Answers
Bringing value to customers - CORRECT ANSWER What is the main function of
marketing?
Between customers and products - CORRECT ANSWER Which set of connections is
created by marketers to generate value?
Sales includes the exchange of money of a company's product or service, while
marketing is the process of communicating the value of a product or service -
CORRECT ANSWER What is the relationship between sales and marketing in a
firm's business strategy?
A manager conducting research on potential customers. - CORRECT ANSWER
What is an example of a marketing activity?
Legal - The Federal Trade Commission prohibits the advertising of tobacco
products on radio and television - CORRECT ANSWER A small tobacco shop that
just opened wants to run advertising on a local radio station. When they approach
the radio station's sales department, they find that the station will not run their
ad.
What type of uncontrollable elements prevents the running of this
advertisement?
,Competitive Elements - CORRECT ANSWER A manufacturer of children's toys
discovers that a number of products that it makes and sells have been duplicated
and are selling alongside their products on various e-commerce sites. The
duplicate products appear to be made overseas and are selling for 30% lower. The
company's sales department feels pressure to lower pricing to match that of the
duplicate products in an effort not to lose sales.
Which element in the marketing environment is demonstrated in this situation?
Socio-cultural factors - CORRECT ANSWER A restaurant owner has noticed a shift
in the restaurant's customer attitudes towards locally-sourced and sustainable
ingredients and is changing the menu in an effort to cater to these customers.
What element of the marketing environment does this represent?
Economic - CORRECT ANSWER A large general contractor is having trouble
meeting its labor needs, given the low unemployment in the area. The company
begins advertising for construction workers in an adjacent state, offering a
generous sign-on bonus in an effort to fill open positions.
What element of the marketing environment is the company addressing?
Creating awareness of fresh meals - CORRECT ANSWER The director plans to post
the menu for the day by 5am. This info will include the nutrition facts associated
with breakfast, lunch, and dinner, and describe the standards used in the meal
preparation.
,Which activity is the community center using to create value through its menu
marketing?
Introduction - CORRECT ANSWER The community center is the first in the city to
offer freshly prepared meals in partnership with the food warehouse.
Which stage of the product life cycle do the meals represent to the community?
Promoting awareness of its food offerings - CORRECT ANSWER The director plans
to design and implement a marketing campaign.
Which example describes the director's primary goal for the marketing campaign?
Citizen participation in meals - CORRECT ANSWER What is one example of an
uncontrollable element of the community center's marketing environment?
Economic needs of community citizens - CORRECT ANSWER The director
researches the reason for the community's food insecurity and learns that
companies closed during the recent recession and left individuals without jobs.
This unemployment has created significant food insecurity among those who
remain without stable incomes.
Which element of the PEST analysis is the community center responding to by
creating its meal program?
, Offering food to everyone - CORRECT ANSWER Which ethical consideration in
marketing is illustrated by the community center's meal program?
Marketing Objectives - CORRECT ANSWER A marketing department develops a
marketing plan that focuses on departmental goals and the actions the
department must take to achieve them.
Which component provides this detailed information?
Marketing plan - CORRECT ANSWER A business team is revising the document
meant to guide the marketing department, managers, and teams as they work to
identify the department's objectives and how to reach them.
Which document is being revised?
Marketing Strategy - CORRECT ANSWER During a meeting, a marketing
department describes the sales goals for the year, the target markets selected,
and the actions the department will undertake to reach these goals.
Which portion of the marketing planning process was discussed during this
meeting?
Monitoring and control - CORRECT ANSWER A marketing manager reviews
monthly sales reports, sales forecasts for the upcoming quarter, budgets for
advertising campaigns, and product reviews from customers and compares this
data against the marketing objectives described in the marketing plan.