Question details

MKT421 Wk 5 Final Exam
$ 15.00

1) 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.

One of the universal functions of innovation.

 

B.

An example of the micro-macro dilemma.

 

C.

A production activity.

 

D.

A part of marketing.

 

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.

Production.

 

B.

Marketing.

 

C.

A command economy.

 

D.

Making goods or performing services.

 

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

 

A.

The job of marketing is to get rid of whatever the company is producing.

 

B.

Marketing is concerned with generating a single exchange between a firm and a customer.

 

C.

Marketing should take over production, accounting, and financial services within a firm.

 

D.

Marketing begins with anticipating potential customer needs.

 

4) Which of the following statements regarding marketing strategies is FALSE?

 

A.

It is useful to think of the marketing strategy planning process as a narrowing-down process.

 

B.

Developing successful marketing strategies does not need to be a hit-or-miss proposition.

 

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.

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.

 

5) 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.

Combination.

 

B.

Market development.

 

C.

Market penetration.

 

D.

Product development.

 

6) 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 penetration.

 

B.

Market development.

 

C.

Product development.

 

D.

Diversification.

 

7) A firm's marketing mix decision areas would NOT include:

 

A.

Promotion

 

B.

Price

 

C.

Product

 

D.

People

 

8) The four Ps of a marketing mix are:

 

A.

Production, Personnel, Price, and Physical Distribution

 

B.

Product, Price, Promotion, and Profit

 

C.

Product, Place, Promotion, and Price

 

D.

Promotion, Production, Price, and People

 

9) The marketing mix

 

A.

Includes four variables—People, Place, Promotion, and Price.

 

B.

Helps to organize the marketing strategy decision areas.

 

C.

Includes four variables—advertising, personal selling, customer service, and sales promotion.

 

D.

Includes the target market

 
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