90 test bank for marketing management 1st edition by iacobucci

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90 Test Bank for Marketing Management 1st Edition

by Iacobucci

Multiple Choice Questions

In each chapter you will see _ over and over again

1 a consequentialism ethics

2 b marketing terminology

3 c the 5Cs, STP, and 4Ps

4 d marketing concepts

Due to marketing’s success in business, what do manageme

nt gurus think about marketing’s role in a company?

1 a they think its role is to direct sales

2 b it takes no special skill to be a good marketer anymore

3 c that it’s not just a function anymore

4 d it’s the most important aspect

What is today’s marketplace focused more on?

1 a business

2 b customers

3 c product

4 d price

What order is correct for the marketing framework?

1 a 5Cs, 4Ps, STP

2 b 4Ps, 5Cs, STP

3 c 5Cs, STP, 4Ps

4 d STP, 5Cs, 4Ps

What is the result companies see from happier customers due to marketing?

1 a Companies are less profitable

2 b Companies market less

3 c Companies are more profitable

4 d Companies see no results

If you ask the average person, “What is marketing?,” one of t

he things you might hear is:

1 a Marketing is sales and advertising

2 b Marketing is fun

3 c Marketing is the backbone of all business

4 d Marking is not profitable

The outcome orientation perspective of ethics is called

1 a psychological

2 b philosophical

3 c deontological

4 d consequentialism

What is one of the largest factors stressing out marketers these days?

1 a the pressure increase stock price

2 b the pressure to prove they are valuable

3 c the pressure to show results

4 d the pressure to produce more money than R&D

A company’s marketing executives should assess the _

in terms of a general analysis of a business problem or

opportunity the company is facing

1 a business situation

2 b 5Cs

3 c STP

4 d ARA

Marketing is thought to be evidence of an evolved

1 a society

2 b business

3 c customer

4 d market

The questions and issues that the reader can expect to

understand better in each chapter is revisited at the end of the chapter in a list format called _

1 a Managerial Recap

2 b Managerial Checklist

3 c Question Recap

4 d Marketing Recap

What is marketing NOT all about?

1 a finding out what customers like

2 b providing what customers like

3 c making a profit

4 d organizing the structure of a business

What can be marketed?

1 a vacation destinations

2 b professional athletes

3 c just about anything

4 d clothes

Which of the following is defined to be an exchange between

a firm and its customers?

1 a advertising

2 b consumer behavior

3 c marketing

4 d finance

What did the early marketplace primarily focus on?

1 a product

2 b promotion

3 c price

4 d place

The marketing framework can be used when you’re

1 a buying a car

2 b working on a case for class

3 c trying to decide where to eat lunch

4 d doing your taxes

The question, “Will customers want what your company is pr epared to produce?,” best describes with of these 4Ps?

1 a product

2 b price

3 c place

4 d promotion

One reason marketers want to quantify how effective their programs are is to show that they increase profits The other reason marketers want to quantify their effectiveness is to _

1 a try to raise their rank among the function

2 b have a seat at the table with the CEO, CFO, etc.

3 c be able to direct sales

4 d make more effective promotions

Great marketing is based on laws of human and

organization behavior

1 a philosophical

2 b feelings about

3 c intuitive

4 d economic and psychological

The book gives a clear knowledge of marketing at both the strategic and conceptual level as well as the

1 a virtual level

2 b tactical, hands-on level

3 c lower level

4 d psychological level

Advertising's goal is to enhance _

1 a brand image

2 b profit

3 c marketing

4 d purchases

Which of the following is NOT part of the 5Cs?

1 a context

2 b customer

3 c corporation

4 d competitors

If companies are good and if they’re lucky, the exchange con tinues iterating between the customer and the company, _ the tie between them

1 a strengthening

2 b weakening

3 c distracting

4 d exhausting

Which of the following is NOT a question that each chapter

in the textbook answers?

1 a Why does it matter?

2 b What is the topic in this chapter?

3 c How do I do this?

4 d What do you need to do to market your own business?

_ and _ are the central players in the marketing exchange

1 a Context, customer

2 b Collaborator, competitor

3 c Context, company

4 d Customer, company

The 4Ps include all of the following EXCEPT:

1 a positioning

2 b price

3 c product

4 d place

Marketers help/work with all of the following EXCEPT:

1 a athletes

2 b hotels

3 c department stores

4 d pets

Great marketing is NOT

1 a soft

2 b economic

3 c logical

4 d psychological

A company has its best chance at keeping its customers hap

py if it’s in close with them

1 a context

2 b communication

3 c cooperation

4 d support

The process orientation perspective of ethics is called

1 a psychological

2 b philosophical

3 c deontological

4 d consequentialism

Which of the following is NOT a part of STP?

