Marketing Management Exam 1 Questions
With All Correct & Verified Answers
What is the term when we have similar groups of prospective buyers that have common needs and
will respond similarly to marketing actions? Correct answer-Market Segments
What are the controllables in the marketing model? Correct answer-Price
Product
Place
Promotion
Whats on the inside of the marketing model? Correct answer-Customers or target markets
What is the term for when we try to build trust and make friends with our customers? Correct
answer-Relationship marketing
What is the academic term for the controllables or the 4 Ps? Correct answer-Marketing mix
What do we call it when a firm tries to find out what customers want and need and then deliver
what the customers want and need? Correct answer-Marketing
What is the term for people with both the desire and the ability to buy a specific offering? Correct
answer-a market
Which uncontrollable usually has the most impact? Correct answer-Competition
What are the four things needed for marketing? Correct answer--Two+ Parties with Unsatisfied
Needs
-A Desire and Ability to Be Satisfied
-A Way for the Parties to Communicate
-Something to Exchange
What are the four forms of utility? Correct answer-Form utility
place utility
time utility
possession utility
What is the unique combination of benefits received by targeted buyers that includes quality,
convenience, on-time delivery, and both before-sale and after-sale service at a specific price?
Correct answer-Customer value
What do your hands represent in the marketing model Correct answer-values and vision
What consists of one or more specific groups of potential consumers toward which an organization
directs its marketing program? Correct answer-Target market
What is the term we give to how consumers benefit? Correct answer-Utility
What are the broad terms we use to describe the two types of buyers? Correct answer-Ultimate
consumers
,organizational buyers
Name all five uncontrollables Correct answer-social
competitive
economic
regulatory
technological
A technique that managers use to categorize strategic business units as question marks, stars, cash
cows, or dogs is referred to as Correct answer-a business portfolio analysis
Aggregating prospective buyers into groups that have common needs and will respond similarly to a
marketing action is called Correct answer-market segmentation
Where on the marketing model do we find most opportunities and threats? Correct answer-
uncontrollables
What kind of market-product strategy is used when the Tech bookstore tries to sell Hokie sweatshirts
to those in Russia? Correct answer-Market development
What is the term we give to the fundamental, passionate, and enduring principles of an organization
that guide its conduct over time? Correct answer-core values
How should you describe a star on the Boston Consulting Group matrix? Correct answer-High
market share, high growth rate
What kind of market-product strategy is used when the Tech bookstore tries to sell leftover
sweatshirts to Tech students? Correct answer-Market penetration
What is the term we give to a product that has a high market share, but in an industry which isn't
growing? Correct answer-Cash cow
What are the two axes on the Boston Consulting Group matrix Correct answer-market growth and
relative market share
What is the term we use for a product that is in a high market growth area, but has a low market
share? Correct answer-Question mark
What is the term we give to a visual representation of complex data which makes it easier for us to
understand? Correct answer-Dashboard
What kind of market-product strategy is used when the Tech bookstore sells hot-air balloon rides to
those in Brazil? Correct answer-Diversification
What is the term we give to a product which has a low market share in an industry that isn't
growing? Correct answer-Dog
What is the difference between the Boston Consulting Group Matrix and the business portfolio
analysis? Correct answer-Nothing
What are the four main forms of competition? Correct answer--pure competition
, -monopolistic competition
-oligopoly
-monopoly
What is the term we use for the idea that organizations are part of a larger society and are
accountable to that society for their actions? Correct answer-Social responsibility
What is the term for the type of competition which has a few large companies selling similar
products? Correct answer-Oligopoly
The personal, social, and economic significance of the purchase to the consumer, which is known as
the level of __________, may cause him or her to skip or minimize one or more stages in the
purchase decision process Correct answer-involvement
People to whom an individual looks as a basis for self-appraisal or as a source of personal standards
are referred to as Correct answer-reference groups
Individuals who exert direct or indirect social influence over others are referred to as Correct
answer-opinion leaders
What is the term we use when a consumer realizes her ideal state is not her actual state? Correct
answer-problem recognition
What is the term which consists of the distinct phases that a family progresses through from
formation to retirement, each phase bringing with it identifiable purchasing behaviors? Correct
answer-family life cycle
What is the personal, social, and economic significance of the purchase to the consumer? Correct
answer-involvement
What is the term for people to whom an individual looks as a basis for self-appraisal or as a source of
personal standards? Correct answer-reference groups
Who are individuals who exert direct or indirect social influence over others? Correct answer-
opinion leaders
What is the feeling of postpurchase psychological tension or anxiety consumers may experience
when faced with two or more highly attractive alternatives? Correct answer-cognitive dissonance
Name one approach a marketer should use to change consumer attitudes Correct answer-1.
Change Beliefs About a Brand's Attributes
2. Change Perceived Importance of Attributes
3. Add New Product Attributes
Which of the following is the most effective for reducing consumer risk?
