14 Aug Quiz 1 Question 1 Which of the following definitions of marketing most a

Quiz 1

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 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.

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 a social and
managerial process by which individuals and organizations obtain what they want
and need.

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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 commonly
used interchangeably with the term marketing by professional marketers

2)
Because without advertising it
won’t matter what the company markets because no one will know about it

3)
Because marketing is a much
broader, strategic discipline and advertising is only one part of the
communication function of marketing

4)
Because advertising is not one
of many marketing communications tools

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Question 3
How do marketers ensure customers can find offerings?

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

By spreading word of mouth promotions

By ensuring their products are offered on the internet

By ensuring they developed supply chains that are designed
to deliver the right product to the right customer at the right time
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Question 4
What is marketing’s most important role?
1)
Create value for consumers

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

3)
Bring needed products and
services to consumer groups

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:

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.

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

how much a consumer feels a particular product is worth.

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.

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

The price a consumer pays to acquire a product.

A tangible good a consumer can purchase
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Question 7
Which statement best describes the ‘offering’ of an Apple
iphone.

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

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

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

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

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

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.

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.
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Question 9
Which of the following marketers do you think practices the
marketing concept?
1)
A restaurant that encourages
customers to fill out a feedback card and use that information to improve the
restaurant offering

2)
A new operating system that
will replace an existing operating system within six months for an increase in
user fees

3)
A cat food company that drops
its price by 10%

4)
A use car salesman who wants to
sell you a car that will provide her with the highest possible commission

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

Because all of society are potential customers.

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

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

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)
1. mission statement
2. value
proposition
3. environmental
analysis
4. strategy
formulation

2)
1. environmental analysis
2. mission
statement
3. objectives
4. value
proposition and strategy formulation

3)
1. conduct marketing research to identify customer needs
2. develop a
mission statement
3. develop a
valuable offering
4. communicate
the offering

4)
1. develop mission statement
2. develop
corporate objectives
3. scan the
internal and external environments
4. 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 grow the company with state of the art
products and services.

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.
View Feedback

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

To ensure all departments are represented in the strategic
planning process

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

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 the marketing orientation ensures the organization
will reach maximum sales

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

Because the selling orientation doesn’t work anymore

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

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

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

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

Because consumers are demanding ethical and socially
responsible behavior.

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

________________________________________

Quiz 1 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 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. 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 a social and
managerial process by which individuals and organizations obtain what they want
and need. View FeedbackQuestion 2 Why can’t the term marketing be used to refer to advertising
activities performed by a marketer? 1)
Because advertising is commonly
used interchangeably with the term marketing by professional marketers 2)
Because without advertising it
won’t matter what the company markets because no one will know about it 3)
Because marketing is a much
broader, strategic discipline and advertising is only one part of the
communication function of marketing 4)
Because advertising is not one
of many marketing communications tools View FeedbackQuestion 3 How do marketers ensure customers can find offerings? By ensuring that the customer understands how to use a
product and why the product has value to them. By spreading word of mouth promotions By ensuring their products are offered on the internet By ensuring they developed supply chains that are designed
to deliver the right product to the right customer at the right time View FeedbackQuestion 4 What is marketing’s most important role? 1)
Create value for consumers 2)
Contribute to the
organization’s profits by ensuring the company is offering the right products. 3)
Bring needed products and
services to consumer groups 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. View FeedbackQuestion 5 The personal value equation refers to: 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. the combination of price and the benefits the customer hopes
to receive from his purchase. how much a consumer feels a particular product is worth. 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. A bundle of value deliverered via a product, a service, or a
combination of the two, plus the price The price a consumer pays to acquire a product. A tangible good a consumer can purchase View FeedbackQuestion 7 Which statement best describes the ‘offering’ of an Apple
iphone. A bundle of features and benefits along with the reputation
of Apple products, the warranty and ancillary support 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 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. View FeedbackQuestion 8 What is the value of an organization having a
customer-focused value proposition? A value proposition is the tagline or jingles used by
marketers in all of their marketing communications that customers can easily
remember. A good value proposition will ensure that the organization
achieves a profit or other goals. 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. 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. View FeedbackQuestion 9 Which of the following marketers do you think practices the
marketing concept? 1)
A restaurant that encourages
customers to fill out a feedback card and use that information to improve the
restaurant offering 2)
A new operating system that
will replace an existing operating system within six months for an increase in
user fees 3)
A cat food company that drops
its price by 10% 4)
A use car salesman who wants to
sell you a car that will provide her with the highest possible commission View FeedbackQuestion 10 Why should marketers try to benefit society at large? Because all of society are potential customers. Because if they don’t goverments and consumer groups will
eventually regulate the industry. Because marketing facilitates trade which makes people’s
lives better. 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)
1. mission statement2. value
proposition3. environmental
analysis4. strategy
formulation 2)
1. environmental analysis2. mission
statement3. objectives4. value
proposition and strategy formulation 3)
1. conduct marketing research to identify customer needs2. develop a
mission statement3. develop a
valuable offering4. communicate
the offering 4)
1. develop mission statement2. develop
corporate objectives3. scan the
internal and external environments4. develop
product or service offerings View FeedbackQuestion 12 Which of the following represents a customer-focused mission
statement. Our mission is to grow the company with state of the art
products and services. 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. 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 all departments are represented in the strategic
planning process To ensure the organization identifies everything that
happened in the past to include that history in its strategic plan 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 FeedbackQuestion 14 Why is it important for organizations to adopt a marketing
orientation? Because the marketing orientation ensures the organization
will reach maximum sales Because adopting a marketing orientation means the
organization focuses its efforts and resources on creating value to satisfy
customer wants and needs Because the selling orientation doesn’t work anymore Because it no longer matters what an organization offers so
long as it produces profits. View FeedbackQuestion 15 Why should an organization operate in an ethical and
socially responsible manner? Because marketing has a bad reputation and companies need to
regain the public’s trust Because the organization’s officers can be held personally
responsible if the company is found to have violated an ethical norm. Because consumers are demanding ethical and socially
responsible behavior. Because organizations can be assessed heavy fines if they do
not operate ethically and in a socially responsible manner. View Feedback________________________________________

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