QUESTION 1

1. A mission statement describes the specific actions a firm will take to achieve its goals.

   True

   False

QUESTION 2

1. Segmentation, targeting, and positioning

   		are terms that can be used interchangeably in developing marketing plans.
   		are part of the marketing plan but bear little direct relationship to the marketing mix.
   		are part of a firm's marketing strategy.
   		are optional elements of a marketing plan.
   		should be done simultaneously so synergies can help streamline the effort.

QUESTION 3

1. The "implement marketing mix" step of the strategic marketing planning process is part of the control phase.

   True

   False

QUESTION 4

1. The components of a SWOT analysis are strengths, weaknesses, opportunities, and tactics.

   True

   False

QUESTION 5

1. The four Ps of the marketing mix include product, promotion, planning, and place.

   True

   False

QUESTION 6

1. The full price of a product or service includes all of the following except

   		taxes.
   		value of the consumer's time.
   		shipping.
   		the price of alternative products and services.
   		travel costs.

QUESTION 7

1. The term social media refers exclusively to social networking sites like Facebook.

   True

   False

QUESTION 8

1. Which of the following is not one of the five Cs of pricing?

   		collaboration
   		company objectives
   		customers
   		channel members
   		cost

QUESTION 9

1. Which of the following is the definition of social media?

   		web services that allow users to share their physical locations
   		content distributed through online and mobile technologies to facilitate interpersonal interactions
   		the practice of users forwarding video and photo links to one another
   		a group of websites that allow users to establish formal and informal connections
   		a collection of websites that support the posting of videos and photos

QUESTION 10

1. When Apple introduced its iPhone, it was priced at $599. This allowed Apple to earn the maximum amount of revenue from the various segments of the market. Two months after the introduction, the price has come down to $399. What kind of a pricing did Apple adopt?

   		loss-leader pricing
   		market-penetration pricing
   		market-skimming pricing
   		target-return pricing
   		value pricing

QUESTION 11

1. The traditional "marketing-mix" concept and the notion of the "four Ps" may not adequately describe modern marketing programs. ________ is about mixing and matching marketing activities to maximize their individual and collective effects.

   		Personalized marketing
   		Mass customization
   		Globalized marketing
   		Relationship marketing
   		Integrated marketing

QUESTION 12

1. A structured approach to assessing the sources and outcomes of brand equity and the manner in which marketing activities create the financial worth of the brand is called ________.

   		the brand value chain
   		the brand portfolio
   		the brand lifecycle
   		brand partitioning
   		brand positioning

QUESTION 13

1. The first step in estimating demand is to ________.

   		analyze competitors' cost
   		select a pricing method
   		understand what affects price sensitivity
   		calculate fixed costs
   		decipher the experience curve

QUESTION 14

1. Which of the following is true regarding price elasticity?

   		The higher the elasticity, the lesser is the volume growth resulting from a 1 percent price reduction.
   		Within the price indifference band, price changes have little or no effect on demand.
   		If demand is elastic, sellers will consider increasing the price.
   		Price elasticity does not depend on magnitude and direction of the contemplated price change.
   		When demand is inelastic, sellers should lower prices in order to increase total revenue.

QUESTION 15

1. Consumers are less price sensitive ________.

   		to high cost items
   		when they frequently change their buying habits
   		when there are more substitutes
   		when there are more competitors
   		when they do not readily notice higher prices

QUESTION 16

1. Armon Apparels designs, manufactures, and distributes athletic apparel and accessories for men and women. The company has only nine distributors across the United States. These distributors control a nationwide network of 600 retailers. The company does not sell its products through other channels. This is an example of ________ distribution.

   		Selective
   		Exclusive
   		Intensive
   		Passive
   		Internal

QUESTION 17

1. When Apple introduced the iPod in October, 2001, it was the first-of-its-kind product that offered sizable storage capacity for songs and a portable device that was not seen before in the market. Which of the following is most likely to have been the marketing communications objective for the iPod at the time of its introduction?

   		developing brand awareness
   		building customer traffic
   		enhancing purchase actions
   		establishing product category
   		enhancing firm image

QUESTION 18

1. Which of the following statements about market segmentation is true?

   		It involves changing the identity of a product, relative to the identity of competing products, in the collective minds of the target market.
   		It is a process of evaluating each segment's attractiveness and selecting one or more to enter.
   		It is a process of creating an image or identity of the product in the minds of the target market.
   		It is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants.
   		It is the quality of how marketers go to market with the goal of optimizing their spending to achieve good results

QUESTION 19

1. Spike Inc. is a sportswear manufacturer, that recently launched its new line of customizable running shoes. the shoes come with a digital component that allows them to adapt to the runners biomechanics. to promote this new product, spike launches an advertising campaign and entices famous athlete to endorse the product. this is an example of a

   		push strategy
   		pull strategy
   		niche strategy
   		organic strategy

QUESTION 20

1. Compared with traditional media (magazines, newspapers, television), what is the marketing advantage of social media?

   		Cost advantage
   		Economies of scale
   		Economies of scope
   		Direct consumer engagement

QUESTION 21

1. A firm that is willing to maintain its market share, and not attack other firms in the same industry in an aggressive bid for further market share, is known as a market _____________.

   		follower
   		leader
   		player
   		competitor

QUESTION 22

1. As the marketing manager for a floor tile manufacturer, Evans Smith is given a target to achieve 500 new customers by the end of the summer. He decides to search the existing market for probable customers who might use the product but currently do not. which of the following strategies is Evans pursuing to increase the market demand for his product?

   		push strategy
   		pull strategy
   		blue ocean strategy
   		market penetration strategy

QUESTION 23

1. Customer segmentation is the subdivision of a market into discrete customer groups that share similar characteristics. Which of the following brands segment their product offering by customer type?

   		Daimler Chrysler
   		Pepsi
   		Coca-Cola
   		All of the above

QUESTION 24

1. . ______________ is an element of the marketing communications mix that involves people-to-people oral, written, or electronic communications that relate to the merits of experiences of purchasing or using products or services.

   		direct marketing
   		word-of-mouth marketing
   		niche marketing
   		slam-dunk marketing

QUESTION 25

1. What are the two pricing strategies that can be used when introducing a new product into the market?

   		market skimming and market penetration
   		direct marketing and niche marketing
   		market penetration and direct marketing
   		market penetration and economies of scale

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