MBA 706 Exam 1: Fact-Based Questions and Answers
The curse of mature markets whereby products lack any real means of
differentiation and customers see competing products as offering roughly the
same benefits Correct Answer - Commoditization
Involves the analysis of economic, political, legal, technological, and cultural
events and trends that may affect the future of the organization and its
marketing efforts. Correct Answer - Environmental scanning
C. Price has a direct connection with customer demand Correct Answer -
Which of the following statements about pricing decisions in the marketing
program is TRUE?
a. Customers will always equate higher prices with higher quality products.
b. Pricing is the most difficult element of the marketing mix to change.
c. Price has a direct connection with customer demand.
d. Price is one of two elements of the marketing mix that leads to revenue
This type of planning deals with specific markets or market segments and the
development of marketing programs that will fulfill the needs of customers in
those markets Correct Answer - Tactical Planning
D. What do we want to become? Correct Answer - A vision statement
answers which of the following statements?
a. What business are we in?
b. Which is our market position?
c. How can we serve our target markets?
d. What do we want to become?
D. Because top managers must decide whether the marketing plan is the best
use for the organization's scarce resources. Correct Answer - In the
context of marketing planning, why is it vital that the marketing plan be
capable of selling itself to top management?
a. Because top managers must be able to clearly communicate the strategy to
external stakeholders.
b. Because top managers are responsible for executing the marketing plan.
c. Because top managers must decide whether the marketing plan is the best
use for the organization's scarce resources.
,d. Because top managers must ensure that the marketing program is
successful.
B. evaluation and Control Correct Answer - Motorola continuously
establishes performance standards and assesses actual performance by
comparing it with these standards. Afterwards, Motorola often takes
corrective action to reduce any discrepancies. This process is most likely
outlined in the __________ section of Motorola's marketing plan.Motorola
continuously establishes performance standards and assesses actual
performance by comparing it with these standards. Afterwards, Motorola
often takes corrective action to reduce any discrepancies. This process is most
likely outlined in the __________ section of Motorola's marketing plan.
a. goals and objectives
b. evaluation and control
c. marketing strategy
d. marketing implementation
Mission Statement Correct Answer - What is needed to develop goals
and objectives?
False Correct Answer - True/False: The SWOT analysis is derived from
the marketing goals and objectives section.
D. A review of the competition Correct Answer - Which of the following
is NOT a part of evaluating the internal environment?
a. A review of current objectives, strategy, and performance.
b. A review of the current availability of organizational resources.
c. A review of the organizational structure.
d. A review of the competition.
• Power shift to customers
• Massive increase in product selection
• Audience and media fragmentation
• Changing value propositions
• Shift in demand patterns
• Privacy, security, and ethical concerns
• Unclear legal jurisdiction Correct Answer - What are the challenges
and opportunities in today's economy?
, Group of individuals or institutions with similar needs that can be met by a
specific product (collection of buyers and sellers) Correct Answer -
Market
Electronic marketplaces unbound by time or space (ex: Ebay or Etsy)
Correct Answer - Marketspace
Cluster of closely related goods and services that center around a specific
consumption activity (Ex: automotive, homeownership, parenting, etc.)
Correct Answer - Meta market
Rapid technological change, economic/financial anxiety, and increasing
consumer skepticism. Correct Answer - Today's economy is
characterized by what?
Value and customer relationship; meeting human and social needs Correct
Answer - In 2005, the definition of marketing stressed what two critical
success factors? What was added in 2006 to the definition?
Provides a single access point where buyers can locate and contact many
different sellers in the metamarket (ex: homeownership = www.zillow.com,
parenting = www.babycenter.com) Correct Answer - Metamediary
Traditionally defined as the process of obtaining something of value from
someone by offering something in return; this usually entails obtaining
products for money. Correct Answer - Exchange
•There must be at least two parties for the exchange.
•Each party should have something that the other party values.
•Each party must be capable of communication and delivery.
•Each party must be free to accept or reject exchange.
•Each party must believe it is desirable to exchange with the other party.
Correct Answer - What are the 5 conditions of an exchange?
