Midterm 1 Practice Question - University of Regina BUS 210 Marketing 2023 PDF

Search... Midterm 1 Practice Question Home Subjects.pdf School Course Subject Date Pages University of Regina * BUS 210 Marketing Apr 21, 2023 15 *We aren't endorsed by this school 1 Helpful Uploaded by EarlMetal6671 on coursehero.com Home / Marketing 1. Chapter 1 What Is Marketing? 2. A critical sk...

Search... Midterm 1 Practice Question Home Subjects.pdf School Course Subject Date Pages University of Regina * BUS 210 Marketing Apr 21, 2023 15 *We aren't endorsed by this school 1 Helpful Uploaded by EarlMetal6671 on coursehero.com Home / Marketing 1. Chapter 1 What Is Marketing? 2. A critical skill that marketers must know in order to make good marketing decisions is a. marketing math. b. demographic analysis. c. customer awareness. d. interpersonal skills. i. Answer: A 3. Offering too many options can lead to which problem for some companies? a. It's difficult to keep track of inventory and re-order as certain items are sold out. b. They can't specialize, leaving them vulnerable to competition. c. Suppliers to the company can get confused and send incorrect shipments. d. Your target market, by definition, prefers limited options. i. Answer: B 4. Spiro has a new job at an office with no viable public transportation options. After some research, he decides to purchase a motorcycle. A salesperson at a local dealership makes the very expensive Ducati Monster sound so appealing, Spiro eventually purchases one. Which of the following statements most accurately describes this situation? 1. Spiro needed transportation, wanted a motorcycle, but had no demand for a Ducati. 2. Spiro demanded transportation, wanted a Ducati, but had no need for a motorcycle. 3. Spiro needed transportation. His demand for a Ducati was controlled by the salesperson at the dealership. 4. Spiro needed transportation and wanted a motorcycle. The salesperson influenced his demand for a Ducati. ii. Answer: D 5. Which of the following is a misconception about marketing? 1. Marketing is equivalent to sales and advertising. 2. Marketing focuses on satisfying the customer. 3. Marketing involves numbers. 4. Marketing focuses on relationships. ii. Answer: A 6. Which of the following is NOT one of the 4 Ps of marketing? 1. Price 2. Perception 3. Promotion 4. Place ii. Answer: B 7. Simple trade and bartering involve what? 1. Commodity exchanges 2. The exchange of a product or service for money 3. A trade agreement between two countries 1 4. Swapping one product or service for another ii. Answer: D 8. Which of the following statements most accurately describes marketing? 1. Marketing is a glamorous, yet simple activity involving the exchange of goods and services. 2. Marketing involves one-way communication with valued customers who exchange money for goods and services. 3. Marketing creates products and services, communicates with the target customers, and exchanges said offerings in an appropriate market. 4. Marketing is a complex, for-profit enterprise undertaken primarily by skilled professionals. ii. Answer: C 9. Elsa started an Etsy store selling custom sugar cookies at a price commensurate with other vendors. While she envisioned making cookies for birthday or holidays, her first order was for a bachelorette party. Elsa obliged, but was uncomfortable with the X-rated fare. The cookies were so well received that Elsa quickly became the go-to baker for bachelorette party cookies. What mistake did Elsa make when beginning her business? 1. She did not adequately anticipate her customer's needs, wants, and demands. 2. She did not create a basic marketing plan denoting her target market. 3. She did not consider the perceived value of her cookies versus those of other vendors. 4. She used a production orientation instead of a sales orientation for her business. ii. Answer: B 10. Because different groups of customers want different things, marketers offer different combinations of benefits called what? 1. Benefits statements 2. Value propositions 3. Perceptual benefits 4. Target market perceptions ii. Answer: B 11. The Philosophy of Marketing encompasses which overriding principle? 1. Managing exchanges that maximize the benefits for both the company and the customers. 2. Maximizing profits through the careful coordination of advertising, pricing and distribution. 3. Identifying your best customers through a highly-developed CRM system. 4. Focusing attention on new customer acquisition. ii. Answer: A 12. Which of the following statements accurately describes the philosophy of marketing? 1. Marketing managers must ensure customers think they got exactly what they paid for. 2 2. A good marketing plan is the foundation for good marketing research. 3. Successful marketers understand that customer perceptions cannot be influenced. 4. Conflict goals underlie each exchange. ii. Answer: D 13. Peer-to-peer payment platforms like Venmo attempt to eliminate all the perceived negatives of traditional shared payments by allowing users to split bills and transfer funds between their Venmo accounts via a smartphone app. There are no fees for basic services, and personal notes can accompany each transaction. For P2P users, these benefits are referred to as 1. needs. 2. value propositions. 3. demands. 