ABM 4 - 4th QE - Reviewer PDF

The marketing mix is a set of: a) Marketing tools used to pursue marketing objectives✔ b) Products a company offers c) Customers a company target d) Prices a company sets Which of the following is NOT a component of a product? a) Core product b) Formal product c) Augmented service✔ d) Augmented pro...

The marketing mix is a set of: a) Marketing tools used to pursue marketing objectives✔ b) Products a company offers c) Customers a company target d) Prices a company sets Which of the following is NOT a component of a product? a) Core product b) Formal product c) Augmented service✔ d) Augmented product Convenience products are typically: a) Frequently purchased with little planning✔ b) High-priced and require extensive research c) Unique and require a high degree of selectivity d) Purchased infrequently and involve a significant decision-making process Industrial products can include all of the following EXCEPT: a) Raw materials b) Processed materials c) Services✔ d) Advanced components The stage of the product life cycle with the highest sales growth is the: a) Introduction stage b) Growth stage✔ c) Maturity stage d) Decline stage What is the term used to describe the amount of money charged for a product or service? a. Budget b. Revenue c. Price✔ d. Expense According to the passage, which of the following is NOT a factor influencing price determination? a. Customer value perceptions b. Cost c. Competitor strategies d. cuaca (weather) This answer choice is not mentioned in the passage✔ What is the marketing mix element MOST concerned with generating revenue? a. Product b. Promotion c. Place d. Price✔ A company setting a price that considers the overall marketing strategy, objectives, and marketing mix is most likely using which factor in determining price? a. Internal factors✔ b. External factors c. Demand d. Profitability In a purely competitive market, sellers have little to no influence over the _______ of their products. a. Quality b. Design c. Price✔ d. Brand A distribution channel is: a. A physical location where products are sold. b. The route a product takes from producer to consumer. ✔ c. A synonym for marketing strategy. d. All of the above. The marketing mix component most closely related to place is: a. Product b. Price c. Place ✔ d. Promotion Which of the following is NOT a type of distribution channel structure? a. Producer-to-consumer b. Producer-to-retailer-to-consumer ✔ c. Producer-to-wholesaler/distributor-to-customer d. Producer-to-agent/broker-to-wholesaler-to-customer A key benefit of using middlemen in distribution channels is: a. Increased profit margins for the producer. b. Reduced control over product presentation. c. Access to market information and expertise. ✔ d. Direct communication with the end consumer. Intensive distribution is best suited for which type of product? a. Luxury goods b. Convenience products ✔ c. Industrial equipment d. Specialty items Which of the following is the BEST definition of promotion? a) The act of getting a higher rank or position in a company b) Bringing a product or service to the attention of potential customers✔ c) All of the above d) None of the above What is the traditional promotional mix? (Choose all that apply) a) Advertising✔ b) Sales promotion✔ c) Personal selling✔ d) Public-relations✔ Guerilla advertising is a type of: a) Print advertising b) Broadcast advertising c) Online advertising d) Unconventional advertising✔ Which of the following is NOT a method of sales promotion? a) Money-off coupons b) Free gifts with purchase c) Personal selling✔ d) Loyalty cards The main goal of personal selling is to: a) Inform customers about a product b) Build relationships with customers c) Convince customers to purchase a product d) All of the above✔ The marketing process involves all of the following EXCEPT: a. Identifying target audiences b. Developing innovative products c. Managing customer relationships d. Monitoring stock prices✔ According to the passage, what is the primary function of a company's mission statement? a. To outline the company's vision for the future b. To define the company's role in society✔ c. To specify the company's products and services d. To attract potential investors The microenvironment of a company includes all of the following EXCEPT: a. Suppliers b. Government regulations✔ c. Competitors d. Customers When evaluating a new product idea, Metro Corporation should consider all of the following factors related to the microenvironment EXCEPT: a. Availability of raw materials b. Technical expertise for development c. Public perception of the company d. Economic conditions in the country✔ Macroenvironmental factors are: a. Entirely within the control of the company b. Specific to the hair care industry c. Uncontrollable external influences✔ d. Focused on product development The marketing process involves all of the following EXCEPT: a. Identifying customer needs b. Designing marketing campaigns c. Managing customer complaints✔ d. Creating new products The marketing mix is a framework used for: a. Identifying target markets b. Implementing marketing strategies✔ c. Conducting a SWOT analysis d. Understanding customer behavior An example of a product variable in the marketing mix is: a. Pricing strategy b. Distribution channels c. Brand name✔ d. Advertising budget Which of the following is NOT a strength identified in a SWOT analysis? a. Strong brand reputation b. Access to a large customer base c. Dependence on a single supplier✔ d. Innovative product development team Market penetration is a strategy that focuses on: a. Increasing brand awareness b. Entering new markets c. Selling more products to existing customers✔ d. Developing new product lines The primary purpose of marketing implementation is to: a. Develop a marketing strategy b. Conduct market research c. Turn a marketing plan into action✔ d. Evaluate marketing effectiveness Which of the following is NOT a key skill required for implementing marketing programs? a. Communication skills b. Problem-solving skills c. Negotiation skills✔ d. Evaluation skills Marketing control involves: a. Setting marketing goals b. Implementing marketing strategies c. Monitoring and evaluating marketing activities✔ d. Identifying target markets Annual-plan control focuses on: a. Assessing marketing effectiveness over a long period b. Monitoring progress towards achieving annual goals✔ c. Identifying problems with specific marketing programs d. Evaluating customer satisfaction Market-share analysis helps determine: a. The total number of potential customers b. The effectiveness of a marketing campaign c. A company's position relative to competitors✔ d. Customer buying habits How many pages should a marketing plan ideally be? a. Fewer than 15✔ b. 20-30 c. 30-40 d. More than 40 What should be established before creating a marketing plan? a. Target audience b. Completion date, responsible parties, and budget✔ c. Vision statement d. SWOT analysis A vision statement is: a. A deadline for completing the marketing plan b. A long-term goal for the business✔ c. A way to segment the market d. A detailed breakdown of marketing tactics What is the purpose of conducting market research? a. To understand the competition b. To develop a brand message c. To identify the target market d. All of the above✔ What are SMART objectives? a. Objectives that are broad and aspirational b. Objectives that are specific, measurable, attainable, relevant, and time-bound✔ c. Objectives that focus on customer satisfaction d. Objectives that are creative and innovative A company can potentially extend the life cycle of a product through: a) Re-packaging b) Discounting c) Re-branding d) All of the above✔ What refers to the total number of product lines a company offers? a) Product mix width✔ b) Product line length c) Product line depth d) Product consistency A long product line has the advantage of: a) Lower costs due to economies of scale b) Increased customer confusion✔ c) Less competition d) Easier management Product line stretching that involves adding a lower-quality product is called: a) Upward stretching b) Downward stretching✔ c) Two-way stretching d) Line filling Value marketing focuses on: a) Offering the lowest possible price b) Delivering on promises made for the product✔ c) Targeting a high-end market segment d) Creating a unique brand image When a company lowers its price in response to a decrease in demand, it is most likely considering which factor? a. Internal factors b. External factors c. Cost structure d. Elasticity of demand✔ Which pricing strategy involves setting a high initial price to “skim” revenue layer by layer from the market? a. Market-penetration pricing b. Market-skimming pricing✔ c. Cost-plus pricing d. Target pricing When a company sets a low introductory price to capture a large market share quickly, it is most likely using which pricing strategy? a. Market-skimming pricing b. Market-penetration pricing✔ c. Prestige pricing d. Loss-leader pricing What type of pricing uses the perception that a slightly lower price point (like $199 instead of $200) is a better deal for the customer? a. Skimming pricing b. Penetration pricing c. Odd-even pricing✔ d. Bundle pricing Which pricing strategy focuses on the cost of producing a good or service and adds a markup to arrive at a selling price? a. Target pricing b. Yield management c. Cost-plus pricing✔ d. Break-even pricing When choosing a distribution channel, a company should consider all of the following EXCEPT: a. Target market needs b. Profitability of the channel c. Brand image of the product d. The company's production capacity ✔ Supply chain management focuses on: a. Marketing a product to the end consumer. b. The efficient flow of materials and goods throughout a network. ✔ c. Managing customer relationships. d. Setting prices for products. Shared efficiency is a key goal of supply chain management because it: a. Increases competition among channel members. b. Reduces costs for all companies involved. ✔ c. Gives manufacturers more control over distribution. d. Limits the variety of products offered to consumers. Customer relationship management, as part of supply chain management, involves: a. Prioritizing marketing efforts based on customer