1 a segmentation

2 b positioning

3 c targeting

4 d All are part of STP

The textbook will assume that _ will be used for data intake in a company

1 a experts

2 b the Internet

3 c polls

4 d focus groups

What is the best way to stay 5 steps ahead of the

competition?

1 a focus on profits

2 b remain customer centric

3 c focus on what the CEO wants

4 d study the competition

Each chapter in the textbook answers what question?

1 a Which of the 5Cs is covered in this chapter?

2 b What is the topic in this chapter?

3 c What makes a great marketer?

4 d What do you need to do to market your own business?

Marketing can make customers happier, which makes companies

1 a more profitable

2 b less vulnerable

3 c more operational

4 d more ductile

Marketers try to figure out what want and then they try to figure out how to provide it and make money doing so

1 a business owners

2 b customers

3 c advertisers

4 d companies

What do the letters CMO represent?

1 a Chief Management Officer

2 b Central Marketing Organization

3 c Central Management Officer

4 d Chief Marketing Officer

The textbook uses the over and over so that you will pick it up by osmosis

1 a marketing background

2 b customer model

3 c 5Cs, STP, and 4Ps

4 d Maslow model

Why do accounting and finance need to acknowledge the importance of marketing?

1 a because marketing generates sales

2 b because the CEOs do

3 c because marketing generates buzz

4 d because a monopoly is the only way to make a profit

Fundamentally, the best marketers put themselves in the place of their _

1 a company

2 b customers

3 c competitors

4 d friends

True - False Questions

Most companies perform the marketing function easily

1 True

2 False

If you ask the average person, “What is marketing?” you mig

ht hear something like, “Marketers make people buy

stuff they don’t need and can’t afford.”

1 True

2 False

Marketing shows the evolution of markets This is the

change from an industry just having production and sales to having true relationships with its customers

1 True

2 False

Some things that can be marketed include goods, services, experiences, events, and people

1 True

2 False

In order for marketing to have an equal vote in company decisions, it needs to quantify the effectiveness of marketing programs All other departments in a company translate progress into financial terms, and marketing needs to do this

as well

1 True

2 False

These days we live in a truly oriented and product-empowered marketing world

1 True

2 False

The outcome orientation style of ethics is called

deontological ethics

1 True

2 False

You’ll always be a step ahead of your competition if you sim ply think about your company

1 True

2 False

Great marketing is based on sound, logical—emotional and physical—laws of human and organization behavior

1 True

2 False

Customers typically do not mind paying for purchases, if they like what they are purchasing

1 True

2 False

Marketing will both enhance your career and make the world

a better place

1 True

2 False

The 5Cs, STP, and 4Ps diagram is used at the beginning of every chapter so that students can see a framework

depicting how all the marketing pieces come together to form the whole picture

1 True

2 False

Many management gurus believe that marketing has succee ded so well that it really isn’t a function in an organization anymore

1 True

2 False

When you try to find out how customers vary in their prefere nces, needs, and resources you are in the “Targeting” phase

of STP

1 True

2 False

John, an MBA student, finds the textbook useful because each chapter is organized by a framework that shows how all the marketing pieces come together to form the whole

picture

1 True

2 False

The term “market” sounds like it involves selling simple, tan gible goods, but as you know, hardly anything can be

marketed

1 True

2 False

Marketers help athletes, celebrities, and politicians with their images in their respective marketplaces (to fans and agents, intelligentsia, or the public)

1 True

2 False

Most companies would agree that taking in profits is much more important than keeping customers happy

1 True

2 False

There are many contingencies that modify marketing plans

1 True

2 False

The 5Cs, STP, and 4Ps operate interdependently

1 True

2 False

Meredith owns a consulting firm that advises on intellectual property She would hire a marketer but she doesn’t because you cannot market a consulting firm

1 True

2 False

Marketing is defined as an exchange between a firm and its customers

1 True

2 False

In an exchange, the customer wants something from the company but the company wants nothing from the

customer

1 True

2 False

John just purchased a new Honda Civic from the local

Honda dealership Even though John was happy and Honda made a profit, this was not a symbiotic relationship

1 True

2 False

Pfizer does not use direct-to-consumer ads to push their pharmaceutical drugs, as it is unlikely patients will ask their doctor for a particular brand name

1 True

2 False

Marketers are under a lot of pressure to show results There are a lot of marketing activities for which results can be

measured

1 True

2 False

A context question in a situational analysis might be: “What i

s happening in our industry that might reshape our

future business?”

