McMillen JMU COB 300 Marketing Exam #1 (Practice Questions) ACTUAL
UPDATED QUESTIONS AND CORRECT ANSWERS
Marketing is the process of _________, ________, and ________ Exploring, developing, and delivering value to satisfy the needs of a target
value to satisfy the needs of a target market. market.
Organizations focus their efforts on a group of customers d.) A target market
called what?
a.) Preferred consumers
b.) An ideal target
c.) Loyal followers
d.) A target market
The goal of marketing is to develop mutually beneficial b.) Customers and marketers
exchanges between which two groups?
a.) Customers and target markets
b.) Customers and marketers
c.) Suppliers and manufacturers
d.) Marketers and suppliers
,Which element of the marketing mix is the most flexible a.) Price
because it is the easiest and quickest component to
change?
a.) Price
b.) Promotion
c.) Distribution
d.) Product
Elements of product strategy can include all of the d.) Where the product is sold
following except which of the following?
a.) An intangible idea
b.) The physical good
c.) Package design
d.) Where the product is sold
Strategic decisions for the promotion variable of the c.) Determining the best way to persuade customers about product features and
marketing mix would include which of the following? benefits
a.) Determining where the product will be sold
b.) Considering the price at which competitors' products
are sold
c.) Determining the best way to persuade customers
about product features and benefits
d.) Considering customers' wants and needs when
developing a product
Value can be expressed as which of the following c.) Customer value = customer benefits - customer costs
equations?
a.) Customer value = customer costs + customer benefits
b.) Customer value = customer costs - customer benefits
c.) Customer value = customer benefits - customer costs
d.) Customer value = customer benefits x customer costs
Which of the following is true of an exchange? d.) Marketing can occur even if an exchange does not take place.
a.) There must be more than two parties for an exchange
to take place.
b.) If all the conditions exist, an exchange will take place.
c.) Money must be traded for the product or service
being sold.
d.) Marketing can occur even if an exchange does not
take place.
, Which of the following are not forces in the marketing Demographic
environment? (Select two.) Ethnic
Political/legal/regulatory
Competitive
Demographic
Ethnic
Economic
Which statement is true about the forces in the marketing d.) They influence each other
environment?
a.) They have no impact on marketing-mix decisions.
b.) They rarely fluctuate.
c.) They do not overlap.
d.) They influence each other.
What are the three marketing management philosophies? c.) Production, sales, and market orientations
a.) Sales, distribution, and market orientations
b.) Production, price, and market orientations
c.) Production, sales, and market orientations
d.) Sales, price, and distribution orientations
In which orientation do companies believe that a good b.) Production
product will sell itself?
a.) Sales
b.) Production
c.) Price
d.) Market
What is the first step for marketers in implementing the B.) Investing in an information system to discover customers' real needs
marketing concept?
a.) Implementing relationship marketing
b.) Investing in an information system to discover
customers' real needs
c.) Satisfying customer objectives
d.) Engaging in personal selling or advertising to
promote products that customers desire
UPDATED QUESTIONS AND CORRECT ANSWERS
Marketing is the process of _________, ________, and ________ Exploring, developing, and delivering value to satisfy the needs of a target
value to satisfy the needs of a target market. market.
Organizations focus their efforts on a group of customers d.) A target market
called what?
a.) Preferred consumers
b.) An ideal target
c.) Loyal followers
d.) A target market
The goal of marketing is to develop mutually beneficial b.) Customers and marketers
exchanges between which two groups?
a.) Customers and target markets
b.) Customers and marketers
c.) Suppliers and manufacturers
d.) Marketers and suppliers
,Which element of the marketing mix is the most flexible a.) Price
because it is the easiest and quickest component to
change?
a.) Price
b.) Promotion
c.) Distribution
d.) Product
Elements of product strategy can include all of the d.) Where the product is sold
following except which of the following?
a.) An intangible idea
b.) The physical good
c.) Package design
d.) Where the product is sold
Strategic decisions for the promotion variable of the c.) Determining the best way to persuade customers about product features and
marketing mix would include which of the following? benefits
a.) Determining where the product will be sold
b.) Considering the price at which competitors' products
are sold
c.) Determining the best way to persuade customers
about product features and benefits
d.) Considering customers' wants and needs when
developing a product
Value can be expressed as which of the following c.) Customer value = customer benefits - customer costs
equations?
a.) Customer value = customer costs + customer benefits
b.) Customer value = customer costs - customer benefits
c.) Customer value = customer benefits - customer costs
d.) Customer value = customer benefits x customer costs
Which of the following is true of an exchange? d.) Marketing can occur even if an exchange does not take place.
a.) There must be more than two parties for an exchange
to take place.
b.) If all the conditions exist, an exchange will take place.
c.) Money must be traded for the product or service
being sold.
d.) Marketing can occur even if an exchange does not
take place.
, Which of the following are not forces in the marketing Demographic
environment? (Select two.) Ethnic
Political/legal/regulatory
Competitive
Demographic
Ethnic
Economic
Which statement is true about the forces in the marketing d.) They influence each other
environment?
a.) They have no impact on marketing-mix decisions.
b.) They rarely fluctuate.
c.) They do not overlap.
d.) They influence each other.
What are the three marketing management philosophies? c.) Production, sales, and market orientations
a.) Sales, distribution, and market orientations
b.) Production, price, and market orientations
c.) Production, sales, and market orientations
d.) Sales, price, and distribution orientations
In which orientation do companies believe that a good b.) Production
product will sell itself?
a.) Sales
b.) Production
c.) Price
d.) Market
What is the first step for marketers in implementing the B.) Investing in an information system to discover customers' real needs
marketing concept?
a.) Implementing relationship marketing
b.) Investing in an information system to discover
customers' real needs
c.) Satisfying customer objectives
d.) Engaging in personal selling or advertising to
promote products that customers desire