value. ✔ b. Negotiating contracts with suppliers. c. Scheduling production based on forecasts. d. Managing the flow of goods in warehouses. Sourcing and procurement, a logistics component of the supply chain, aims to: a. Reduce lead times for production. b. Develop new product designs. c. Minimize the cost of raw materials. ✔ d. Manage the return of defective products. Public relations are used for: a) Building a strong public image for a company b) Managing crises that threaten a company's image c) Stimulating demand for a product d) All of the above✔ A press kit is a public relations tool that includes: a) Information about a company and its products✔ b) A website press room c) A newsletter d) Sponsorship opportunities What is the first step in effective direct marketing? a) Creating a call to action b) Choosing a communication channel c) Identifying the target audience✔ d) Tracking campaign results Direct marketing messages are typically sent through: a) Social Media b) Traditional media (TV, radio, etc.) c) Multiple channels (mail, email, phone, etc.) ✔ d) Billboards What is the main purpose of tracking response rates in direct marketing? a) To comply with regulations b) To gauge campaign effectiveness c) To improve future communication d) All of the above✔ Perceptual mapping is a tool used for: a. Identifying customer needs b. Analyzing marketing opportunities c. Selecting target markets✔ d. Determining product pricing According to the example, why did Metro Corporation decide to develop an aromatherapy shampoo? a. Because it fit a gap in the market✔ b. Because it was cheaper to produce c. Because there was less competition d. Because it required less advanced technology The target market for Metro Corporation's new aromatherapy shampoo is most likely: a. Men with dandruff problems b. Teenagers who prioritize fragrance✔ c. Salons looking for bulk hair care products d. People on a limited budget Marketing strategies are designed to achieve all of the following EXCEPT: a. Increased brand awareness b. Higher product sales c. Improved customer service✔ d. Greater profit margins The 4Ps of the marketing mix refer to: a. Price, Promotion, Place, and Packaging b. Product, Price, Place, and People c. Product, Price, Promotion, and Place✔ d. Product, Price, Prestige, and Promotion In the context of marketing programs, action plans are often based on: a. Customer feedback b. The marketing mix c. SWOT analysis results d. All of the above✔ Social media marketing is an example of which promotional tool? a. Public-relations b. Sales promotion c. Personal selling d. Digital marketing✔ Which of the following is a weakness identified in a SWOT analysis? a. Large market share b. Weak distribution network✔ c. Strong financial resources d. Skilled workforce SWOT stands for: a. Strengths, Weaknesses, Opportunities, and Results b. Strengths, Weaknesses, Options, and Threats c. Strategies, Weaknesses, Opportunities, and Threats d. Strengths, Weaknesses, Opportunities, and Threats✔ Billboard advertising falls under which category of the marketing mix? a. Product b. Price c. Place d. Promotion✔ The key metric used in marketing expense-to-sales analysis is: a. Return on investment (ROI) b. Customer lifetime value (CLV) c. Marketing expenses as a percentage of sales✔ d. Net profit margin Profitability control involves: a. Identifying the most effective marketing channels b. Evaluating the profitability of different marketing activities✔ c. Analyzing customer demographics d. Developing new marketing strategies The primary function of a marketing controller is to: a. Create marketing budgets b. Manage social media campaigns c. Improve marketing efficiency✔ d. Conduct market research A marketing audit is a: a. Continuous process for monitoring marketing activities b. One-time assessment of a specific marketing campaign c. Comprehensive review of a company's marketing operations✔ d. Method for forecasting future marketing trends The ethical and social responsibility review of marketing activities focuses on: a. Cost-effectiveness of marketing campaigns b. Alignment with ethical and social responsibility principles✔ c. Customer satisfaction levels d. Brand awareness Tactics are the: a. Overall goals of the marketing plan b. Specific actions taken to achieve the objectives✔ c. Methods for measuring success d. Resources needed to implement the plan When building measurement for tactics, what should marketers focus on? a. How the tactics make the company look b. How the tactics affect brand awareness c. How the tactics contribute to achieving objectives✔ d. How the tactics compare to the competition A marketing plan should be reviewed and updated: a. Never b. Monthly✔ c. Quarterly d. As needed What is the best way to present a marketing plan orally? a. Read the entire plan word-for-word b. Use a PowerPoint presentation with key points✔ c. Present without any visuals d. Focus on the competition When presenting costs in a marketing plan, it’s best to use: a. Exact figures down to the cent b. Rounded numbers for easier comprehension✔ c. A combination of exact and rounded figures d. Percentages only