Reference no: EM132223753
1. Which element of the marketing mix would include advertising and sales?
a. Profit
b. Product
c. Price
d. Place
e. Promotion
2. Which of the following describes the personal value equation of a customer?
a. Value = Benefits offered + [Price − Hassle]
b. Value = [Price + Hassle] + Benefits received
c. Value = Price − [Benefits offered + Hassle]
d. Value = Benefits received − [Price + Hassle]
e. Value = [Price − Hassle] + Benefits received
3. Which of the following examples best illustrates the marketing concept?
a. A mail-order company begins using less expensive packing material to increase profits per sale.
b. A manufacturing firm opens a new distribution facility closer to the factory.
c. A catering firm decides to expand its hours of operations to better serve working mothers.
d. An automobile manufacturer installs a new assembly chain that increases output by 20 percent.
e. A food company puts nutritional information on its packages in accordance with government regulations.
4. Tom and Jim go to the same sushi bar and order the same entrée. Tom feels that the sushi is terrible and over-priced. Jim enjoys the sushi and decides to regularly patronize the restaurant. Which of the following statements about Tom and Jim is true?
a. Jim is not a good judge of sushi.
b. Tom and Jim derived different values from the same entrée.
c. Tom likes sushi more than Jim.
d. Tom and Jim derived the same value from the entrée.
e. Tom was incorrect in judging the value of the entrée.
5. Which of the following represents good marketing?
a. Focusing on production because increased supply will drive up demand.
b. Making an offering that encourages poor choices so consumers will buy again.
c. Yielding a positive value for the consumer and a profitable transaction for the company.
d. Offering value to customers at the expense of profit for the company.
e. Trying to sell goods or services which do not offer any value to customers.
6. The goal of a value proposition is to focus on:
a. what customers want.
b. the benefits and profitability of the offering.
c. the firm's marketing mix.
d. competition
7. Michael Porter's five forces model includes all of the following EXCEPT:
a. rivalries of existing companies.
b. threat of substitute products.
c. bargaining power of buyers.
d. threat of supplier penetration development.
e. threat of new entrants.
8. A firm's _____ states the purpose of the organization and why it exists.
a. value proposition
b. business plan
c. marketing plan
d. mission statement
e. financial report
9. With reference to the external environment, the_____ includes competition, suppliers, marketing intermediaries (retailers, wholesalers), the public, the company, and customers.
a. micro environment
b. target market
c. macro environment
d. trade commission
e. decoy market
10. John is offering his customers a special promotion for t-shirts: buy one, get the second one for a discount of 50%. Which of the following strategies is John utilizing?
a. Market-penetration
b. Product-development
c. Market-development
d. Diversification
e. Downsizing