4. social responsibility. ii. Answer: B 14. Gloria sells tacos for $1.29 each. Her customers tell her they are happy to patronize her business since they are used to paying $1.99 at competing food stands. Gloria is now considering raising prices to $1.49 per taco. In this scenario, what is the customers' perceived value in monetary terms? A) $1.29 B) $1.49 C) $0.20 D) $0.70 ii. Answer: A 15. Which of the following statements accurately describes marketing research? A) Sales numbers are the most valuable measures of marketing performance. B) A good marketing plan is the foundation for good marketing research. C) Marketing researchers should act like naïve scientists. D) Good marketing means repeating the same risks. ii. Answer: C 16. A key to ensuring that a marketing idea will be successful is for the idea to A) be tested. B) be easy to implement. C) receive corporate support. D) receive proper funding. ii. Answer: A 17. To be successful, marketers have to understand what associated with a particular exchange for a group of customers? A) Benefits B) Influencers C) Target market 3 D) Perceived value ii. Answer: D 18. Testing an idea to see if it is effective requires A) a specific goal against which to measure the outcome. B) a method of separating out the effect of luck on the test. C) a series of tests with constantly changing measures. D) employing an outside, non-biased research firm. ii. Answer: A 19. Measuring marketing outcomes to see if your marketing works typically uses what as a measure of performance? A) Profits B) Perceptions C) Sales D) Whatever is most relevant to the marketing goal ii. Answer: C 20. All of the following relate to managing exchanges with customers EXCEPT A) development of a significant social media presence. B) creating offerings. C) communicating with customers. D) delivering offerings to customers. ii. Answer: A 21. Which of the following factors is important in managing perceived value? A) Different customers have different perceptions. B) Perception sometimes doesn't reflect reality. C) Value is a nebulous concept to most people. D) Competitive pricing is a major determinant of value. ii. Answer: A 22. Which statement is valid in managing exchanges between a company and its customers? A) The company wants to maximize customer benefits. B) Customers want to pay the least amount possible. C) Customers are the primary drivers of the purchase decisions. D) The two parties have conflicting goals. ii. Answer: D 23. Hector's Tacos is a small food stand on campus. Hector recently has lost a fair number of customers to another food stand that sells similar, but cheaper tacos. Hector is concerned because he was about to launch a line of unique, fresh tacos-ones his clientele has been asking for-that would cost a bit more. Of the following, what is the best advice for Hector? A) Hector should act like a naïve scientist. He should test his ideas for new tacos and study the outcomes. With this information, Hector can create a marketing plan and set his prices. B) Hector should define his target market and then provide better tacos than his competitors. His target market will perceive 4 value, thus paying a higher price for Hector's tacos and returning for more. C) Hector should remember that customers will be driven by their wants, needs, and demand for the product. If they want fresh ingredients, they will pay any price to get them. D) Hector should lower his prices on his current taco offerings. Then he should add fresh taco selections at his current prices. He might lose money at first, but his customers will consider these moves value propositions, which will maximize satisfaction in the long run. ii. Answer: B 24. You have been assigned the task of developing a marketing plan for a new product your firm will soon be offering. All of these tasks would be relevant to you EXCEPT A) reaching a decision on how to price the new product. B) deciding what the best way is to persuade your customers to buy the new product. C) deciding if the new product is appropriate for your company to market. D) deciding on where you will sell the product. ii. Answer: C 25. Which marketing orientation is focused on customer relationship marketing? A) Product B) Sales C) Market D) Social b. Answer: C 26. Customer relationship marketing enables companies to A) build relationships with the target market to increase repeat sales. B) strengthen relationships with customers they're trying to recapture. C) cultivate relationships with the community where the company is located. D) gather data that provides insights into customer purchase behaviors. b. Answer: A 27. The effective use of social media to interact with customers and to help expand the presence of a company's brand is a part of which marketing orientation? A) Social B) Sales C) Market D) Digital b. Answer: A 5 28. What best differentiates the production orientation from the sales orientation? A) The type of advertising used to promote products B) The number of competitive products available C) The availability of desirable product D) The level of social responsibility b. Answer: B 29. The difference between a sales orientation and a production orientation is that the sales orientation A) focuses on persuading customers. B) uses analytics to reach customers. C) focuses on efficient product marketing. D) focuses on revenue production and not cost reduction. b. Answer: