and the
costs of obtaining those benefits. - ANS✅✅Customer Value
--Customer value is the difference between the benefits a customer sees from a market offering and
the costs of obtaining those benefits.
What describes a micro-macro dilemma? - ANS✅✅What is good for some producers and
consumers may not be good for society as a whole.
Provide a true statement regarding social responsibility in marketing. - ANS✅✅Being socially
responsible can conflict with a firm's profit objective
Name the three basic tasks of all managers, according to the text. - ANS✅✅planning,
implementation, control
In the broadest sense, "Marketing strategy planning" means: - ANS✅✅Finding attractive
opportunities and developing profitable marketing strategies
A marketing strategy specifies - ANS✅✅A target market and a related marketing mix
It is a big picture of what a firm will do in some market.
Herbal Essences tries to sell its hair shampoos and conditioners to adult women, ages 18-24. These
women represent Herbal Essences' primary: - ANS✅✅Target Market
In contrast to mass marketing, target marketing: - ANS✅✅Tailors a marketing mix to fit some
specific group of customers
Name the variables of a "marketing mix" - ANS✅✅Product, Place, Promotion, Price
"Product" is concerned with: - ANS✅✅branding, packaging and warranty, physical goods, and
services