Something acquired through an exchange to satisfy a need or want Correct
Answer - Product
The curse of mature markets whereby products lack any real means of
differentiation and customers see competing products as offering roughly the
same benefits Correct Answer - Commoditization
Involves the analysis of economic, political, legal, technological, and cultural
events and trends that may affect the future of the organization and its
marketing efforts. Correct Answer - Environmental scanning
C. Price has a direct connection with customer demand Correct Answer -
Which of the following statements about pricing decisions in the marketing
program is TRUE?
a. Customers will always equate higher prices with higher quality products.
b. Pricing is the most difficult element of the marketing mix to change.
c. Price has a direct connection with customer demand.
d. Price is one of two elements of the marketing mix that leads to revenue
This type of planning deals with specific markets or market segments and the
development of marketing programs that will fulfill the needs of customers in
those markets Correct Answer - Tactical Planning
D. What do we want to become? Correct Answer - A vision statement
answers which of the following statements?
a. What business are we in?
b. Which is our market position?
c. How can we serve our target markets?
d. What do we want to become?
D. Because top managers must decide whether the marketing plan is the best
use for the organization's scarce resources. Correct Answer - In the
context of marketing planning, why is it vital that the marketing plan be
capable of selling itself to top management?
a. Because top managers must be able to clearly communicate the strategy to
external stakeholders.
b. Because top managers are responsible for executing the marketing plan.
c. Because top managers must decide whether the marketing plan is the best
use for the organization's scarce resources.
,d. Because top managers must ensure that the marketing program is
successful.
B. evaluation and Control Correct Answer - Motorola continuously
establishes performance standards and assesses actual performance by
comparing it with these standards. Afterwards, Motorola often takes
corrective action to reduce any discrepancies. This process is most likely
outlined in the __________ section of Motorola's marketing plan.Motorola
continuously establishes performance standards and assesses actual
performance by comparing it with these standards. Afterwards, Motorola
often takes corrective action to reduce any discrepancies. This process is most
likely outlined in the __________ section of Motorola's marketing plan.
a. goals and objectives
b. evaluation and control
c. marketing strategy
d. marketing implementation
Mission Statement Correct Answer - What is needed to develop goals
and objectives?
False Correct Answer - True/False: The SWOT analysis is derived from
the marketing goals and objectives section.
D. A review of the competition Correct Answer - Which of the following
is NOT a part of evaluating the internal environment?
a. A review of current objectives, strategy, and performance.
b. A review of the current availability of organizational resources.
c. A review of the organizational structure.
d. A review of the competition.
• Power shift to customers
• Massive increase in product selection
• Audience and media fragmentation
• Changing value propositions
• Shift in demand patterns
• Privacy, security, and ethical concerns
• Unclear legal jurisdiction Correct Answer - What are the challenges
and opportunities in today's economy?
, Group of individuals or institutions with similar needs that can be met by a
specific product (collection of buyers and sellers) Correct Answer -
Market
Electronic marketplaces unbound by time or space (ex: Ebay or Etsy)
Correct Answer - Marketspace
Cluster of closely related goods and services that center around a specific
consumption activity (Ex: automotive, homeownership, parenting, etc.)
Correct Answer - Meta market
Rapid technological change, economic/financial anxiety, and increasing
consumer skepticism. Correct Answer - Today's economy is
characterized by what?
Value and customer relationship; meeting human and social needs Correct
Answer - In 2005, the definition of marketing stressed what two critical
success factors? What was added in 2006 to the definition?
Provides a single access point where buyers can locate and contact many
different sellers in the metamarket (ex: homeownership = www.zillow.com,
parenting = www.babycenter.com) Correct Answer - Metamediary
Traditionally defined as the process of obtaining something of value from
someone by offering something in return; this usually entails obtaining
products for money. Correct Answer - Exchange
•There must be at least two parties for the exchange.
•Each party should have something that the other party values.
•Each party must be capable of communication and delivery.
•Each party must be free to accept or reject exchange.
•Each party must believe it is desirable to exchange with the other party.
Correct Answer - What are the 5 conditions of an exchange?
Something acquired through an exchange to satisfy a need or want Correct
Answer - Product
