CN_ M1 Sample Questions II with answers.docx

What does the American Marketing Association define marketing as? Answer: B) Institutions and processes for creating, communicating, delivering, and exchanging offerings that have value Found on Slide 1 According to Peter Drucker (1973), what is the purpose of business? Answer: B) To create a custom...

What does the American Marketing Association define marketing as? Answer: B) Institutions and processes for creating, communicating, delivering, and exchanging offerings that have value Found on Slide 1 According to Peter Drucker (1973), what is the purpose of business? Answer: B) To create a customer Found on Slide 1 Valarie Zeithaml (1988) describes value as: Answer: B) The consumer’s overall assessment of the utility of a product based on perceptions of what is received versus what is given Found on Slide 1 What is a core aspect of a marketing strategy according to the presentation? Answer: A) Choosing a unique and valuable position Found on Slide 2 where Michael E. Porter's definition of business strategy emphasizes choosing a unique and valuable position rooted in systems of activities. Michael E. Porter emphasizes that the essence of business strategy is: Answer: B) Choosing a unique and valuable position rooted in systems of activities that are much more difficult to match Found on Slide 2 A customer-centric marketing strategy is primarily a plan designed to: Answer: B) Gain or sustain customer value in a chosen target market Found on Slide 2 The marketing mix consists of: Answer: A) Product, Price, Place, Promotion General marketing knowledge, typically addressed in the early sections of a marketing strategy presentation Marketing strategy should be tailored based on: Answer: C) Customer insights and market opportunities General principle of marketing strategy, often discussed throughout a marketing strategy presentation The strategic marketing planning process includes: Answer: A) Defining the target market and developing a suitable marketing mix A common theme in marketing strategy presentations, likely covered after the introduction and foundational concepts Market Opportunity Analysis considers: Answer: B) 5 C's (Company, Customers, Competitors, Collaborators, Context) Typically found in sections discussing market analysis or opportunity identification, possibly after the introduction of basic marketing strategy concepts