1 True

2 False

“How do I do this—show me what to do so I can be successf ul!,” is one of the issues that is covered in each chapter of the textbook

1 True

2 False

Optimal business solutions should reflect a complete

knowledge of how the 5Cs, STP and 4Ps change with

changes in customers, competitors, and the legal

environment

1 True

2 False

Sara works for a golf products company In order for Sara to best answer the question, “What do my customers

want?,” she plays golf and tries out the equipment

1 True

2 False

Angela, who owns her own green cleaning service, is a

marketer when she promotes her business to new clients

1 True

2 False

John is a marketer for Verizon He puts together sales

promotions and advertisements for a new cell phone He is applying the “product” part of the 4Ps

1 True

2 False

Marketing can be used to educate the public

1 True

2 False

Diana is the marketing vice president at Company ABC As she assesses any particular business problem or

opportunity in terms of general analysis, she should review the 5Ps

1 True

2 False

One of the factors currently stressing marketers is the

pressure to show results

1 True

2 False

A marketer for the American Heart Association would be responsible for their push of the message to eat foods lower

in fat

1 True

2 False

R&D people don’t understand marketing because they are to

o concerned with making the latest and greatest invention

1 True

2 False

Marketing management is the overseeing of the processes of the 5Cs, STP, and 4Ps components

1 True

2 False

Marketers try to figure out what customers want and then they try to figure out how to provide it and make money doing so

1 True

2 False

STP stands for segmentation, targeting and positioning

1 True

2 False

Free Text Questions

Why is it important not to go overboard on effects to quantify marketing’s results? Describe why segmentation

strategy and advertising’s results should not be over analyze d.

Answer Given

If you go overboard to quantify marketing’s results, you will get skewed results of reality For example, suppose you are trying to asses the value of a segmentation strategy If the segments are poorly defined, then the results of the segmentation study may not be accurate Also, it is difficult to measure the results of advertising

in the short term The main goal of advertising should be to enhance brand image, and that takes a lot longer than short-term sales.

List and describe the 5Cs.

Answer Given

The 5Cs are customer, company, context, collaborators, and competitors These

Cs help us assess any particular business problem or opportunity in terms of a general analysis of the entire business situation The customer and company are obviously the central players in the marketing exchange The context includes things like the macroenvironment: How are our economy and that of our suppliers doing? What legal constraints might we face? What cultural differences do our global segments manifest? The collaborators and competitors are the companies and people we work with vs those we compete against, although drawing the line

is sometimes difficult in today’s global, networked economy.

Define STP and explain how it influences the marketing

process.

Answer Given

STP stands for segmentation, targeting, and positioning The STP part of

marketing

refers to the fact that we are very unlikely to be all things to all people, so it’s best

to identify groups, or segments, of customers who share similar needs and wants Once we understand the different segments’ preferences, and we presumably can

identify our own company’s strengths, we can identify the segment we should target with our marketing efforts We then strike up a conversation and relationship with that target segment by positioning our product to them in the marketplace via the 4Ps.

List at least 5 categories of items that can be marketed.

Answer Given

- tangible goods like soap or cereal; - high-end items like jewelry; - services like hotels and restaurants; - experiences like theme parks; - people, like athletes and politicians; - a town or city; causes; for example, a nonprofit’s goal; - yourself; for example, in an interview

Describe the evolution of marketing.

Answer Given

At first marketing was simply product or production-focused Over time, simply building a better version of a previous product was not good enough Marketers had to start really listening to their customers and providing what they wanted In today’s age, companies seek a true relationship with their customers instead of jus

t trying to sell them something.

Describe the main layout of the textbook.

Answer Given

The textbook focuses on how a product benefits customers The textbook

presents on a global basis because the world is running on a global scale due to the Internet The textbook trains you to think like a marketer Marketing is based

on logical, measurable behavior, not art or intuition The textbook teaches you how to think about marketing in a scientific way.

Define marketing’s exchange relationship.

Answer Given

Marketing is defined to be an exchange between a firm and its customers The customer wants something from the firm, and the firm wants something from the customer Marketers try to figure out what customers want and then they try to figure out how to provide it and make money doing so.