-Obtain Seals of Approval
-Secure Endorsements
-Provide Free Trials/Samples
-Give Extensive Instructions
-Provide Warranties /Guarantees Correct answer-Provide Free Trials/Samples
With All Correct & Verified Answers
What is the term when we have similar groups of prospective buyers that have common needs and
will respond similarly to marketing actions? Correct answer-Market Segments
What are the controllables in the marketing model? Correct answer-Price
Product
Place
Promotion
Whats on the inside of the marketing model? Correct answer-Customers or target markets
What is the term for when we try to build trust and make friends with our customers? Correct
answer-Relationship marketing
What is the academic term for the controllables or the 4 Ps? Correct answer-Marketing mix
What do we call it when a firm tries to find out what customers want and need and then deliver
what the customers want and need? Correct answer-Marketing
What is the term for people with both the desire and the ability to buy a specific offering? Correct
answer-a market
Which uncontrollable usually has the most impact? Correct answer-Competition
What are the four things needed for marketing? Correct answer--Two+ Parties with Unsatisfied
Needs
-A Desire and Ability to Be Satisfied
-A Way for the Parties to Communicate
-Something to Exchange
What are the four forms of utility? Correct answer-Form utility
place utility
time utility
possession utility
What is the unique combination of benefits received by targeted buyers that includes quality,
convenience, on-time delivery, and both before-sale and after-sale service at a specific price?
Correct answer-Customer value
What do your hands represent in the marketing model Correct answer-values and vision
What consists of one or more specific groups of potential consumers toward which an organization
directs its marketing program? Correct answer-Target market
What is the term we give to how consumers benefit? Correct answer-Utility
What are the broad terms we use to describe the two types of buyers? Correct answer-Ultimate
consumers
,organizational buyers
Name all five uncontrollables Correct answer-social
competitive
economic
regulatory
technological
A technique that managers use to categorize strategic business units as question marks, stars, cash
cows, or dogs is referred to as Correct answer-a business portfolio analysis
Aggregating prospective buyers into groups that have common needs and will respond similarly to a
marketing action is called Correct answer-market segmentation
Where on the marketing model do we find most opportunities and threats? Correct answer-
uncontrollables
What kind of market-product strategy is used when the Tech bookstore tries to sell Hokie sweatshirts
to those in Russia? Correct answer-Market development
What is the term we give to the fundamental, passionate, and enduring principles of an organization
that guide its conduct over time? Correct answer-core values
How should you describe a star on the Boston Consulting Group matrix? Correct answer-High
market share, high growth rate
What kind of market-product strategy is used when the Tech bookstore tries to sell leftover
sweatshirts to Tech students? Correct answer-Market penetration
What is the term we give to a product that has a high market share, but in an industry which isn't
growing? Correct answer-Cash cow
What are the two axes on the Boston Consulting Group matrix Correct answer-market growth and
relative market share
What is the term we use for a product that is in a high market growth area, but has a low market
share? Correct answer-Question mark
What is the term we give to a visual representation of complex data which makes it easier for us to
understand? Correct answer-Dashboard
What kind of market-product strategy is used when the Tech bookstore sells hot-air balloon rides to
those in Brazil? Correct answer-Diversification
What is the term we give to a product which has a low market share in an industry that isn't
growing? Correct answer-Dog
What is the difference between the Boston Consulting Group Matrix and the business portfolio
analysis? Correct answer-Nothing
What are the four main forms of competition? Correct answer--pure competition
, -monopolistic competition
-oligopoly
-monopoly
What is the term we use for the idea that organizations are part of a larger society and are
accountable to that society for their actions? Correct answer-Social responsibility
What is the term for the type of competition which has a few large companies selling similar
products? Correct answer-Oligopoly
The personal, social, and economic significance of the purchase to the consumer, which is known as
the level of __________, may cause him or her to skip or minimize one or more stages in the
purchase decision process Correct answer-involvement
People to whom an individual looks as a basis for self-appraisal or as a source of personal standards
are referred to as Correct answer-reference groups
Individuals who exert direct or indirect social influence over others are referred to as Correct
answer-opinion leaders
What is the term we use when a consumer realizes her ideal state is not her actual state? Correct
answer-problem recognition
What is the term which consists of the distinct phases that a family progresses through from
formation to retirement, each phase bringing with it identifiable purchasing behaviors? Correct
answer-family life cycle
What is the personal, social, and economic significance of the purchase to the consumer? Correct
answer-involvement
What is the term for people to whom an individual looks as a basis for self-appraisal or as a source of
personal standards? Correct answer-reference groups
Who are individuals who exert direct or indirect social influence over others? Correct answer-
opinion leaders
What is the feeling of postpurchase psychological tension or anxiety consumers may experience
when faced with two or more highly attractive alternatives? Correct answer-cognitive dissonance
Name one approach a marketer should use to change consumer attitudes Correct answer-1.
Change Beliefs About a Brand's Attributes
2. Change Perceived Importance of Attributes
3. Add New Product Attributes
Which of the following is the most effective for reducing consumer risk?
-Obtain Seals of Approval
-Secure Endorsements
-Provide Free Trials/Samples
-Give Extensive Instructions
-Provide Warranties /Guarantees Correct answer-Provide Free Trials/Samples
