UCF MAR 3023 Exam 1 Study Guide questions with answe

UCF MAR 3023 Exam 1 Study Guide
\| \| \| \| \| \| \|




questions with answers \| \|




Which of the following are associated with marketing, as defined
\| \| \| \| \| \| \| \| \| \|


by the American Marketing Association? (Choose every correct
\| \| \| \| \| \| \| \|


answer.)
Multiple select question. \| \|




a.) Organizations that develop industry partnerships for
\| \| \| \| \| \| \|


international outsourcing \|




b.) Institutions that facilitate the exchange of offerings that have
\| \| \| \| \| \| \| \| \| \|


value for customers
\| \|




c.) Institutions that implement technologies for increased
\| \| \| \| \| \| \|


production efficiency \|




d.) Activities that communicate offerings that have value for
\| \| \| \| \| \| \| \| \|


society at large \| \|




e.) Processes used to create value for clients - CORRECT
\| \| \| \| \| \| \| \| \| \|


ANSWERS ✔✔b, d, e \| \| \|




When a toothpaste manufacturer divides the marketplace into
\| \| \| \| \| \| \| \|


smaller targets based on benefits sought by the consumer, this
\| \| \| \| \| \| \| \| \| \|


is an example of market ______.
\| \| \| \| \|




Multiple choice question. \| \|




a.) satisfaction
\|




b.) segmentation
\|




c.) manufacturing
\|




d.) needs - CORRECT ANSWERS ✔✔b.) segmentation
\| \| \| \| \| \|

,A core aspect of marketing involves a(n) _______ which is a
\| \| \| \| \| \| \| \| \| \| \|


transaction in which things of value are traded by buyers and
\| \| \| \| \| \| \| \| \| \| \|


sellers. - CORRECT ANSWERS ✔✔exchange
\| \| \| \|




Which of the following are elements of the marketing mix?
\| \| \| \| \| \| \| \| \| \|


(Choose every correct answer.) \| \| \|




Multiple select question. \| \|




a.) Portfolio
\|




b.) Product
\|




c.) Price
\|




d.) Purchase - CORRECT ANSWERS ✔✔b, c, d
\| \| \| \| \| \| \|




Reason:
The 4 Ps include product, price, place, and promotion.
\| \| \| \| \| \| \| \|




A company's Blank______ create(s) value by satisfying customer
\| \| \| \| \| \| \| \|


needs.
a.) production efficiency
\| \|




b.) product promotions
\| \|




c.) brand names
\| \|




d.) products, services, or ideas - CORRECT ANSWERS ✔✔d.)
\| \| \| \| \| \| \| \| \|


products, services, or ideas \| \| \|




Which of the following characterizes an exchange?
\| \| \| \| \| \|

,a.) A buyer and seller work together to neither increase nor
\| \| \| \| \| \| \| \| \| \| \|


decrease net satisfaction. \| \|




b.) A seller determines the best way to maximize profit while
\| \| \| \| \| \| \| \| \| \| \|


minimizing buyer value. \| \|




c.) A buyer and seller trade things of value, leaving each better
\| \| \| \| \| \| \| \| \| \| \| \|


off than before.
\| \|




d.) A buyer maneuvers a seller into providing maximum value
\| \| \| \| \| \| \| \| \| \|


for the lowest price. - CORRECT ANSWERS ✔✔c.) A buyer and
\| \| \| \| \| \| \| \| \| \| \|


seller trade things of value, leaving each better off than before.
\| \| \| \| \| \| \| \| \| \|




Product, the first of the four Ps, is responsible for ______.
\| \| \| \| \| \| \| \| \| \|




a.) establishing prices
\| \|




b.) communicating promotions
\| \|




c.) satisfying customer needs
\| \| \|




d.) delivering ambiance - CORRECT ANSWERS ✔✔c.) satisfying
\| \| \| \| \| \| \| \|


customer needs \|




Which of the following are considered ideas? (Choose every
\| \| \| \| \| \| \| \| \|


correct answer.) \|




a.) A service
\| \|




b.) A philosophy
\| \|




c.) A non-profit organization
\| \| \|




d.) An opinion - CORRECT ANSWERS ✔✔b, d
\| \| \| \| \| \| \|




Which of the following describes the fundamental purpose of
\| \| \| \| \| \| \| \| \|


marketing?

, a.) To achieve market dominance by selling as many products
\| \| \| \| \| \| \| \| \| \|


and services as possible
\| \| \|




b.) To develop highly original and innovative products
\| \| \| \| \| \| \|




Reason:
c.) To advertise and entertain customers
\| \| \| \| \|




d.) To create value and satisfy consumer needs through a variety
\| \| \| \| \| \| \| \| \| \| \|


of offerings - CORRECT ANSWERS ✔✔d.) To create value and
\| \| \| \| \| \| \| \| \| \|


satisfy consumer needs through a variety of offerings
\| \| \| \| \| \| \|




Which of the following are components of price? (Check all that
\| \| \| \| \| \| \| \| \| \| \|


apply.)
a.) Money
\|




b.) Ethical climate
\| \|




c.) Management style
\| \|




d.) Time
\|




e.) Energy - CORRECT ANSWERS ✔✔a, d, e
\| \| \| \| \| \| \|




True or False: In the marketing mix, place attempts to deliver
\| \| \| \| \| \| \| \| \| \| \|


value by making the product or service available when and
\| \| \| \| \| \| \| \| \| \|


where the consumer needs or wants it. - CORRECT ANSWERS
\| \| \| \| \| \| \| \| \| \|


✔✔True


Reason: Place delivers value that product creates.
\| \| \| \| \| \|




The 4 Ps include - CORRECT ANSWERS ✔✔product, price, place,
\| \| \| \| \| \| \| \| \| \|


and promotion
\|