CMMS Exam Review Questions
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Questions and Answers

What does the societal marketing concept emphasize?

  • Ignoring social responsibility for the sake of profitability
  • Balancing customer satisfaction with society's best interests (correct)
  • Maximizing profits at any cost
  • Providing high-quality products regardless of customer preferences

Which marketing management philosophy assumes customers need significant selling efforts to buy products?

  • Selling concept (correct)
  • Production concept
  • Marketing concept
  • Product concept

The marketing concept mainly focuses on which aspect?

  • Creating a product-centric organization
  • Understanding customer needs and wants (correct)
  • Maximizing production efficiency
  • Ignoring societal concerns for profitability

In a sales-oriented approach, what is typically prioritized?

<p>Pushing products onto customers (D)</p> Signup and view all the answers

Which statement is true about sales orientation?

<p>It typically uses high-pressure sales tactics. (C)</p> Signup and view all the answers

How does a sales-oriented approach view customer needs?

<p>They are not a priority. (A)</p> Signup and view all the answers

Which concept focuses on maximizing profits at any cost?

<p>Production concept (D)</p> Signup and view all the answers

In sales orientation, the emphasis is placed on which of the following?

<p>Pushing products onto customers (B)</p> Signup and view all the answers

Which of the following best describes a company that prioritizes maximizing shareholder wealth?

<p>A company that focuses solely on short-term profitability (D)</p> Signup and view all the answers

What is the primary focus of a market orientation?

<p>Customer needs and wants (B)</p> Signup and view all the answers

Which orientation is characterized by emphasizing efforts to push products to customers?

<p>Sales orientation (C)</p> Signup and view all the answers

In a sales orientation, what is the primary goal of the company?

<p>Closing sales (A)</p> Signup and view all the answers

What is the main objective of strategic planning in marketing?

<p>To develop long-term strategies (B)</p> Signup and view all the answers

Which of the following actions is NOT part of the strategic planning process in marketing?

<p>Implementing random tactics (C)</p> Signup and view all the answers

What does SWOT analysis stand for in marketing?

<p>Strengths, Weaknesses, Opportunities, Threats (C)</p> Signup and view all the answers

Which type of orientation emphasizes understanding and fulfilling customer needs?

<p>Market orientation (B)</p> Signup and view all the answers

What is the main focus of companies in the 'market expansion' quadrant of The Innovation Matrix?

<p>Expanding into new markets rapidly (C)</p> Signup and view all the answers

In the context of the Boston Consulting Group (BCG) Model, what does the term 'cash cow' refer to?

<p>A business unit with low market growth and high market share (C)</p> Signup and view all the answers

According to the BCG Model, what type of business unit is classified as a 'dog'?

<p>A business unit with low market growth and low market share (A)</p> Signup and view all the answers

How does the BCG Model categorize a 'star' business unit?

<p>High market growth and high market share (B)</p> Signup and view all the answers

In the BCG Matrix, what strategy is typically recommended for 'question mark' business units?

<p>Invest heavily for growth (C)</p> Signup and view all the answers

Which statement accurately defines a 'dog' in the BCG Model?

<p>A business unit with low growth and low share (D)</p> Signup and view all the answers

Which of the following is NOT typically considered when determining a target market?

<p>Consumer's favorite color (C)</p> Signup and view all the answers

What best describes the term 'target market'?

<p>The group of consumers who are most likely to be interested in a product or service (A)</p> Signup and view all the answers

What is a characteristic of 'cash cows' in the BCG Model?

<p>Generate more cash than they consume (B)</p> Signup and view all the answers

What is the recommended approach for handling a business classified as a 'star'?

<p>Invest to maintain leadership (B)</p> Signup and view all the answers

Which segmentation variable is NOT commonly used in target market segmentation?

<p>Technographic (C)</p> Signup and view all the answers

Which of the following most accurately reflects the importance of cost competitive advantage?

<p>It is significant for both product and service industries. (A)</p> Signup and view all the answers

How can a company achieve a cost competitive advantage?

<p>Through constant innovation and technological investment (D)</p> Signup and view all the answers

Which statement regarding cost competitive advantage is FALSE?

<p>It only applies to product-oriented companies. (C)</p> Signup and view all the answers

Which of the following statements is TRUE regarding target market profiling?

<p>Understanding geographic factors helps in shaping the target market. (B)</p> Signup and view all the answers

Which statement about competitive advantage is TRUE?

<p>Companies often need to continually innovate to maintain it. (A)</p> Signup and view all the answers

What is a key characteristic of societal marketing orientation?

