MFT MBA EXAM with Correct Solutions 2024

MFT MBA EXAM with Correct Solutions 2024 The focal point of all marketing activities is - Answer -customers The marketing mix is known by what other name? - Answer -the four Ps Goods, services, or ideas offered in the exchange with customers are dealt with under the _____ category of the marketing mix - 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? - 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? - Answer -promotion The study and assessment of forces outside the organization is function of ___ and ____ - Answer - opportunities and threats The forces that may be evaluated in the analysis of the environment may include - Answer - political/legal, economic, sociocultural, and technological Which of the following is the first step in undertaking a market research project? - Answer -problem definition A fancy word for "observation" is ___ - Answer -ethnography In order for a market to exist, there must be - 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 ___ - 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. - Answer -undifferentiated; differentiated The 5 steps of the Consumer Decision - Answer -Making process, in order are - problem recognition, information search, evaluation of alternatives, purchase, post-purchase evaluationThe 2 types of purchases are consumer and business. The primary distinguishing factor between the 2 is - Answer -the purchaser's intended use of the product The 4 categories of business markets are - Answer -producer, reseller, government, institutional One key advantage of using secondary data instead of primary data is - Answer -secondary data is usually less expensive The variables that can be used to segment consumer markets are - Answer -demograph