14 Aug Question 1 Which of the following definitions of marketing most accurately ref

Question 1
Which of the following definitions of marketing most
accurately reflects the definition of the American Marketing Association?

1)
Marketing is a process of producing maximum profits.

2)
Marketing is a social and managerial process by which
individuals and organizations obtain what they want and need.

3)
Marketing is the creation of value for customers who then
are able to buy what they need and want, when and where they want.

4)
Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering and exchanging offerings that
have value for customers, clients, partners and society at large.

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Question 2
Why can’t the term marketing be used to refer to advertising
activities performed by a marketer?

1)
Because advertising is not one of many marketing
communications tools

2)
Because marketing is a much broader, strategic discipline
and advertising is only one part of the communication function of marketing

3)
Because advertising is commonly used interchangeably with
the term marketing by professional marketers

4)
Because without advertising it won’t matter what the company
markets because no one will know about it

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Question 3
How do marketers ensure customers can find offerings?

By ensuring their products are offered on the internet

Correct Answer
By ensuring they developed supply chains that are designed
to deliver the right product to the right customer at the right time

By spreading word of mouth promotions

In
By ensuring that the customer understands how to use a
product and why the product has value to them.

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Question 4
What is marketing’s most important role?

1)
Bring needed products and services to consumer groups

2)
Contribute to the organization’s profits by ensuring the
company is offering the right products.

Correct Answer
3)
Create value for consumers

In
4)
Grow the organization in terms of market share, overall
revenues, profit margin, or other measurement of success as defined in the
organization’s strategic plan.

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Question 5
The personal value equation refers to:

Correct Answer
the relationship between the price of the product and how
difficult it is to purchase the product versus the benefits the customer hopes
to receive.

In
how much a consumer feels a particular product is worth.

the combination of price and the benefits the customer hopes
to receive from his purchase.

the combination of the brand equity of the product, the
degree to which the product is discounted, the number of competing products and
the effort the consumer needs to purchase the product.

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Question 6
What is an offering?

The benefits of acquiring a particular product.

The price a consumer pays to acquire a product.

Correct Answer
A bundle of value deliverered via a product, a service, or a
combination of the two, plus the price

In
A tangible good a consumer can purchase

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Question 7
Which statement best describes the ‘offering’ of an Apple
iphone.

In
A cell phone that costs more than competing offerings
because consumers perceive that the iPhone offers more features than any other
cell phone and is worth the price, and the Apple brand is known and respected.

A state of the art mobile phone device that needs to be
attached to a cell service provide for worldwide phone connectivity

A means to connect with anyone, any where, any time

Correct Answer
A bundle of features and benefits along with the reputation
of Apple products, the warranty and ancillary support

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Question 8
What is the value of an organization having a
customer-focused value proposition?

A good value proposition will ensure that the organization
achieves a profit or other goals.

A value proposition is the tagline or jingles used by
marketers in all of their marketing communications that customers can easily
remember.

A value proposition spells out the price of a product or
service offering in terms the customer can understand and therefore make a
decision. The customer does not need to search for the price.

A value proposition helps customers quickly identify the
benefits of a product or service offering, and can distinguish those features
and benefits from competing offers.

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Question 9
Which of the following marketers do you think practices the
marketing concept?

1)
A cat food company that drops its price by 10%

2)
A use car salesman who wants to sell you a car that will
provide her with the highest possible commission

3)
A restaurant that encourages customers to fill out a
feedback card and use that information to improve the restaurant offering

4)
A new operating system that will replace an existing
operating system within six months for an increase in user fees

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Question 10
Why should marketers try to benefit society at large?

Because marketing facilitates trade which makes people’s
lives better.

Because if they don’t goverments and consumer groups will
eventually regulate the industry.

Because all of society are potential customers.

Because consumer advocacy groups can initiate a boycott of
the company’s product.

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Question 11
What are the major steps in a strategic planning process?

1)
conduct marketing research to identify customer needs
develop a mission statement
develop a valuable offering
communicate the offering

2)
environmental analysis
mission statement
objectives
value proposition and strategy formulation

3)
mission statement
value proposition
environmental analysis
strategy formulation

4)
develop mission statement
develop corporate objectives
scan the internal and external environments
develop product or service offerings
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Question 12
Which of the following represents a customer-focused mission
statement.

Our mission is to expand globally within the next five
years.

Our mission is to become the product of choice for all our
customers.

Our mission is to become the world’s leader in our
technological field.

Our mission is to grow the company with state of the art
products and services.

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Question 13
What is the reason why a good strategic plan includes an
analysis of the current situation including a SWOT analysis?

To ensure the organization identifies everything that
happened in the past to include that history in its strategic plan

To ensure all departments are represented in the strategic
planning process

To ensure the organization does not repeat past
mistakes.

To ensure the organization plans to minimize its weaknesses
and threats and maximize its strengths and opportunities

View Feedback
Question 14
Why is it important for organizations to adopt a marketing
orientation?

Because it no longer matters what an organization offers so
long as it produces profits.

Because the marketing orientation ensures the organization
will reach maximum sales

Because the selling orientation doesn’t work anymore

Because adopting a marketing orientation means the
organization focuses its efforts and resources on creating value to satisfy
customer wants and needs

View Feedback
Question 15
Why should an organization operate in an ethical and
socially responsible manner?

Correct Answer
Because consumers are demanding ethical and socially
responsible behavior.

Because marketing has a bad reputation and companies need to
regain the public’s trust

In
Because organizations can be assessed heavy fines if they do
not operate ethically and in a socially responsible manner.

Because the organization’s officers can be held personally
responsible if the company is found to have violated an ethical norm.