<p>Balancing the needs of consumers, society, and the company (A)</p> Signup and view all the answers

How does traditional marketing orientation primarily differ from societal marketing orientation?

<p>Societal marketing considers broader societal concerns, unlike traditional marketing (D)</p> Signup and view all the answers

Which statement best describes how societal marketing orientation can lead to long-term success?

<p>By building strong relationships with consumers and society (B)</p> Signup and view all the answers

What approach does societal marketing orientation take towards environmental concerns?

<p>It considers environmental sustainability as a priority (D)</p> Signup and view all the answers

Which aspect is ignored by traditional marketing but emphasized in societal marketing?

<p>Considering the long-term societal impact of marketing (D)</p> Signup and view all the answers

Which of the following traits does NOT align with societal marketing orientation?

<p>Exploiting consumer vulnerabilities to increase sales (A)</p> Signup and view all the answers

What is NOT a goal of societal marketing orientation?

<p>To maximize the company's profitability in the short term (D)</p> Signup and view all the answers

What is a common misconception about societal marketing orientation?

<p>It prioritizes profits above all else (C)</p> Signup and view all the answers

Why is it important to clearly define the target market for a product or service?

<p>To tailor the product or service to meet specific needs of consumers (C)</p> Signup and view all the answers

Which metric is NOT typically used to measure the success of a digital marketing campaign?

<p>Net Profit Margin (D)</p> Signup and view all the answers

What does SEO stand for in digital marketing?

<p>Search Engine Optimization (A)</p> Signup and view all the answers

Which advertising model charges advertisers each time their ad is displayed?

<p>Cost-Per-Mille (CPM) (B)</p> Signup and view all the answers

How is A/B testing beneficial in digital marketing?

<p>Test multiple versions of a webpage or ad to see which performs better (A)</p> Signup and view all the answers

Which metric is most useful for assessing a social media marketing campaign's effectiveness?

<p>Engagement Rate (A)</p> Signup and view all the answers

What is one of the purposes of using an advertising agency?

<p>To produce advertising efforts across various channels (D)</p> Signup and view all the answers

What is the primary function of an A/B test?

<p>To compare two options and determine which performs better (D)</p> Signup and view all the answers

Flashcards

Societal Marketing Concept

Balancing customer satisfaction with societal best interests.

Selling Concept

Marketing approach where heavy selling and promotion drives sales.

Marketing Concept

Understanding customer needs and wants, then satisfying them.

Production Concept

Focus is on efficient production and availability of product.

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Sales Orientation: true/false

Sales orientation focuses selling products rather than satisfying customer needs.

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Sales Orientation: Long-term Relationship

Sales orientation does not prioritize long term relationships

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Sales Orientation: Pressure Tactics

Sales orientation typically involves high-pressure sales tactics.

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Sales Orientation: Customer Needs

Customer needs are not a priority in a sales-oriented approach.

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Societal Marketing Orientation

A marketing approach that considers the needs of consumers, society, and the company, prioritizing long-term sustainability and ethical practices.

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What does societal marketing prioritize?

Societal marketing prioritizes balancing the needs of consumers, society, and the company, ensuring long-term sustainability and ethical practices.

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Traditional Marketing vs. Societal Marketing

Traditional marketing focuses on consumer satisfaction and profit maximization. Societal marketing expands this to consider the broader societal impact of its actions.

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Societal Marketing: Short or Long-term?

Societal marketing prioritizes long-term sustainability and ethical practices, even if it means sacrificing short-term profits.

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What's NOT a key principle of societal marketing?

Prioritizing shareholder wealth over societal welfare is NOT a core principle of Societal Marketing. It emphasizes a balance.

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How does societal marketing contribute to long-term success?

By building strong relationships with consumers and society based on trust and ethical practices, societal marketing contributes to long-term business success.

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Company showing Societal Marketing: What kind of actions?

A company demonstrating societal marketing might invest in ethical sourcing, sustainable practices, or community initiatives.

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What's the difference between societal marketing and traditional marketing?

Societal marketing takes a broader view, considering the impact of marketing practices on society as a whole, while traditional marketing focuses primarily on consumer satisfaction and profits.

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Sales Orientation

A business approach focused on aggressively selling products to customers, often using high-pressure sales tactics. The main goal is to maximize profits and move product quickly.

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Market Orientation

A business approach that prioritizes understanding and meeting customer needs and wants through market research, product development, and customer relationship management.

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Production Orientation

A business approach that emphasizes efficient production and availability of products. It focuses on making products as quickly and cheaply as possible.

