MFT: MBA Exam Questions and Answers
The focal point of all marketing activities is - Correct Answers -customers
The marketing mix is known by what other name? - Correct Answers -the four Ps
Goods, services, or ideas offered in the exchange with customers are dealt with under
the _____ category of the marketing mix - Correct Answers -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 Answers -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 Answers -promotion
The study and assessment of forces outside the organization is function of ___ and
____ - Correct Answers -opportunities and threats
The forces that may be evaluated in the analysis of the environment may include -
Correct Answers -political/legal, economic, sociocultural, and technological
Which of the following is the first step in undertaking a market research project? -
Correct Answers -problem definition
A fancy word for "observation" is ___ - Correct Answers -ethnography
In order for a market to exist, there must be - Correct Answers -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 Answers -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 Answers -undifferentiated; differentiated
, The 5 steps of the Consumer Decision - Correct Answers -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 Answers -the purchaser's intended use of the product
The 4 categories of business markets are - Correct Answers -producer, reseller,
government, institutional
One key advantage of using secondary data instead of primary data is - Correct
Answers -secondary data is usually less expensive
The variables that can be used to segment consumer markets are - Correct Answers -
demographic, psychographic, geographic, and behavioristic
That part of the brand which can be spoken is the - Correct Answers -brand name
The Golden Arches of McDonald's are recognized worldwide. This symbol is an
example of a - Correct Answers -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
Answers -introduction
What is Historical Cost? - Correct Answers -The initial value of an asset.
What is included in the historical cost? - Correct Answers -1. The purchase price 2. All
costs of getting it to your business (transportation costs) 3. All the costs of getting it
ready for your intended use. (preparation costs)
Under the accrual basis, when should revenue be recorded in your financial statement?
- Correct Answers -When it is "earned".
When is the earning process complete in a sale transaction? - Correct Answers -When
the legal title to the item is transferred from the seller to the buyer.
When is the earning process complete in a service transaction? - Correct Answers -
When the work is substantially complete - i.e. the customer would be willing to pay for
the services which have been provided.
Explain "Matching" - Correct Answers -After revenues have been recorded in the
appropriate period they are earned, then all the costs related to that revenue should be
reported as an expense in the same period.
The focal point of all marketing activities is - Correct Answers -customers
The marketing mix is known by what other name? - Correct Answers -the four Ps
Goods, services, or ideas offered in the exchange with customers are dealt with under
the _____ category of the marketing mix - Correct Answers -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 Answers -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 Answers -promotion
The study and assessment of forces outside the organization is function of ___ and
____ - Correct Answers -opportunities and threats
The forces that may be evaluated in the analysis of the environment may include -
Correct Answers -political/legal, economic, sociocultural, and technological
Which of the following is the first step in undertaking a market research project? -
Correct Answers -problem definition
A fancy word for "observation" is ___ - Correct Answers -ethnography
In order for a market to exist, there must be - Correct Answers -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 Answers -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 Answers -undifferentiated; differentiated
, The 5 steps of the Consumer Decision - Correct Answers -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 Answers -the purchaser's intended use of the product
The 4 categories of business markets are - Correct Answers -producer, reseller,
government, institutional
One key advantage of using secondary data instead of primary data is - Correct
Answers -secondary data is usually less expensive
The variables that can be used to segment consumer markets are - Correct Answers -
demographic, psychographic, geographic, and behavioristic
That part of the brand which can be spoken is the - Correct Answers -brand name
The Golden Arches of McDonald's are recognized worldwide. This symbol is an
example of a - Correct Answers -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
Answers -introduction
What is Historical Cost? - Correct Answers -The initial value of an asset.
What is included in the historical cost? - Correct Answers -1. The purchase price 2. All
costs of getting it to your business (transportation costs) 3. All the costs of getting it
ready for your intended use. (preparation costs)
Under the accrual basis, when should revenue be recorded in your financial statement?
- Correct Answers -When it is "earned".
When is the earning process complete in a sale transaction? - Correct Answers -When
the legal title to the item is transferred from the seller to the buyer.
When is the earning process complete in a service transaction? - Correct Answers -
When the work is substantially complete - i.e. the customer would be willing to pay for
the services which have been provided.
Explain "Matching" - Correct Answers -After revenues have been recorded in the
appropriate period they are earned, then all the costs related to that revenue should be
reported as an expense in the same period.
