MFT: MBA FINAL EXAM STUDY TEST.
The focal point of all marketing activities is - CORRECT ANSWER customers
The marketing mix is known by what other name? - CORRECT ANSWER the four Ps
Goods, services, or ideas offered in the exchange with customers are dealt with under the _____
category of the marketing mix - CORRECT 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? - CORRECT 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? - CORRECT ANSWER
promotion
The study and assessment of forces outside the organization is function of ___ and ____ - CORRECT
ANSWER opportunities and threats
The forces that may be evaluated in the analysis of the environment may include - CORRECT ANSWER
political/legal, economic, sociocultural, and technological
Which of the following is the first step in undertaking a market research project? - CORRECT ANSWER
problem definition
A fancy word for "observation" is ___ - CORRECT ANSWER ethnography
In order for a market to exist, there must be - CORRECT 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 ___ -
CORRECT ANSWER differentiated
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. - CORRECT ANSWER undifferentiated; differentiated
The 5 steps of the Consumer Decision - CORRECT 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
- CORRECT ANSWER the purchaser's intended use of the product
The 4 categories of business markets are - CORRECT ANSWER producer, reseller, government,
institutional
One key advantage of using secondary data instead of primary data is - CORRECT ANSWER secondary
data is usually less expensive
The variables that can be used to segment consumer markets are - CORRECT ANSWER demographic,
psychographic, geographic, and behavioristic
That part of the brand which can be spoken is the - CORRECT ANSWER brand name
The Golden Arches of McDonald's are recognized worldwide. This symbol is an example of a - CORRECT
ANSWER brand mark
The XYZ Automotive Corporation has just introduced a new car that runs on vegetable oil. Sales are
increasing but profits are negative. The company is investing a great deal in research and development
and to generate interest in the new car. These circumstances indicate the car is in the ___ stage of the
Product Life Cycle. - CORRECT ANSWER introduction
The focal point of all marketing activities is - CORRECT ANSWER customers
The marketing mix is known by what other name? - CORRECT ANSWER the four Ps
Goods, services, or ideas offered in the exchange with customers are dealt with under the _____
category of the marketing mix - CORRECT 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? - CORRECT 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? - CORRECT ANSWER
promotion
The study and assessment of forces outside the organization is function of ___ and ____ - CORRECT
ANSWER opportunities and threats
The forces that may be evaluated in the analysis of the environment may include - CORRECT ANSWER
political/legal, economic, sociocultural, and technological
Which of the following is the first step in undertaking a market research project? - CORRECT ANSWER
problem definition
A fancy word for "observation" is ___ - CORRECT ANSWER ethnography
In order for a market to exist, there must be - CORRECT 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 ___ -
CORRECT ANSWER differentiated
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. - CORRECT ANSWER undifferentiated; differentiated
The 5 steps of the Consumer Decision - CORRECT 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
- CORRECT ANSWER the purchaser's intended use of the product
The 4 categories of business markets are - CORRECT ANSWER producer, reseller, government,
institutional
One key advantage of using secondary data instead of primary data is - CORRECT ANSWER secondary
data is usually less expensive
The variables that can be used to segment consumer markets are - CORRECT ANSWER demographic,
psychographic, geographic, and behavioristic
That part of the brand which can be spoken is the - CORRECT ANSWER brand name
The Golden Arches of McDonald's are recognized worldwide. This symbol is an example of a - CORRECT
ANSWER brand mark
The XYZ Automotive Corporation has just introduced a new car that runs on vegetable oil. Sales are
increasing but profits are negative. The company is investing a great deal in research and development
and to generate interest in the new car. These circumstances indicate the car is in the ___ stage of the
Product Life Cycle. - CORRECT ANSWER introduction