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Strategic Planning in Marketing

A long-term process that helps businesses set clear goals, analyze their position in the market, and develop strategies to achieve success.

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SWOT Analysis

A strategic planning tool that helps companies assess their internal Strengths and Weaknesses and their external Opportunities and Threats.

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SMART Objectives

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

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Developing a Marketing Mix

Creating a strategic combination of the 4Ps of Marketing (Product, Price, Place, Promotion) to reach the target market.

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Evaluating and Adjusting Strategies

Monitoring the performance of marketing strategies and adapting them based on feedback and changing market conditions.

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Market Expansion Focus

Companies in the "market expansion" quadrant of The Innovation Matrix primarily focus on expanding into new markets rapidly by offering new products or services.

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BCG Model: Cash Cow

A "cash cow" in the BCG Model is a business unit with low market growth but a high market share, generating significant profits and requiring minimal investment.

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BCG Model: Dog

A "dog" in the BCG Model is a business unit with low market growth and a low market share, generating minimal profits and requiring constant investment.

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BCG Model: Star

A "star" in the BCG Model is a business unit with high market growth and a high market share, requiring significant investment to maintain growth.

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BCG Model: Question Mark

A "question mark" in the BCG Model is a business unit with high market growth but a low market share, requiring careful analysis to determine its potential for growth.

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Question Mark Strategy

The recommended strategy for "question mark" business units in the BCG Model is to either invest heavily for growth or divest if they are unlikely to succeed.

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BCG Model: Key Concept

The BCG Model categorizes business units based on their market share and market growth, providing a framework for strategic decision-making.

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BCG Model: Accuracy

The BCG Model is a useful tool for analyzing a company's portfolio of businesses, but its accuracy can be limited by its reliance on simplified market data.

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What is a cost competitive advantage?

A company's ability to produce goods or services at a lower cost than competitors, leading to increased profitability.

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Can cost advantage be achieved solely by lowering prices?

False. Cost advantage involves finding efficient ways to reduce costs, which doesn't necessarily mean lowering prices.

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How do companies maintain a cost advantage?

Constant innovation and investment in technology to reduce production costs.

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Is outsourcing labor to low-cost countries a cost advantage tactic?

True. Outsourcing can reduce labor costs, contributing to a cost competitive advantage.

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Does cost advantage apply to both products and services?

True. Cost advantage can be achieved in both manufacturing and service industries.

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What is NOT part of a target market description?

Consumer's favorite color is not typically considered when defining a target market.

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What is the target market?

The group of consumers most likely to be interested in a product or service.

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Which segmentation variable is NOT common?

Technographic segmentation is not a commonly used variable in target market segmentation.

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Target Market

The specific group of consumers a product or service is designed for.

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Digital Marketing Metrics

Key performance indicators used to measure the success of a digital marketing campaign.

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SEO

Search Engine Optimization: Optimizing a website to rank higher in search engine results.

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CPM

Cost Per Mille: Advertising model where advertisers pay per 1000 impressions.

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A/B Testing

Comparing two versions of a webpage or ad to see which performs better.

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Engagement Rate

How much a social media audience interacts with a post or brand.

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Advertising Agency

A company hired to create and manage advertising campaigns across different channels.

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Key Metric for Success

A measurement that shows how well a marketing campaign is performing.

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Study Notes

Certified Marketing Management Specialist (CMMS) Review Material

  • This material is for review for the Certified Marketing Management Specialist (CMMS) exam.
  • Study materials are provided by the Center for Professional Advancement and Continuing Education, Inc., 2024.
  • The material is not for sale.
  • The document contains a table of contents, related topics, and a disclaimer.
  • Topics include Principles of Marketing, Marketing Management, Marketing Management Philosophies, Strategic Planning in Marketing (including Ansoff's Strategic Opportunity Market, The Innovation Matrix, Boston Consulting Group Model, General Electric Model), Marketing Plan, Competitive Advantage, Target Market, Digital Marketing, Marketing Management: Key Terms and Definitions, and Other References.

