Principles Of Marketing

40. In order for exchange to occur: a complex societal system must be involved. incorrect organized marketing activities must also occur. incorrect a profit-oriented organization must be involved. incorrect each party must have something of value to the other party. correct

39. Four competing philosophies strongly influence the role of marketing and marketing activities within an organization. Which if the following is not a component of market orientation? Customer orientation. incorrect Profitability orientation. incorrect Marketing orientation. correct Competitor orientation. incorrect

38. A market orientation recognizes that: price is the most important variable for customers. incorrect market intelligence relating to current and future customer needs is important. correct selling and marketing are essentially the same things. incorrect sales depend predominantly on an aggressive sales force. incorrect

37. The ____________ delivers to us a wide array of offerings, either directly or indirectly, through business markets, to serve our wants and needs. aggregate marketing system correct planning excellence incorrect a quality rift incorrect a value line incorrect

36. In public sector markets, the ____________ is bound by strict legal guidelines for contracts valued over a set amount. promotional mix. incorrect logistics function. incorrect procurement process. correct aggregate marketing system. incorrect

35. The ______________is concerned with ideas of the 'marketing mix' and the 4Ps: consumer services perspective. incorrect business-to-business perspective. incorrect societal perspective. incorrect consumer goods perspective. correct

34. The way in which the product is delivered to meet the customers' needs refers to: new product concepts and improvements. incorrect selling. incorrect advertising and promotion activities. incorrect place or distribution activities. correct

33. Newsletters, catalogues, and invitations to organization-sponsored events are most closely associated with the marketing mix activity of: Pricing incorrect Distribution incorrect Product development incorrect Promotion correct

32. The term 'marketing mix' describes: a composite analysis of all environmental factors inside and outside the firm. incorrect a series of business decisions that aid in selling a product. incorrect the relationship between a firm's marketing strengths and its business weaknesses. incorrect a blending of four strategic elements to satisfy specific target markets. correct

31. Which of the following is not an element of the marketing mix?   Promotion. incorrect Product. incorrect Target market. correct Pricing. incorrect

30. According to the Charted Institute of Marketing, which of the following is not a professional marketing competency?   Brand. incorrect Sales tactics. correct Digital Integration. incorrect Customer Experience. incorrect

29. Joint creation of value, in which customers take part in an active dialogue and co-construct personalized experiences, is referred to as:   interactive marketing. incorrect co-creation experience. correct relationship marketing. incorrect organization marketing. incorrect

27. In relationship marketing firms focus on __________ relationships with __________.   short-term; customers and stakeholders incorrect long-term; customers and stakeholders correct short-term; customers incorrect long-term; customers incorrect

26. What is about how the offering's benefits and features are communicated to the potential buyer?   product incorrect place incorrect price incorrect promotion correct

25. According to Leone and Shultz (1980), the law-like generalization 1 explains that ___________ has a direct and positive influence on total industry (market) sales.   increased consumer demand. incorrect advertising correct increase in urbanization. incorrect elasticity incorrect

24. What activity is geared around understanding and communicating with the customer to help in the design, development, delivery, and determination of the value inherent in the offering?   production incorrect sales incorrect finance incorrect marketing correct

23. What is a person who uses business products called? Customer. incorrect Agency. incorrect Consumer. correct Wrecker. incorrect

22. The term marketing refers to: new product concepts and improvements. incorrect advertising and promotion activities. incorrect a philosophy that stresses customer value and satisfaction. correct planning sales campaigns. incorrect

21. Which of the following statements is correct? Marketing is the term used to refer only to the sales function within a firm. incorrect Marketing managers don't usually get involved in production or distribution decisions. incorrect Marketing is an activity that considers only the needs of the organization; not the needs of society as a whole. incorrect Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have...

20. A value proposition is a. An internal accounting term that indicates products with growth potential b. A statement that places the product against the competitiona. A promise to the customer about what a product will do b. Two products bundled to offer better value for money

19. What is brand salience? a. How much your brand is thought about or noticed in a buying situationb. The coherence of your brand across different promotional activitiesc. The associations that consumers have with your brandd. The consistency of products across a brand range

18. Visual Merchandising is a. A display of sunglassesb. Floor and display plansc. Selling things using picturesd. Electronic tills that show the customer the price being charge

17. Packaging is sometimes referred to as a. The silent salesmanb. The product summaryc. The forgotten product elementd. The additional cost constituent

16. According to your textbook, a person’s ________ consist(s) of sets of people that a consumer wants to please or imitate. a. reference groupsb. perceptionc. psychographicsd. demographics

15. The four key features of a service identified by Kotler are 1. Congruity, intangibility, perishability, integrity2. Heterogeneity, intangibility, perishability, inseparability3. Divergence, intangibility, durability, consonance4. Similitude, intangibility, persistence, construction

14. Maslow’s Hierarchy of Needs consists of physiological, safety, love and belonging, esteem and which other set of needs? a. Self-certificationb. Self-analysisc. Self-awarenessd. Self-actualisation

13. If the price of a product is raised a lot with relatively little fall in sales then demand for that product is price inelastic. a. True b. False

12. Charging £4.99 for an item is an example of a. customer value pricingb. going rate pricingc. psychological pricingd. cost plus pricing

11. ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering. a. Customer perceived valueb. Perceived usefulnessc. Failure avoidance rated. Report rating

10. In the lecture on Segmentation four approaches to segmenting the marketplace were given. They were: a. Demographics, geodemographics, lifestyle & benefitsb. Demographics, topography, habits & advantagesc. Demographics, geography, sociocultural & featuresd. Demographics, physiography, sociocultural & technical

9. Which of the following is not part of the Consumer Buying Decision Process? a. Need recognition b. Information search c. Purchase decision d. Product specification

8. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.” a. we make profitsb. we sell qualityc. we sell hoped. we implement ads

7. The consumer Decision Making Unit (DMU) consists of: a. User, Influencer, Buyer, Initiator, Deciderb. Buyer, Expert, User, Decoder, Advisorc. Consultant, Dependent, Decider, Engager, Buyerd. None of the above

6. A loss leader is: a. A product that is sold at or below cost in order to sell additional products or servicesb. The product that has the highest costsc. A product that is sold at a lower price in order to increase market shared. The product that makes you the biggest loss

5. In marketing communications, a push campaign is where: a. A product is given an extra big pushb. Advertising to consumers encourages them to make a purchasec. Retailers are given incentives to encourage consumers to buyd. A press release is pushed out to journalists

4. According to the textbook, relationship marketing is about a. Talking to individual customers and adjusting elements of the marketing programme in light of how each customer reacts to the marketing mixb. Exchanging valuec. Creating networks of customers who sell goods or services for you d. Achieving more sales with new customers

3. According to the lecture on pricing, there are three approaches to pricing setting: market-led, cost-plus and _______? a. Supplier-basedb. Retailer indicatedc. Going rated. none of the above

2. Marketing is alternatively described by the CIM as “the management process responsible for ……………………customer requirements profitably” a. creating, developing and exploitingb. influencing and satisfying c. predicting trends in d. identifying, anticipating and satisfying

1. As explored in your first lecture, the term “The Marketing Concept” refers to: a. Gratifying customer needs, predictably, in a driving environmentb. Satisfying customer needs, profitably, in a dynamic environment c. Meeting customer needs, precisely, in a changing environmentd. Identifying customer needs, accurately, in a progressive environment