Marketing Exam Sample PDF

I. MODIFIED TRUE OR FALSE 1. Marketing is often misunderstood. One of the most common misconceptions is associating “marketing as selling”. Selling is an important activity of marketing and is a central function in daily business operations. Marketing is not selling (Josiah Go)...

I. MODIFIED TRUE OR FALSE 1. Marketing is often misunderstood. One of the most common misconceptions is associating “marketing as selling”. Selling is an important activity of marketing and is a central function in daily business operations. Marketing is not selling (Josiah Go) TRUE FALSE 2. According to Philip Kotler, marketing is the social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. TRUE FALSE 3. Marketing means having the right product, in the right place, at the right time, at the right place TRUE FALSE 4. Marketing is essentially about marshalling “all the resources of an organization” so that they meet the changing needs of the customer on whom the organization depends – (Adrian Palmer, Principles of Marketing, (Oxford, University Press, 200)) TRUE FALSE 5. The marketing concept is a philosophy. It makes the customer, and the satisfaction of his or her needs, the focal point of all business activities. It is driven by senior managers, passionate about delighting their customers. TRUE FALSE 6. Marketing according to Peter Drucker is not only much broader than selling; it is not a specialized activity. It is the whole business seen from the point of view of the final result, that is, from the customer's point of view. Concern and responsibility for marketing belongs only to the marketing department. TRUE FALSE To the organization as a whole 7. This customer focused philosophy is known as the 'marketing concept'. The marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires.(Simon Barwell) TRUE FALSE 8. There is normally a focus upon profitability, especially in the corporate sector. However, as public sector organizations and not-for-profit organizations adopt the concept of marketing, this need not always be the case. TRUE FALSE  9. The overriding objective of the company is not just to satisfy the needs and wants of customers but to do so profitably regardless of competition. TRUE FALSE Taking note of competition 10. Marketing has many definitions, too many to be considered here. Gibson et al (1993) found over 100 definitions and argued that no single definition of marketing should be aimed for since it might limit the future development of marketing as an academic TRUE FALSE 11. According to Abraham Maslow, the hierarchy of human needs is triangular because as you move up the triangle, more people satisfy higher level needs. TRUE FALSE Less people satisfy higher-level needs 12. If a marketer can identify consumer buyer behavior, he or she will be in a better position to target products and services at them. Buyer behavior is focused upon the needs of individuals, groups and organizations. TRUE FALSE 13. A Tactical Plan is a plan which covers a period between three to five years. (McDonald 2003 p31) TRUE FALSE Strategic plan 14. Segmentation is a process that identifies subsets of buyers within a market who share different needs and demonstrate different buyer behaviors. TRUE FALSE Similar; similar 15. Marketing research is the function that links the consumer, customer, and public to the marketer through information - information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. (American Marketing association) TRUE FALSE II. ENUMERATION What are the five levels of consumer needs according to Abraham Maslow (enumerate in the correct sequence whether lowest to highest or highest to lowest): 1 Physiological 2 Safety 3 Social 4 Esteem 5 Self-actualization Zeroing in on the consumer or customer, what are the following considerations that a marketer needs to address: 1 Expectations values or intangibles associated with products or services; it’s the differentiating dimension 2 Needs minimum requirements to satisfy; gate keeping or qualifying dimension in a purchase 3 Wants determining dimension given many choices Choose a product and give example of its features, advantages, benefit: Product Backpack 1 Feature(s) Ergonomic design with padded shoulder straps and multiple compartments. 2 Advantage(s) This backpack's ergonomic design reduces strain on the wearer's shoulders and back, while the padded straps ensure comfort even when carrying heavy loads. The multiple compartments provide ample storage and organization options for various items such as laptops, water bottles, and notebooks. 3 Benefit(s) Users of this backpack will experience reduced discomfort and fatigue, allowing them to carry their belongings with ease during long commutes or travel. The ample storage and organization options ensure that users can stay organized and have quick access to their essentials, improving efficiency and reducing stress. Ultimately, this backpack enhances the user's mobility and productivity, making their daily life more convenient and enjoyable. In gauging market size, what are the three characteristics of a “qualified customer” with a market ? 1 Need for the product 2 Purchasing power to pay 3 Authority to buy and availability of product In assembling the marketing mix, Josiah Go explained that there must first be an analysis and definition of customers. In the macro level, Market segmentation answers the question “What are the groupings of similar customers”? In the micro level, what are the three quide questions (complete answers please): 1 Who purchases the product? 2 How, where, and when was the purchase made? 3 What does the customer want and why? What are the three strategic Cs of Marketing as explained by Josiah Go in his book the Fundamentals of Marketing in the Philippine Setting and discussed in the lecture? For each of these, what is the key output ?  3Cs Key Output Expected 1 Consumer Sales 2 Company Profit 3 Competitor Market Share A Marketing plan is vital to marketing success. It helps focus the mind of companies and marketing teams on the process of marketing i.e. what is going to be achieved and how we intend to do it. There are many approaches to marketing plans. But according to Marketing Teacher there are 5 key stages of the plan. They are in chronological order: 1 Situational Analysis and Marketing Audit 2 Set objectives 3 Define your marketing strategy 4 Marketing tactics 5 Marketing controls For the Situation Analysis or Marketing Audit, there are 5 tools that can be used. Name at least 2 tools that a marketeer can use to assess the market: 1 SWOT Analysis 2 PEST Analysis 3 Five Forces Analysis 4 Marketing environment In setting marketing objectives, the guidelines are to be SMART. Choose any product and give an example of a smart marketing objective for it. (5 points) To increase the sales of all white Stanley cups by 20% by March 2025 When we discussed setting the market strategy, what are the three main steps or processes to arrive at a market strategy? 1 Segmentation 2 Targeting 3 Positioning Marketing research can be classified into primary and secondary according to the method by which data is gathered. Name at least three examples of primary marketing research: 1 Interviews 2 Surveys 3 Focus Group Discussions What are the elements of the marketing mix (7Ps)? 1 Product 2 Price 3 Place 4 Promotion 5 People 6 Process 7 Physical environmnet