Page 4 - Specific Questions and Answers

  • Question: What is the first step in the segmentation, targeting, and positioning (STP) process in marketing?
    • Answer: Segmentation
  • Question: Which of the following is NOT one of the 4Ps of the marketing mix?
    • Answer: Partnership
  • Question: Which of the following is a factor that influences consumer behavior in the field of marketing?
    • Answer: Political climate, Economic Conditions, Socio-cultural factors
  • Question: What is the marketing concept that focuses on achieving organizational goals by satisfying customer needs and wants?
    • Answer: Marketing concept

Page 5 - Specific Questions and Answers

  • Question: Which marketing philosophy emphasizes making continuous product improvements rather than relying on aggressive advertising?
    • Answer: Product Concept
  • Question: Which of the following is not a part of the marketing mix?
    • Answer: Profit
  • Question: What is the process of dividing a market into distinct groups of buyers who have different needs, characteristics or behaviors called?
    • Answer: Segmentation
  • Question: Which of the following is not a stage in the product life cycle?
    • Answer: Saturation
  • Question: What is the term used to describe the value that a company's products or services provide to customers?
    • Answer: Value proposition

Page 6 - Specific Questions and Answers

  • Question: Which of the following is a promotional tool used by companies to communicate with and persuade customers to buy their products?
    • Answer: Advertising
  • Question: When a company adopts the strategy of market penetration, it is focusing on:
    • Answer: Increasing market share in current markets

Page 7 - True or False Questions

  • Question: In marketing management, the 4Ps refer to Product, Price, Promotion, and Place.
    • Answer: True
  • Question: Successful marketing management strategies are always universal and can be applied across all industries.
    • Answer: False
  • Question: Customer relationship management (CRM) is not considered a crucial aspect of marketing management. - Answer: False
  • Question: Is market segmentation important in marketing management to target specific customer groups?
    • Answer: True
  • Question: The marketing mix consists of the 4Ps: Product, Price, Place, and Promotion.
    • Answer: True

Page 8 - Multiple Choice

  • Question: Which marketing management philosophy focuses on maximizing profits through sales volume and aggressive promotional strategies?
    • Answer: Selling concept
  • Question: According to the marketing management concept, which philosophy believes in creating value for customers and building profitable customer relationships? - Answer: Marketing concept

Page 9 - Multiple Choice

  • Question: Which marketing management philosophy believes customers will not buy enough of the organization's products unless it undertakes a large-scale selling and promotion effort?
    • Answer: Selling concept
  • Question: The marketing concept focuses on:
    • Answer: Understanding customer needs and wants

Page 10 - True/False & Multiple Choice

  • Question: Sales orientation focuses on selling products rather than satisfying customer needs.
    • Answer: True
  • Question: In the context of societal marketing orientation, which of the following statements best describes the primary focus of marketing activities?
    • Answer: Balancing the needs of consumers, society, and the company

Page 11 - Multiple Choice

  • Question: Which of the following is a key principle of societal marketing orientation?
    • Answer: Balancing the needs of consumers, society, and the company
  • Question: How does societal marketing orientation contribute to long-term business success?
    • Answer: By building strong relationships with consumers and society
  • Question: What is the main focus of a sales orientation?
    • Answer: Closing sales

Page 12 - Multiple Choice

  • Question: In a sales orientation, what is the primary goal?
    • Answer: Closing sales

Page 13 - Various Questions

  • Question: What is the purpose of strategic planning in marketing?
    • Answer: To develop long-term strategies

Page 14 - Various Questions

  • Question: In the context of strategic management, which characteristic is essential for defining an SBU?
    • Answer: It must have its own set of competitors and a manager responsible for strategic planning.
  • Question: What is a common purpose of establishing SBUs within a corporation? (List)
    • Answer: To allow for a focus on specific markets or products within the larger organization; To create internal competition among units

Page 15 - Various Questions

  • Question: In Ansoff's Strategic Opportunity Matrix, which option involves selling existing products to new markets?
    • Answer: Market Development

Page 16 - Various Questions

  • Question: In the context of The Innovation Matrix, what does the "operational excellence" quadrant represent?
    • Answer: Companies that excel at continuously improving existing products and processes
  • Question: What is the main focus of companies in the "market expansion" quadrant of The Innovation Matrix?
    • Answer: Expanding into new markets rapidly

Page 17 - Various Questions

  • Question: In the context of the Boston Consulting Group (BCG) Model, what does the term "cash cow" refer to?
    • Answer: A business unit with low market growth and high market share
  • Question: How does the BCG Model categorize a "star" business unit?
    • Answer: High market growth and high market share
  • Question: In the BCG Matrix, what strategy is typically recommended for "question mark" business units?
    • Answer: Invest heavily for growth

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Prepare for the Certified Marketing Management Specialist (CMMS) exam with this comprehensive review material. It covers essential topics like Principles of Marketing, Marketing Management Philosophies, and Digital Marketing, along with specific Q&A to reinforce your understanding. Ideal for those looking to enhance their marketing expertise.

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