Marketing Exam 1 Practice Questions

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What is marketing?

Promoting products through personal selling and advertising to develop and maintain favorable relationships with customers and stakeholders

Creating, distributing, promoting, and pricing goods, services, and ideas to facilitate the achievement of the firm's objectives

Delivering a standard of living to a society

Focusing on customers' needs

Creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment (correct)

Distributions, price, promotion, and product are all elements of what?

The marketing mix (correct)

Marketing strategy

A target mix

A business strategy

A consumer good

______ are the focal point of all marketing activities.

In which of the following situations is the marketer selling an idea, rather than a service or a good?

The green party holds a press conference to let the public know its views on capital punishment Signup and view all the answers

The ____ variable of the marketing mix relates to activities used to inform individuals or groups about the organization and its products.

Promotion Signup and view all the answers

The marketing plan is what?

A written document detailing activities to be performed to implement and control marketing actions Signup and view all the answers

The process of putting marketing strategies into action is called what?

Marketing implementation Signup and view all the answers

An organization's goals should be based on its _____, which is a long-term view or vision of what the organization wants to become.

mission Signup and view all the answers

Groups of individuals and/or organizations that need products in a product class and have the ability, willingness, and authority to purchase those products are called what?

Markets Signup and view all the answers

Procter and Gamble's superb marketing distribution skills and R&D capabilities in five core technologies have enabled it to build a strong reputation in the marketplace and drive down competition. These skills and capabilities are examples of Procter and Gamble's what?

Core competencies Signup and view all the answers

To monitor changes in the marketing environment effectively, marketers must engage in what?

Environmental scanning and analysis Signup and view all the answers

Most marketers operate in a competitive environment of either what?

Oligopoly or monopolistic competition Signup and view all the answers

Which of the following is a characteristic of pure competition?

Large number of sellers Signup and view all the answers

Which of the following is a characteristic of the prosperity stage of the business cycle?

Total income is relatively high Signup and view all the answers

The amount of money left after payment of taxes that is used by individuals for spending on the purchase of basic necessities and savings is referred to as what?

Disposable income Signup and view all the answers

Employees, customers, communities, and investors are all considered what in relation to marketing?

Stakeholders Signup and view all the answers

All companies have a responsibility to _____ so they can provide a return on investment to their owners and investors, create jobs for the community, and contribute goods and services to the economy.

Be profitable Signup and view all the answers

The term refers to the principles and standards that define acceptable conduct in marketing as determined by various stakeholders.

Marketing ethics Signup and view all the answers

The practice of linking products to a particular social cause on an ongoing or short-term basis is known as what?

Cause-related marketing Signup and view all the answers

______ refers to the potential for the long-term well-being of the natural environment, including all biological entities as well as the interaction among nature and individuals, organizations, and business strategies.

Sustainability Signup and view all the answers

Marketing research is a process designed to gather information about what?

Not currently available to decision-makers Signup and view all the answers

An overall plan for obtaining the information needed to address a research problem or issue is called the what?

Research design Signup and view all the answers

_____ is the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities.

Marketing research Signup and view all the answers

The marketing research process begins with what?

Locating and defining the problem Signup and view all the answers

For the purpose of marketing research, Joe picked up the telephone directory and just selected a few numbers from it to form his sample. Joe is using what type of sampling?

Random Signup and view all the answers

To find a target market, a firm can use the what?

Undifferentiated strategy, the concentrated strategy, and the differentiated strategy Signup and view all the answers

Age, rate of product use, location, and gender are all examples of what?

Segmentation variables Signup and view all the answers

A(n) ____ market consists of purchasers and household members who intend to use or benefit from the purchased products and do not buy products for the main purpose of making a profit.

Consumer Signup and view all the answers

_____ is the process of dividing a total market into groups of people with similar product needs in order to design a marketing mix that matches those needs.

Market segmentation Signup and view all the answers

Which of the following is a geographic variable for segmentation of a market?

City size Signup and view all the answers

An unplanned buying behavior resulting from a powerful urge to buy something immediately is called what?

Impulse buying Signup and view all the answers

The five major stages of the consumer buying decision process, in order, are what?

Problem recognition, information search, evaluation of alternatives, postpurchase evaluation, and purchase Signup and view all the answers

Emma looks at her watch and realizes that it has stopped. She knows that the watch is old and that she will have to buy a new one. Emma is in the what stage of the consumer buying decision process?

Problem recognition Signup and view all the answers

The group of brands that a buyer views as possible alternatives is known as the what?

Evoked set Signup and view all the answers

______ describes the tendency of people to reject information that is inconsistent with their beliefs, even when presented with information to the contrary.

Selective distortion Signup and view all the answers

Study Notes

Marketing Fundamentals

Marketing is the process of creating, distributing, promoting, and pricing products to establish satisfying exchange relationships and maintain favorable stakeholder relationships in a dynamic environment.
Key elements of the marketing mix include product, price, promotion, and distribution.
Customers are the focal point of all marketing activities.

Marketing Strategies and Plans

Marketing strategies involve implementing marketing plans, which are detailed documents outlining actions to control marketing efforts.
Effective marketing requires the implementation of strategies, monitored through marketing control measures.

Market Analysis and Consumer Behavior

Markets consist of groups that need products and have the ability, willingness, and authority to purchase.
Understanding the economic environment and engaging in environmental scanning is crucial for effective marketing decisions.
The business cycle's prosperity stage is characterized by relatively high consumer income.

Income Categories

Disposable income is the amount remaining after taxes, used for necessities and savings.
Discretionary income is the amount used for non-essential purchases after basic needs are met.

Stakeholders and Ethical Considerations

Stakeholders include employees, customers, communities, and investors, all of whom are integral to marketing relationships.
Marketing ethics centers on principles and standards guiding acceptable conduct within marketing practices.

Research and Information Gathering

Marketing research involves systematically gathering and analyzing information to solve marketing problems or seize opportunities.
The research design outlines the overall plan for acquiring necessary information.

Market Segmentation and Targeting

Market segmentation divides the total market into distinct groups with similar needs, employing variables like demographics and geography.
A consumer market consists of individuals and households purchasing products for personal use rather than for profit.
Geographic variables, such as city size, are important for effective market segmentation.

Consumer Decision-Making Process

The five stages of the consumer buying decision process include problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation.
Impulse buying describes unplanned purchases driven by strong urges.

Perception and Information Processing

The evoked set comprises brands that consumers consider as alternatives during the decision-making process.
Selective distortion refers to individuals rejecting information inconsistent with their existing beliefs.

Marketing Competitiveness

Most marketers navigate a competitive environment characterized by oligopoly or monopolistic competition, involving multiple competitors and product differentiation.
Core competencies contribute to a firm's competitive advantage, influencing its marketing effectiveness.

Cause-related marketing connects products to social causes, enhancing brand perception and loyalty.
Sustainability encompasses the long-term well-being of the natural environment, factoring into marketing strategies and corporate responsibility.

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Description

This quiz consists of flashcards designed to help students prepare for their Marketing Exam 1. Each card includes key concepts related to the definitions and processes involved in marketing, ensuring a comprehensive review of essential topics. Test your knowledge and enhance your understanding of marketing fundamentals.