A 30. A company that is committed to reducing its carbon footprint by becoming more eco-friendly is engaging in which market orientation? A) Social B) Production C) Environmental D) Marketing b. Answer: A 31. The information Delta Airlines' Frequent Flyer Program gathers from their customer relationship management enables them to A) strengthen the relationship between the airline and the customer. B) enhance the customer experience of the passengers. C) develop new sales promotions. D) create an effective social media campaign. b. Answer: A 32. Warby Parker's goal of giving away one pair of glasses for each pair of glasses sold is an example of which marketing orientation? A) Social B) Production C) Sales D) All of the above b. Answer: A 33. A company's inability to keep disinfectants stocked in stores during a pandemic is an example of a weakness in which marketing orientation? A) Production B) Sales C) Market D) Management b. Answer: A 6 34. Which of the following is a good example of a company having a social orientation? A) Tom's Shoes ships a free pair of shoes to a child in a third world country for each pair sold in the United States. B) A bakery uses non-GMO ingredients in its products. C) A large company practices truth-in-advertising in all its TV commercials. D) A non-profit organization raises money for a cause in which you believe. b. Answer: A 7 Chapter 2 Organizing and Planning for Marketing Strategy 1. ________ is the managerial process of creating and maintaining plans of action to facilitate profitable exchanges with customers. A) Project management B) Supply chain management C) Marketing strategy D) Strategy formulation i. Answer: C 2. A company must consider what present and future customers might want in an exchange by developing A) a brand name. B) a marketing strategy. C) a competitive advantage. D) a mission statement. i. Answer: D 3. Once a marketer has differentiated a product, a powerful way to communicate the value of the product to the customer is A) the brand. B) the mission statement. C) the marketing mix. D) social and digital media. i. Answer: A 4. During which one of the steps in developing a marketing strategy would the marketer collect feedback to institute modifications to the strategy? A) Strategy B) Plan C) Implement D) Evaluate i. Answer: D 5. A ________ is a subgroup within an organization that decides its own strategy and has its own customers. A) department B) strategic business unit C) functional area D) customer center i. Answer: B 6. Planning involves all of the following EXCEPT A) tactics. B) goals. C) actions. D) budget. 7. Answer: A 1 8. All of the following are key elements involved in executing a successful marketing strategy EXCEPT A) setting specific goals and determining a plan of action. B) development of a detailed marketing plan. C) implementation using specific marketing tasks and tactics. D) evaluation of plan activities. i. Answer: B 9. Marketing strategy is the managerial process of creating plans of action that facilitate what? A) Facilitating exchanges that have value to customers and the company B) Effectively differentiating your product from competitors C) Reacting to a SWOT analysis D) Responding effectively to competitive threats i. Answer: A 10. Which is an example of an approach to keeping customers happy? A) Loyalty program B) Strong presence on social media C) Lower prices D) Staying open longer hours i. Answer: A 11. What is almost always true of successful companies? A) They make customers their mission. B) They focus on what they can produce. C) They have sets of functional units. Unhelpful D) They maximize sales. i. Answer: A 12. Marketing should guide the firm's mission by making sure the organization is focused offering value to A) its best customers. B) its existing and potential future customers. C) its current customers. D) its next generation of customers. i. Answer: B 13. Generally speaking, "lower price is seldom a sustainable competitive advantage." Which company is an exception to this? A) Target B) Amazon C) Walmart D) Costco i. Answer: C 2 14. A true competitive advantage is one that is valuable to customers and A) can't be easily copied by competitors. B) is easy to communicate. C) can be tied to a slogan. D) is consistent with your mission statement. i. Answer: A 15. Paul has developed a small import business he is running from his dorm room, and after the first day in a marketing course, he starts figuring out how to use the tools he discovered by jumping ahead in the book. What should Paul be doing first? A) Using social media to reach new customers B) Setting specific marketing goals C) Expanding his business D) Dropping the course since he already got what he needs i. Answer: B 16. If a firm sets goals and creates a focused approach that is too broad, it can waste time and effort. On the other hand, if the goals and approaches are too narrow, it can lead to A) short-term profitability. B) marketing focus. C) being too successful too soon. D) marketing myopia. i. Answer: D 17. Jennifer observed that a local restaurant was successful because they were willing to deliver breakfast to customers who were unable to leave their homes due to stay-at-home orders that were enacted to prevent the spread of COVID-19. She said, "I'll start a breakfast delivery service and the customers will