1. Marketing is, at its core: a. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. b. How a company advertises for a new product or service. c. Maintaining or creating relationships between a company and its customers. d. The process of setting marketing goals, the planning and execution of activities to meet these goals and measuring progress towards their achievement. Answer: 2. Why were the additional 3 Ps of Process, People, & Physical Evidence added to the marketing mix? a. The marketing mix was lacking some of the ingredients it needed to best manage the marketing of some products and services. b. The marketing mix wasn't clear enough c. The marketing mix didn't include enough about the product. d. The marketing mix was lacking in some ingredients for creating advertisements. Answer: 3. The "Marketing Concept is different from the "Selling Concept" because a. It places frontline employees in charge of marketing b. It focuses on how best to manage the marketing of an already successful product c. It places the customer at the beginning of the process d. It uses the marketing mix of the 7Ps of marketing 4. Marketing Management is a. The 7 Ps of marketing b. The process of setting marketing goals, the planning and execution of activities to meet these goals and measuring progress towards their achievement c. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large d. The upper level of marketers, who oversee the marketing projects beneath them 5. The team lead is developing a new skincare line that focuses on those who love the outdoors. Which of the following psychographic characteristics should the lead market towards? a. Women ages 45-55 b. Social media influencers c. Men ages 35-45 d. Active hikers Answer: 6. Net Promoter Score or NPS surveys ask which valuable question most often? a. Would you like to be a promoter? b. How likely is it that you would recommend [brand] to a friend or colleague? c. How likely is it that you would return to/purchase [brand] again? d. How satisfied were you with your experience? Answer: 7. A marketing researcher needs to do exploratory research to learn which of several different in-store product displays has the greatest appeal to customers. What is the best research approach to find this out? a. Create and administer a customer survey to collect primary data about product purchase plans. b. Conduct a series of focus groups to ask customers about recent purchases, and why they made them. c. Access and analyze secondary customer purchase transaction data found in the company's data warehouse. d. Set up an experiment using hidden cameras to observe customers as they browse product displays to make purchase decisions. 8. The Net Promoter Score Survey, or NPS, has three ranks that customers who take the survey fall into. What are they? a. Detractors, promoters, and loyalists b. Enthusiasts, passives, and loyalists c. Fans, neutrals, and the dissatisfied d. Passives, promoters, and detractors Answer: 9. Which of these is NOT a common failure in creating surveys? a. Forgetting to introduce your survey b. Asking too many questions c. Failing to under the survey population d. All of these are common failures in creating surveys Answer: 10. Exploratory research is useful when a. Marketers have many broad research questions and need to narrow them down into more precise questions b. Marketers aren't sure what to research c. Marketers have plenty of data but aren't sure what it means d. Marketers want to do something brand new 11. Which strategy listed below is not one of the three main target marketing strategies? a. Differentiated marketing b. Undifferentiated marketing c. Concentrated marketing d. Social media marketing Answer: 12. To determine if a market is stable, a marketer should ask which of the following? a. How long will this segment exist? b. Is it changing quickly? c. Is it likely to continue purchasing? d. All of the above 13. Which of these is not descriptive of concentrated marketing? a. Lack of diversity b. Lower initial costs c. Appearance as a specialist d. Many target markets Answer: 14. Why are buyer personas valuable? a. They allow marketers to ask how their target market would respond b. They give the marketers a tangible idea of their target market c. They help marketers understand their target market more clearly d. All of the above Answer: 15. What is not an example of when undifferentiated marketing should be used? a. When the product is widely consumed by the population (e.g., toilet paper, toothpaste, gasoline) b. Similar product needs exist among customers c. The profit margins are lower for the product, so a high sales volume is needed d. When different segments have very different product needs Answer: 16. Confused positioning occurs when which happens? a. A product claims benefits or differentiation that no group of consumers care about b. The way a product is positioned touts benefits that are simply not believable, or too good to be true. c. A product is positioned by claiming too many benefits, or worse, benefits that are contradictory d. A product has no clear advantage or differentiation, thus failing to convey to consumers an understanding of what makes the product better. Answer: 17. What is positioning? a. The strategic process of developing a market position for a product involving collaboration between marketing, sales, and product management teams. b. A succinct expression of a product's market position. c. Space in market for which a product is ideally suited. d. When the sales team randomly picks the position of which to market the product. 18. What question does positioning help to answer for the consumer about the product? a. Is this product the cheapest? b. Why should I buy from you? c. Which one is the prettiest? d. Which product is the better choice? Answer: 19. What can a positioning matrix tell a company? a. Competition in the quadrant is intense b. Validation of how the product is currently positioned c. An opportunity might exist d. All of these Answer: 20. There are certain steps a marketer should follow to position a product well. What is the correct order of those steps? a. Develop a statement that captures the positioning, identify a strong market position, define a product's market position b. Define a product's market position, identify a strong market position, develop a statement that captures the positioning c. Define a product's market position, develop a statement that captures the positioning, identify a strong market position rom the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 20. There are certain steps a marketer should follow to position a product well. What is the correct order of those steps? a. Develop a statement that captures the positioning, identify a strong market position, define a product's market position b. Define a product's market position, identify a strong market position, develop a statement that captures the positioning c. Define a product's market position, develop a statement that captures the positioning, identify a strong market position d. Identify a strong market position, define a product's market position, develop a statement that captures the positioning Answer: 21. What is the definition of self-actualization needs? a. Needs for finding enjoyment and purpose in life; achieving one's potential b. Basic needs like hunger and thirst c. Needs for belonging, community, friendship, and relationships d. Need for protection from harm 22. What is one thing a car dealership could do to prevent buyer's remorse? a. Send a letter of thanks to the buyer b. No-return policy c. Give them popcorn before they test drive the car d. Stay positive during the test drive Answer: 23. A consumer in the phase of looking for a haircut may use Yelp to look at reviews to decide which stylist might best fit their needs. a. Need recognition b. Purchase c. Evaluation of Alternatives d. Post-purchase evaluation Answer: 24. Jane wants fast-food for her lunch break. She recalls from memory a few fast- food restaurants, demonstrating her top of mind awareness. The nearest Taco Bueno is 3 hours away, so she is left to choose between Sonic or McDonald's. Sonic and McDonald are the choices she is considering and evaluating for consumption, so they are an example of which of the following? a. Search engine optimization b. High-involvement purchase c. Consideration set d. Buyer's remorse 25. If you are a company looking to utilize marketing in the purchase stage, you could consider providing which of the following? Answer: a. Offering ApplePay b. Offering a 5 year warranty c. Offering an option to finance d. All of these answers are correct