MKTG 351 MIDTERM 1 (CH 1-7) |78 QUESTIONS AND ANSWERS 2023|GUARANTEED SUCCESS

What is marketing? satisfying customer needs and wants What are the 4 philosophies of marketing? product, sales, market, and social marketing orientation 4 marketing philosophies: Sales Orientation focuses on the the capabilities of sales people to push product 4 marketing philosophies: Market orientation focuses on the needs and wants of the customer 4 Marketing Philosophies: Societal Marketing Orientation Focuses on needs and wants of customer and society Henry Ford's Model T available in any color as long as it is black. This is an example of what type of management philosophy? Production Coco Cola has a market orientation and follows the marketing concept. Most likely, the company would react to customer dissatisfaction to its product by first: a) hiring better sales people b) increasing advertising to better explain product benefits c) lowering the price d) conducting research to determine if its customer's needs have changed d) conduct research to determine if customer needs have changed The best way to market a product is to focus on : a) advertising b) pricing c) product d) distribution e) benefits e) benefits What is strategic planning? creating and maintaining fit between objectives and resources Ansoff's Strategic Opportunity Matrix: Market PENETRATION same product/same market Ansoff's Strategic Opportunity Matrix: Product DEVELOPMENT new product/ same market Ansoff's Strategic Opportunity Matrix: Market DEVELOPMENT same product/ new market Ansoff's Strategic Opportunity Matrix: Diversification new prodcut/ new market In the Portfolio Matrix by BCG, what is the best placement to be in? Star: High Market Growth and Market Share Dominance In the Portfolio Matrix by BCG, what is the worst placement to be in? Dog: Low Market Growth and Market Share Dominance In the Portfolio Matrix by GE, in what area should we harvest/divest? Low In the Portfolio Matrix by GE, in what area should we cautiously invest? Med In the Portfolio Matrix by GE, in what area should we Invest/Grow? High The dessert menu, like the breakfast menu, is a strategic business unit (SBU) of McDonald's. True or False True Joe is very concerned about his hair. When he needs shampoo, he wants to make sure he chooses one that fits his hairstyle and characteristics. When selling their products to joe, shampoo makes should primarily focus on which of the 4 P's? a) product b) price c) promotion d) place a) product Taco Bell wants to increase their global sales by opening up new countries where they are not present and they have identified South Africa has a key market to enter. This growth strategy could be best classified as: a) market penetration b) market development c) product development d) diversification b) Market Development Using the BCG approach, a problem child most likely has: a) high profit potential b) highest level of sales c) positive cash flow d) negative profits Negative Profits What is at the very top of the Pyramid of CSR? Philanthropic Responsibility: contributing to the community What is the second part (from the top) of the pyramid of CSR? Ethical Responsibilities: Be ethical What is the 3rd part (from the top) of the Pyramid of CSR? Legal Responsibility: Obey the law What is the bottom part of the Pyramid of CSR? Economic Responsibility: Be profitable What is CSR? corporate social responsibility Tom shoes provide one free pair of shoes to children in underserved countries for every pair it sells. This is an example of Charitable Donation Many Chinese and Koreans believe deer antlers have positive health benefits. Several groups have claimed that harvesting of antlers for human consumption leads to inhumane treatment and farming of deer. Despite this , the leading producer of deer antlers in China continues to sell deer antlers claiming there is no law against it. In terms of the pyramid of csr, this indicates that the deer antler seller is operating in a _____________ responsibility level. a) philanthropic b) legal c) ethical d) economic b) legal