be just as willing to order from me." What Jennifer doesn't understand is the concept of A) product differentiation. B) mission statement development. C) value exchanges. D) brand name creation. i. Answer: A 18. Ethan majored in graphic arts in college. As the only graphic designer in a small marketing department, Ethan would most likely be working on which aspect of the company's marketing strategy? A) The marketing plan B) The situation analysis C) The brand D) The marketing mix i. Answer: C 19. As a marketing manager, you're tasked with developing and implementing a media plan that has a budget of $10 million to increase awareness of a new product such that 20% of your target market is familiar with the product. In terms of an overall marketing strategy, 3 which component is your responsibility? A) Goal specification B) Implementation C) Evaluation D) Opportunities i. Answer: B 20. Gillette decides to utilize what's commonly referred to as razor/razor blade pricing. They sell the razor at or below cost but have a very high mark-up on their blades which are the only ones that will work in the razor. This exemplifies which step in a marketing strategy? A) Set specific goals and determine a plan of action. B) Implementing the plan using specific marketing tools and tactics C) Evaluation and adjustment of plan activities D) Developing a differentiating marketing mix using pricing as the primary tool i. Answer: B 21. The failure of large hotel chains like Marriott and Hilton to recognize the disruption that would result from the entrée of Airbnb into their market is a good example of A) marketing myopia. B) failure to differentiate. C) poor marketing strategy. D) losing control of the marketing process. i. Answer: A 22. Differentiation requires you to ask how you'll be different from your competitors, as well as which other question? A) How will this differentiation be perceived by your target market? B) How will this differentiation be sustained? C) How will this difference help offer more value to your target market? D) How will this difference provide protection from changing market forces? i. Answer: C 23. In a SWOT analysis, which two considerations are internal to the organization? A) Strengths and opportunities B) Weaknesses and threats C) Strengths and weaknesses D) Opportunities and threats i. Answer: C 24. Which of the following is TRUE about marketers and social and digital media? A) The only way to reach customers today is through social and digital media. B) Promotion in the marketing mix is now dominated by social and digital media. C) If you want to reach older people, you should not use social and digital media. D) Traditional advertising remains effective in addition to social and digital media. i. Answer: D 4 25. Marketing activities should be included in the marketing plan under which condition? A) Only if the activities relate to specific marketing objectives. B) Under all conditions; they're an integral part of the overall plan. C) Only if they are specific, realistic, measurable, and time-bound. D) Only if the plan focuses on tactics. i. Answer: A 26. Steven has recently been hired as a marketing assistant, and his supervisor tells him to go online and research trends in the marketplace that will affect a new product being launched. Steven is likely working on A) a mission statement. B) a situation analysis. C) a unique selling proposition. D) an implementation plan. i. Answer: B 27. Amanda has been developing a marketing plan for her catering service and she has created specific marketing objectives. She knows she has to address specific customers' needs, create a budget, and define specific actions needed to accomplish the goals. From a marketing perspective, what element has she missed? A) What to pay herself B) Legal considerations C) Profit objectives D) A timeline i. Answer: D 28. Julie graduated with a major in marketing and went into the family retail business. She convinced her family to use marketing to achieve a higher level of success. They have gone through an orderly process of setting goals and objectives and creating a marketing plan. It's time to consider implementation, and the firm should first consider A) product, as it is what the rest will be built on. B) place, as the firm is a retail business. C) price, as it will be the focus of future profitability. D) promotion, as nothing can happen until people know about the firm. i. Answer: A 29. Toyota CEO Katsuaki Watanabe announced in the early 2000s that he wanted Toyota to become the largest automaker in the world. This is an example of what? A) A strategy B) A goal C) An objective D) Hubris i. Answer: B 30. Each of the four elements of a company's marketing mix is designed to create or communicate what to the consumer? A) Consistency 5 B) Brand identity C) Value D) Differentiation i. Answer: C 31. A product can encompass a physical product, a service, or an idea. Which of the following slogans is an example of marketing an idea? A) Gillette, The Best a Man Can Get B) Bounty is the quicker picker upper C) You Can't Buy Love, but You Can Rescue a Dog D) GEICO, Fifteen Minutes Could Save You 15% on Car Insurance i. Answer: C 32. Nicole got an internship working with a small chain of retail stores. She's marketing major and has been asked to look at how the firm has been getting its