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MFT: MBA Questions and Answers with Solutions
UPDATED!!!
The focal point of all marketing activities is - ANSWER
customers
The marketing mix is known by what other name? - ANSWER
the four Ps
Goods, services, or ideas offered in the exchange with
customers are dealt with under the _____ category of the
marketing mix - ANSWER product
Making the product available to the customer in the right
quantities and locations when the customer wants them is the
definition for which of these marketing mix variable? - ANSWER
place
Many people equate advertising with marketing. While
advertising is an important part of the marketing process, it is
actually a tool utilized under which category of the marketing
mix? - ANSWER promotion
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The study and assessment of forces outside the organization is
function of ___ and ____ - ANSWER opportunities and threats
The forces that may be evaluated in the analysis of the
environment may include - ANSWER political/legal, economic,
sociocultural, and technological
Which of the following is the first step in undertaking a market
research project? - ANSWER problem definition
A fancy word for "observation" is ___ - ANSWER ethnography
In order for a market to exist, there must be - ANSWER a
need/desire for the product, the ability to afford the product,
and the willingness to purchase
The 3 basic segmentation strategies available to marketers are
undifferentiated, concentrated and ___ - ANSWER
differentiated
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When Henry Ford introduced the Model T, he offered only one
model in one color as a way to provide "transportation for the
masses." Alfred P Sloan, President of General Motors, offered
the Chevrolet as an affordable starter car, the Buick as a car for
those who could afford more features and amenities, and the
Cadillac as the ultimate luxury car for those who wanted to
show the world they had "arrived." Henry Ford's market
segmentation strategy used the ___ approach, while Alfred P
Sloan's strategy used the ___ approach. - ANSWER
undifferentiated; differentiated
The 5 steps of the Consumer Decision - ANSWER Making
process, in order are - problem recognition, information search,
evaluation of alternatives, purchase, post-purchase evaluation
The 2 types of purchases are consumer and business. The
primary distinguishing factor between the 2 is - ANSWER the
purchaser's intended use of the product
The 4 categories of business markets are - ANSWER producer,
reseller, government, institutional
MFT: MBA Questions and Answers with Solutions
UPDATED!!!
The focal point of all marketing activities is - ANSWER
customers
The marketing mix is known by what other name? - ANSWER
the four Ps
Goods, services, or ideas offered in the exchange with
customers are dealt with under the _____ category of the
marketing mix - ANSWER product
Making the product available to the customer in the right
quantities and locations when the customer wants them is the
definition for which of these marketing mix variable? - ANSWER
place
Many people equate advertising with marketing. While
advertising is an important part of the marketing process, it is
actually a tool utilized under which category of the marketing
mix? - ANSWER promotion
, Page |2
The study and assessment of forces outside the organization is
function of ___ and ____ - ANSWER opportunities and threats
The forces that may be evaluated in the analysis of the
environment may include - ANSWER political/legal, economic,
sociocultural, and technological
Which of the following is the first step in undertaking a market
research project? - ANSWER problem definition
A fancy word for "observation" is ___ - ANSWER ethnography
In order for a market to exist, there must be - ANSWER a
need/desire for the product, the ability to afford the product,
and the willingness to purchase
The 3 basic segmentation strategies available to marketers are
undifferentiated, concentrated and ___ - ANSWER
differentiated
, Page |3
When Henry Ford introduced the Model T, he offered only one
model in one color as a way to provide "transportation for the
masses." Alfred P Sloan, President of General Motors, offered
the Chevrolet as an affordable starter car, the Buick as a car for
those who could afford more features and amenities, and the
Cadillac as the ultimate luxury car for those who wanted to
show the world they had "arrived." Henry Ford's market
segmentation strategy used the ___ approach, while Alfred P
Sloan's strategy used the ___ approach. - ANSWER
undifferentiated; differentiated
The 5 steps of the Consumer Decision - ANSWER Making
process, in order are - problem recognition, information search,
evaluation of alternatives, purchase, post-purchase evaluation
The 2 types of purchases are consumer and business. The
primary distinguishing factor between the 2 is - ANSWER the
purchaser's intended use of the product
The 4 categories of business markets are - ANSWER producer,
reseller, government, institutional
