Exam Two Study Guide
Exam Two Study Guide MKTG 3310-001
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This 4 page Study Guide was uploaded by Lydia Purcell on Monday February 8, 2016. The Study Guide belongs to MKTG 3310-001 at Auburn University taught by Jeremy Wolter in Spring 2016. Since its upload, it has received 155 views. For similar materials see PRINCIPLES OF MARKETING in Business at Auburn University.
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Date Created: 02/08/16
Marketing Exam Two – February 9 , 2016 1. Choose the sentence that best describes the marketing concept: a. A businesses philosophy b. A set of business activities c. A business discipline d. Responsibility to earn a profit while valuing the customer e. All the above 2. Creating value in the market place is to: a. Research and development b. Supply chain organization c. Economic strategy where the business and the customers are brought together d. Innovating, creating, and distributing products to the market e. All the above 3. Receiving profit from the marketplace is… a. Marketing strategy b. Customer Lifetime Value c. Appropriating Value d. Creating Value 4. Who are the main appropriators? a. Business b. Society c. Brand competition d. A and C e. All the above 5. A market strategy is a specific __ and the __. a. Target market; marketing mix b. Marketing concept; target market c. Value creation; value appropriation d. Market mix; customers 6. The target market is… a. A specific group of individuals a company receives cash flow from b. A specific group of individuals a company wants to appeal to c. A specific group of individuals a company distributes products to d. A specific group of individuals a company is connected to through shareholders 7. T/F The marketing mix are uncontrolled elements within the market place that a business puts together to fulfill the target market’s needs and wants. 8. What are the four Ps? a. Planet, product, profit, place b. Price, product, promotion, place c. Production, promotion, profit, planet d. Profit, promotion, planet, product 9. What’s the difference between Mass Marketing and Target Marketing? a. Mass marketing is focused on their stockholders, and target is focused on their customers. b. Mass marketing is reaching out to a niche market, and target is implementing specific elements into the whole market to reach every customer. c. Mass marketing is reaching out to the entire market, and target is implementing specific elements into the mix to better reach the target customer. d. Mass marketing is focused on their customers, and target is focused on their stockholders. 10. Companies target markets because… a. Incremental profit over incremental lost b. Incremental cost over incremental benefits c. Incremental lost over incremental profit d. Incremental benefits over incremental cost 11. Marketing Myopia is: a. Confining the company to the point where customers are being overlooked as a target market b. A way of practice that gives no room for growth or expansion c. Too broad, or lack of focus, in the market where profit is decreased d. Where the company is spread too thin e. All the above 12. An organization’s culture is: a. Capable of disrupting a business strategy b. Driven by values and how their employees are measured c. Easy to change d. Can work against them e. All the above f. A and C g. A, B, and D 13. SWOT is… a. Dealing with new products b. Dealing with a new market place c. About critical thinking d. A and B e. All the above 14. When companies deliver more value to their target market than their competitors, they have: a. Competitive analysis b. Competitive advantage c. Competitive marketing d. Competitive balancing 15. T/F There are three different competitive advantages to finding one’s competition. They are small competition, expanded competition, and broad competition. 16. T/F It isn’t important to categorize one’s competitors. You just need to question them. 17. T/F When picking one’s competition, you have to decided if they’re strong or weak, close or far, sneaky or play by the rules. 18. Customer Value Analysis… a. Benefits the customer value and how they rate others b. Benefits the business and how they relate to others c. Benefits the stockholder value and how they relate to others d. Benefits the customer and how they relate to others 19. The Marketing ROI is what? a. What the firm does… the stockholder’s investment… how customers receive the product… what competition is strongest b. What the costumer receives… how the customer enjoys it… how the customer values it… how the business profits from it c. What the firm does… what’s the customer reaction… what customers do with that reaction… what firm gets from the process d. What the firm does… the customer’s investment… how customers receive the product… what competition is strongest 20. A metric is: a. A system that calculates the trends, dynamics, or characteristics b. Tracking system c. Deals with the cash flow of the customers d. A and B e. A only Answers: 1. E 2. E 3. C 4. E 5. A 6. B 7. Answer: False. It is a controlled environment 8. B 9. C 10. D 11. E 12. G 13. E 14. B 15. T 16. F 17. T 18. A 19. C 20. D
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