merchandise, getting the merchandise to the customer and handling customer return. She complained to her friends that she felt her marketing course approaches weren't being used. "This is supply chain management, not marketing." Before she graduates, she will need to expand her understanding of marketing to see that getting the right product to the right customer at the right time is a primary function of A) implementation. B) objectives. C) situation analysis. D) place. i. Answer: D 33. In comparing Home Depot to Lowe's, the former opens earlier in the morning, has fewer checkout lanes for customers, has narrower aisles and poorer lighting, and carries a larger assortment of lumber and other building supplies. What is the primary differentiator for Home Depot? A) Offering more value to a different primary target market B) Lower price due to offering fewer frills C) Larger product assortment of building supplies D) Having more of a warehouse look and customer experience E) Answer: C 34. GEICO, unlike major competitors State Farm and Allstate, does not rely on an agent network. They utilize savings from this to both offer lower rates and invest more heavily in advertising spending. Their unique selling proposition is reflected in their familiar slogan "15 Minutes Could Save You 15% on Car Insurance." Which element of their marketing mix is least impacted by their business model? A) Price B) Place C) Product D) Promotion E) Answer: C 6 35. The ________ is commonly used for tracking current marketing performance. A) marketing dashboard B) mission statement C) marketing plan D) marketing audit E) Answer: A 36. A marketing audit is a comprehensive investigation to uncover A) a summary of the current state of performance of key marketing indicators. B) consumer perceptions of the brand. C) an organization's internal strengths and weaknesses. D) the root cause of a marketing problem. E) Answer: D 37. Which type of safeguard is used by companies to help deal with implementation issues? A) Set-up a marketing dashboard. B) Set expectation levels, where appropriate, for each activity. C) Establish goals and measure final results. D) All of these E) Answer: B 38. Trevor was assigned the responsibility of creating an online tool to monitor marketing performance in a simple, user-friendly, and comprehensive way. He has been asked to create a marketing A) implementation plan. B) systems plan. C) dashboard. D) budgetary timeline. E) Answer: C 39. "Pepsi has apologized for a controversial advertisement that borrowed imagery from the Black Lives Matter movement, after a day of intense criticism from people who said it trivialized the widespread protests against the killings of black people by the police." The above news posting from April 5, 2017, relates to Pepsi pulling an ad featuring reality TV star Kendall Jenner, designed to demonstrate Pepsi's commitment to social issues. How would this particular issue have surfaced? A) Through the marketing dashboard B) Through a marketing audit C) Through communication and reporting protocols D) Through implementation protocols E) Answer: C 40. Burger King introduced a new Fish Filet Sandwich, an addition to their menu. They developed a marketing plan designed to introduce the new product and generate awareness and trial. A key objective was the number of sandwiches to be sold during the introductory period. Shortly after BK's introduction, McDonald's began offering a buyone-get-one promotion for their Filet-o-Fish Sandwich, coupled with heavy advertising spending. Burger King fell well short of its objective. At which stage of organizing and 7 planning for marketing strategy would BK address this? A) Plan evaluation and control B) Plan implementation C) Establishing a competitive advantage D) Developing their marketing mix E) Answer: A 41. As a marketing manager, you've launched a new social media campaign designed to drive traffic to your website. Which element on your marketing dashboard would you pay the most attention to during the early days of the campaign's launch? A) Hourly visitors B) Sales C) Tweets related to the campaign D) Conversion rates E) Answer: A 8 Page 2 of 15 Uploaded by EarlMetal6671 on coursehero.com MMSPG2022FinalPart 1 EL Milestone 3 6-1- Homework Data Visualization and Tabeleu Busn 5000 week 2 hw2102303337 Southwest Airlines Markering Management 3 MKT205Project-7-2 Project Marketing Plan Components Sai BSBMKG551 Chap-09-test-bank IT 520 Module Three Short Paper AnhT5328ASSIGNMENT 1 Leonard Module 5 major activity GB530 Unit 2 Assignment part 1 SUBJECTS LEGAL COMPANY CONNECT WITH US Copyright Policy Documents Sitemap Facebook Study Guides Instagram Accounting Aerospace Engineering Anatomy Anthropology Honor Code Arts & Humanities Astronomy Terms YouTube Biology Business Academic Integrity Twitter Chemistry Civil Engineering Cookie Policy Computer Science Communications Privacy Policy Economics Electrical Engineering English Finance Do not Sell or Share My Personal Info Geography Geology Health Science History Industrial Engineering Information Systems Law Linguistics Management Marketing Material Science Mathematics Mechanical Engineering Medicine Nursing Philosophy Physics Political Science Psychology Religion Sociology Statistics © Learneo, Inc. 2024 Course Sidekick is not sponsored or endorsed by any college or university.