Which of the following statements best describes the modern view of marketing?

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1) Which of the following statements best describes the modern view of marketing? A. Marketing is concerned with generating a single exchange between a firm and a customer. B. The job of marketing is to get rid of whatever the company is producing. C. Marketing should take over production, accounting, and financial services within a firm. D. Marketing begins with anticipating potential customer needs. 2) Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of A. Marketing. B. Production. C. A command economy. D. Making goods or performing services. 3) For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will make, is: A. An example of the micro macro dilemma. B. A part of marketing. C. A production activity. D. One of the universal functions of innovation. 4) To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of extra chunky premium cookies. This seems to be an effort at: A. Market development. B. Product development. C. Market penetration. D. Combination. 5) Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20 years, and has developed strong customer relations. When looking for new marketing opportunities, Professional Dental Supply will most likely look first at A. Market development. B. Product development. C. Diversification. D. Market penetration. 6) Which of the following statements regarding marketing strategies is FALSE? A. Developing successful marketing strategies does not need to be a hit or miss proposition. B. These strategies require decisions about the specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market. C. These strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm. D. It is useful to think of the marketing strategy planning process as a narrowing down process. 7) Which of the following is true? A. The product P in the marketing mix stands for only tangible merchandise. B. The product P in the marketing mix stands for both physical goods and tangible C. The product P in the marketing mix stands for both physical goods and services. D. The product P in the marketing mix stands for only physical goods. 8) The four Ps of a marketing mix are: A. Product, Price, Promotion, and Profit B. Product, Place, Promotion, and Price C. Promotion, Production, Price, and People D. Production, Personnel, Price, and Physical Distribution 9) A firm s marketing mix decision areas would NOT include: A. Price B. People C. Product D. Promotion 10) Big Fizz Co., a manufacturer of cola flavored drinks, wants to add packaged fruit juices to its existing product line. Big Fizz must make some decisions regarding packaging and branding of the fruit juices. These decisions would fall under which variable of the marketing mix? A. Promotion B. Place C. Price D. Product 11) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as: A. Store location is to sales force selection. B. Production is to marketing. C. Personal selling is to mass selling. D. Branding is to pricing. 12) The ______ area of the marketing mix is concerned with decisions about getting the right product to the target market when and where it is wanted. A. Promotion B. People C. Place D. Product 13) The main difference between a marketing strategy and a marketing plan is that: A. A marketing strategy provides more detail. B. A marketing plan includes several marketing strategies. C. A marketing strategy omits pricing plans. D. Time related details are included in a marketing plan. 14) Which of the following would probably NOT be in a proposed marketing plan? A. Expected sales and profit results. B. A statement of how frequently the design of the website will be changed. C. A description of the target market and marketing mix. D. A list of what company resources (costs) would be required. 15) A marketing plan is: A. A marketing strategy plus the time related details for carrying it out. B. A marketing strategy. C. A target market and a related marketing mix. D. A marketing program. 16) Marketing strategy planners should recognize that: A. Large firms like General Electric, Target, and Procter & Gamble are too large to aim at clearly defined markets. B. Mass marketing is often very effective and desirable. C. Target marketing is not limited to small market segments. D. Target markets should not be large and spread out. 17) Good marketing strategy planners know that: A. Mass marketing is often very desirable and effective. B. Target marketing does not limit one to small market segments. C. The terms mass marketing and mass marketer mean basically the same thing. D. Firms like Nabisco and WalMart are too large to aim at clearly defined target markets. 18) Target marketing, in contrast to mass marketing, A. Ignores markets that are large and spread out. B. Is limited to small market segments. C. Focuses on fairly homogeneous market segments. D. Assumes that all customers are basically the same. 19) ______________ is the process of naming broad product markets and then segmenting these broad product markets in order to select target markets and develop suitable marketing mixes. A. Mass marketing B. Market positioning C. Diversification D. Market segmentation 20) Clustering techniques applied to segmenting markets A. Usually require computers to group people based on data from market research. B. Remove the need for managerial judgment. C. Eliminate the need for marketing managers to specify in advance what dimensions might be relevant for grouping consumers. D. All of the above are true.

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