View FeedbackQuestion 1 Which of the following definitions of marketing most
accurately reflects the definition of the American Marketing Association? 1) Marketing is a process of producing maximum profits. 2) Marketing is a social and managerial process by which
individuals and organizations obtain what they want and need. 3) Marketing is the creation of value for customers who then
are able to buy what they need and want, when and where they want.4) Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering and exchanging offerings that
have value for customers, clients, partners and society at large.View FeedbackQuestion 2 Why can’t the term marketing be used to refer to advertising
activities performed by a marketer? 1) Because advertising is not one of many marketing
communications tools2) Because marketing is a much broader, strategic discipline
and advertising is only one part of the communication function of marketing 3) Because advertising is commonly used interchangeably with
the term marketing by professional marketers 4) Because without advertising it won’t matter what the company
markets because no one will know about itView FeedbackQuestion 3 How do marketers ensure customers can find offerings? By ensuring their products are offered on the internetCorrect Answer By ensuring they developed supply chains that are designed
to deliver the right product to the right customer at the right time By spreading word of mouth promotionsInBy ensuring that the customer understands how to use a
product and why the product has value to them. View FeedbackQuestion 4 What is marketing’s most important role? 1) Bring needed products and services to consumer groups 2) Contribute to the organization’s profits by ensuring the
company is offering the right products.Correct Answer 3) Create value for consumersIn4) Grow the organization in terms of market share, overall
revenues, profit margin, or other measurement of success as defined in the
organization’s strategic plan.View FeedbackQuestion 5 The personal value equation refers to:Correct Answer the relationship between the price of the product and how
difficult it is to purchase the product versus the benefits the customer hopes
to receive.Inhow much a consumer feels a particular product is worth. the combination of price and the benefits the customer hopes
to receive from his purchase. the combination of the brand equity of the product, the
degree to which the product is discounted, the number of competing products and
the effort the consumer needs to purchase the product.View FeedbackQuestion 6 What is an offering? The benefits of acquiring a particular product. The price a consumer pays to acquire a product.Correct Answer A bundle of value deliverered via a product, a service, or a
combination of the two, plus the priceInA tangible good a consumer can purchase View FeedbackQuestion 7 Which statement best describes the ‘offering’ of an Apple
iphone. InA cell phone that costs more than competing offerings
because consumers perceive that the iPhone offers more features than any other
cell phone and is worth the price, and the Apple brand is known and respected. A state of the art mobile phone device that needs to be
attached to a cell service provide for worldwide phone connectivity A means to connect with anyone, any where, any timeCorrect Answer A bundle of features and benefits along with the reputation
of Apple products, the warranty and ancillary supportView FeedbackQuestion 8 What is the value of an organization having a
customer-focused value proposition? A good value proposition will ensure that the organization
achieves a profit or other goals. A value proposition is the tagline or jingles used by
marketers in all of their marketing communications that customers can easily
remember. A value proposition spells out the price of a product or
service offering in terms the customer can understand and therefore make a
decision. The customer does not need to search for the price.A value proposition helps customers quickly identify the
benefits of a product or service offering, and can distinguish those features
and benefits from competing offers.View FeedbackQuestion 9 Which of the following marketers do you think practices the
marketing concept? 1) A cat food company that drops its price by 10% 2) A use car salesman who wants to sell you a car that will
provide her with the highest possible commission 3) A restaurant that encourages customers to fill out a
feedback card and use that information to improve the restaurant offering 4) A new operating system that will replace an existing
operating system within six months for an increase in user fees View FeedbackQuestion 10 Why should marketers try to benefit society at large?Because marketing facilitates trade which makes people’s
lives better. Because if they don’t goverments and consumer groups will
eventually regulate the industry. Because all of society are potential customers. Because consumer advocacy groups can initiate a boycott of
the company’s product.View FeedbackQuestion 11 What are the major steps in a strategic planning process? 1) conduct marketing research to identify customer needsdevelop a mission statementdevelop a valuable offeringcommunicate the offering2) environmental analysismission statementobjectivesvalue proposition and strategy formulation 3) mission statementvalue propositionenvironmental analysisstrategy formulation 4) develop mission statementdevelop corporate objectivesscan the internal and external environmentsdevelop product or service offeringsView FeedbackQuestion 12 Which of the following represents a customer-focused mission
statement. Our mission is to expand globally within the next five
years.Our mission is to become the product of choice for all our
customers. Our mission is to become the world’s leader in our
technological field. Our mission is to grow the company with state of the art
products and services.View FeedbackQuestion 13 What is the reason why a good strategic plan includes an
analysis of the current situation including a SWOT analysis? To ensure the organization identifies everything that
happened in the past to include that history in its strategic plan To ensure all departments are represented in the strategic
planning process To ensure the organization does not repeat past
mistakes. To ensure the organization plans to minimize its weaknesses
and threats and maximize its strengths and opportunitiesView FeedbackQuestion 14 Why is it important for organizations to adopt a marketing
orientation? Because it no longer matters what an organization offers so
long as it produces profits. Because the marketing orientation ensures the organization
will reach maximum sales Because the selling orientation doesn’t work anymoreBecause adopting a marketing orientation means the
organization focuses its efforts and resources on creating value to satisfy
customer wants and needs View FeedbackQuestion 15 Why should an organization operate in an ethical and
socially responsible manner?Correct Answer Because consumers are demanding ethical and socially
responsible behavior. Because marketing has a bad reputation and companies need to
regain the public’s trustInBecause organizations can be assessed heavy fines if they do
not operate ethically and in a socially responsible manner. Because the organization’s officers can be held personally
responsible if the company is found to have violated an ethical norm. View Feedback

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