MARK 201 Exam 1 Study Guide - Multiple Choice Questions Graded A+

MARK 201 Exam 1 Study Guide - Multiple Choice Questions Graded A+ Which of the following statements about marketing is TRUE? a. Because marketing is complicated most firms avoid using it. b. Marketing is generally successful as long as you fund it, and most new products succeed. c. Marketing isn't always easy; thousands of new products fail each year. d. Marketing is fairly foolproof if you know and apply traditional formulas. c. Marketing isn't always easy; thousands of new products fail each year. How does having knowledge of marketing and its many applications help an individual? (Select all that apply) a. It can help the individual in career planning. b. It can help the individual be a more informed citizen. c. It can help the individual understand world events. d. It can make the individual a better consumer. a. It can help the individual in career planning. b. It can help the individual be a more informed citizen. d. It can make the individual a better consumer. The activity for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called ... MARKETING Environmental forces that shape the nature of an organization's actions include social, economic, technological, competitive, and _____ forces. a. ethical b. relationship c. regulatory d. managerial c. regulatory Which of the following factors is not required for marketing to occur? a. two or more parties with unsatisfied needs b. a way for the parties to communicate c. something to exchange d. a retail location e. the desire and ability to satisfy these needs d. a retail location Which statement supports the idea that good marketing is not an easy task? a. Thousands of new products fail in the marketplace each year. b. The number of new products that enter the marketplace each year is relatively small. c. The promotion of new products is being handled by the developers of the product and not the marketing team. a. Thousands of new products fail in the marketplace each year. To better understand the needs of prospective customers, marketers use ______. a. corporate entrepreneurship b. customer loyalty c. executive leadership d. marketing research d. marketing research Studying marketing should help you to ______. a. identify all potential marketing failures before they occur b. be a more informed citizen when interacting with businesses c. understand the principles of financial leverage d. care more deeply about environmental causes b. be a more informed citizen when interacting with businesses Firms develop products and services with the understanding that their ultimate goal is to ______ their customers' needs. a. create b. satisfy c. accept d. identify b. satisfy (Select all that apply) According to the AMA definition of marketing, who benefits from marketing activities? a. society at large b. government regulators c. customers d. partners a. society at large (Reason) : Society can benefit from the outcomes of marketing, and is included in the definition of marketing, along with those that benefit more directly c. customers d. partners The primary interest of marketers when focusing on a target market is ______. a. concentrating on the needs of some potential consumer b. selling the product to every customer c. utilizing every promotional tool available to promote a product d. focusing on wealthy buyers a. concentrating on the needs of some potential consumer Marketing typically impacts which of the following groups in society? (Select all that apply) a. shareholders b. suppliers c. regulatory agencies d. customers a. shareholders b. suppliers d. customers Concepts like value and relationship marketing are important in designing an organization's marketing program because such a program is what connects the organization to its ______. a. investors b. customers c. shareholders d. preferred suppliers and distributors b. customers Select the four factors required for marketing to occur. a. A universal form of payment b. Something for the parties to exchange c. Two or more parties with unsatisfied needs d. A desire for the parties to have their needs satisfied e. A desire to turn a need into a want f. A way for the parties to communicate b. Something for the parties to exchange c. Two or more parties with unsatisfied needs d. A desire for the parties to have their needs satisfied f. A way for the parties to communicate The unique combination of benefits received by targeted buyers at a specific price is known as ______. a. the service agreement b. customer value c. the marketing relationship d. product satisfaction b. customer value Listening to your customers in order to develop a better product is an example of ______. a. effective marketing research b. market capitalization c. effective distribution d. promotion and public relations a. effective marketing research A marketing program integrates the ______ to provide a good, service, or idea to prospective buyers. a. target market b. marketing mix c. environmental forces d. customer value proposition b. marketing mix What is the most fundamental goal of marketing? a. to satisfy consumer needs and wants b. to achieve sustainability c. to advertise d. to develop innovative products a. to satisfy consumer needs and wants The business orientations typical of organizations have evolved over time; in the early years of the United States, a ______ orientation that focused on creation of any type of good was common, while today firms often have a ______ orientation in which they seek to satisfy the high expectations of customers. a. production; sales b. production; market c. sales; concept d. sales; production b. production; market A ______ market is one or more specific groups of potential consumers toward which an organization directs its marketing program. a. target b. promotional c. test d. reliable a. target The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term favorable perceptions of the organization is called ______. a. customer relationship management b. the societal marketing concept c. marketing utility d. a marketing program a. customer relationship management