MARK 3336 EXAM 1 QUESTIONS AND VERIFIED
ANSWERS
Engaging customers and managing profitable customer relationships is the simplest
definition of ________. - Answers - Marketing
What are the 4 Ps of marketing? - Answers - Product, price, place, promotion
__________ is the customer's evaluation of the difference between all the benefits and
all the costs of a market offering relative to those of competing offers. - Answers -
Customer-percieved value
The first step to a successful value-driven marketing strategy is to determine whom to
serve with a market offering. To make this decision, marketers engage in which two
activities? - Answers - Segmenting and targeting
In marketing terms, what is a market? - Answers - The set of actual and potential buyers
of a product or service
The primary goal of consistently delivering superior value is to ________. - Answers -
Build profitable customer relationships
The key element of successful marketing today is to __________. - Answers - Create
value
To create and capture customer value, companies must engage the first step of the
marketing process, which is __________. - Answers - Understand the marketplace and
customer needs and wants
The total combined lifetime value of a company's current and potential customers is
called __________. - Answers - Customer equity
The actual and potential buyers in a market share which of the following characteristics?
- Answers - They share a particular need and/or want.
The BCG matrix classifies products which have a high market share in a low growth
market as __________. - Answers - Cash cows
In portfolio analysis, a company must identify __________, which are key businesses
that make up the company. - Answers - Strategic business units
, What does a company do to start the strategic planning process? - Answers - Define its
overall purpose and mission
To improve the performance of the __________, many companies today are partnering
with other members of the supply chain, suppliers, distributors, and customers value. -
Answers - Delivery network
When a firm starts up or buys a business outside of its current product line and markets,
it is pursuing which growth strategy? - Answers - Diversification
The demand for organic produce is growing. Green Acres Farms grows only organic
vegetables. In a SWOT analysis, the rising demand for organic produce would be a(n)
__________ for Green Acres Farms, and the fact that they grow only organic
vegetables is a(n) __________. - Answers - Opportunity; Strength
After defining its mission, the next step in strategic planning is to __________. -
Answers - Set company objectives and goals
What is the overall goal of marketing strategy? - Answers - To create customer value
and build profitable relationships
What are the main components of a marketing plan? - Answers - An executive
summary, situation analysis, objectives, marketing strategy, action programs, budgets
and controls, and threats and opportunities
Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar, profitably focus
on buyers with modest means. This is an example of __________. - Answers - Market
targeting
Which of the following is an advantage to using internal databases for information? -
Answers - They can be accessed quickly and cheaply.
Which of the following statements about big data is correct? - Answers - One result of
big data is that marketing managers are often overloaded with information.
Which of the following statements about online research is correct? - Answers - Online
surveys generally have higher response rates than those conducted by mail or phone.
Much of Pinterest's success is due to how they used marketing information to
__________. - Answers - Identify a unique customer insight
Defining the problem and research objectives is the __________ step in the marketing
research process. - Answers - First
Survey research is the approach best suited for gathering __________. - Answers -
Descriptive research
ANSWERS
Engaging customers and managing profitable customer relationships is the simplest
definition of ________. - Answers - Marketing
What are the 4 Ps of marketing? - Answers - Product, price, place, promotion
__________ is the customer's evaluation of the difference between all the benefits and
all the costs of a market offering relative to those of competing offers. - Answers -
Customer-percieved value
The first step to a successful value-driven marketing strategy is to determine whom to
serve with a market offering. To make this decision, marketers engage in which two
activities? - Answers - Segmenting and targeting
In marketing terms, what is a market? - Answers - The set of actual and potential buyers
of a product or service
The primary goal of consistently delivering superior value is to ________. - Answers -
Build profitable customer relationships
The key element of successful marketing today is to __________. - Answers - Create
value
To create and capture customer value, companies must engage the first step of the
marketing process, which is __________. - Answers - Understand the marketplace and
customer needs and wants
The total combined lifetime value of a company's current and potential customers is
called __________. - Answers - Customer equity
The actual and potential buyers in a market share which of the following characteristics?
- Answers - They share a particular need and/or want.
The BCG matrix classifies products which have a high market share in a low growth
market as __________. - Answers - Cash cows
In portfolio analysis, a company must identify __________, which are key businesses
that make up the company. - Answers - Strategic business units
, What does a company do to start the strategic planning process? - Answers - Define its
overall purpose and mission
To improve the performance of the __________, many companies today are partnering
with other members of the supply chain, suppliers, distributors, and customers value. -
Answers - Delivery network
When a firm starts up or buys a business outside of its current product line and markets,
it is pursuing which growth strategy? - Answers - Diversification
The demand for organic produce is growing. Green Acres Farms grows only organic
vegetables. In a SWOT analysis, the rising demand for organic produce would be a(n)
__________ for Green Acres Farms, and the fact that they grow only organic
vegetables is a(n) __________. - Answers - Opportunity; Strength
After defining its mission, the next step in strategic planning is to __________. -
Answers - Set company objectives and goals
What is the overall goal of marketing strategy? - Answers - To create customer value
and build profitable relationships
What are the main components of a marketing plan? - Answers - An executive
summary, situation analysis, objectives, marketing strategy, action programs, budgets
and controls, and threats and opportunities
Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar, profitably focus
on buyers with modest means. This is an example of __________. - Answers - Market
targeting
Which of the following is an advantage to using internal databases for information? -
Answers - They can be accessed quickly and cheaply.
Which of the following statements about big data is correct? - Answers - One result of
big data is that marketing managers are often overloaded with information.
Which of the following statements about online research is correct? - Answers - Online
surveys generally have higher response rates than those conducted by mail or phone.
Much of Pinterest's success is due to how they used marketing information to
__________. - Answers - Identify a unique customer insight
Defining the problem and research objectives is the __________ step in the marketing
research process. - Answers - First
Survey research is the approach best suited for gathering __________. - Answers -
Descriptive research
