CSUF Bus Mktg 351 Exam 1 Review Questions with Complete Solutions

CSUF Bus Mktg 351 Exam 1 Review Questions with Complete Solutions If a car company releases an affordable model, but the vehicle is only available in white, would it be successful in today's market? a. No, because consumers have specific wants b. Yes, the vehicle will be affordable c. No, white color is not appealing d. Yes, there is always a market for any product a. No, because consumers have specific wants What is the American Market Association's definition of marketing? a. The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large b. The management of supply chain activities to achieve a sustainable competitive advantage c. Recording business transactions on behalf of an organization, reporting on company performance to management, and issuing financial statements d. Creating processes to secure and store all transactions with customers a. The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large Which philosophy is focused on reducing cost? a. Product philosophy b. Sales philosophy c. Societal philosophy d. Production philosophy d. Production philosophy What is product philosophy? a. Making sure the final product is received by the customers b. Emphasizing push and hard selling c. Focusing on getting the best value to customers d. Focusing on producing the highest quality goods d. Focusing on producing the highest quality goods An electric vehicle that offers a new, longer lasting battery at the existing prices is an example of a company focusing on: a. Customer satisfaction b. Relationship marketing c. Customer value d. Opportunity cost c. Customer value What is relationship marketing? a. Marketing team building a relationship with its peers in the service department b. Developing and enhancing long-term relationships between a seller and its customers c. Long term relationship between suppliers and distributors d. Long term relationship between corporate officers and local market managers b. Developing and enhancing long-term relationships between a seller and its customers Why is diversification a risky proposition? a. The company gets spread too thin b. Adding a market leads to standardization c. The company is not familiar with the market or the product d. Long term profits are likely to decrease because of added costs c. The company is not familiar with the market or the product What is the focus of the BCG matrix? a. A company should have profitable SBUs b. A company should have high growth SBUs c. A company should have a well-balanced portfolio d. A company should aim to maximize its current profits c. A company should have a well- balanced portfolio A software is the market leader in a stable market. What quadrant does the software belong to? a. Star b. Question mark c. Dog d. Cash cow d. Cash cow