Question 1

Which of the following statements BEST describes the process of marketing management?

Accepted Answer

A)  The art and science of choosing target markets and building profitable relationships with them. 
B)  It focuses solely on attaining an organisation's sales goals in an efficient manner. 
C)  It is primarily concerned with the systematic gathering, recording, and analysis of data about target markets. 
D)  It focuses mostly on monitoring the profitability of a company's products and services. 
E)  It is defined as the field that deals with planning and managing a business at the highest level of profitability. 
A)  The art and science of choosing target markets and building profitable relationships with them. 
B)  It focuses solely on attaining an organisation's sales goals in an efficient manner. 
C)  It is primarily concerned with the systematic gathering, recording, and analysis of data about target markets. 
D)  It focuses mostly on monitoring the profitability of a company's products and services. 
E)  It is defined as the field that deals with planning and managing a business at the highest level of profitability.

Question 2

Two central questions for marketing managers are (a) "What consumers will we serve?" and (b) "How can we best serve those consumers?"

Accepted Answer

A) True 
 B)False

Question 3

An Australian university is attempting to estimate the market size for its various undergraduate award programmes for the following academic year. Which of the following groups should it consider as being in the market for degree programmes?

Accepted Answer

A)  international students who have completed the equivalent of Year 12 
B)  students currently studying at private colleges, including English language colleges or those undertaking certificate or diploma programmes 
C)  undergraduates currently studying at other Australian universities 
D)  domestic school leavers (i.e. students who have completed Year 12 or its equivalent) 
E)  all of the above 
A)  international students who have completed the equivalent of Year 12 
B)  students currently studying at private colleges, including English language colleges or those undertaking certificate or diploma programmes 
C)  undergraduates currently studying at other Australian universities 
D)  domestic school leavers (i.e. students who have completed Year 12 or its equivalent) 
E)  all of the above

Question 4

Which of the following statements about an effective value proposition is/are correct?

Accepted Answer

A)  It should differentiate a brand from its competitors. 
B)  It will need to be changed periodically. 
C)  It is likely to be copied by competitors. 
D)  It should answer the question, "Why should a customer buy your brand rather than competitors' brands?" 
E)  All of the above are correct. 
A)  It should differentiate a brand from its competitors. 
B)  It will need to be changed periodically. 
C)  It is likely to be copied by competitors. 
D)  It should answer the question, "Why should a customer buy your brand rather than competitors' brands?" 
E)  All of the above are correct.

Question 5

Anything that can be offered to a market for attention, acquisition, use or consumption is best described as a(n):

Accepted Answer

A)  product or service. 
B)  exchange satisfying object. 
C)  desire. 
D)  need. 
E)  want. 
A)  product or service. 
B)  exchange satisfying object. 
C)  desire. 
D)  need. 
E)  want.

Question 6

Companies address needs by putting forth a________ , a set of benefits that they offer to customers to satisfy their needs.

Accepted Answer

A)  brand 
B)  demand 
C)  deal 
D)  marketing plan 
E)  value proposition 
A)  brand 
B)  demand 
C)  deal 
D)  marketing plan 
E)  value proposition

Question 7

The form taken by human needs, as they are shaped by culture and individual personality, is known as:

Accepted Answer

A)  demand. 
B)  products and services. 
C)  human wants. 
D)  exchange. 
E)  human motivations. 
A)  demand. 
B)  products and services. 
C)  human wants. 
D)  exchange. 
E)  human motivations.

Question 8

A satisfied customer is more likely to make positive word- of- mouth recommendations to friends or relatives.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is an example of a product?

Accepted Answer

A)  a carton of eggs 
B)  a beauty treatment 
C)  a seminar on study skills 
D)  a screenplay based on the life of Apple's Steve Jobs 
E)  all of the above 
A)  a carton of eggs 
B)  a beauty treatment 
C)  a seminar on study skills 
D)  a screenplay based on the life of Apple's Steve Jobs 
E)  all of the above

Question 10

Demands are wants for specific products backed by an ability to pay.

Accepted Answer

A) True 
 B)False

Question 11

The process of dividing the total potential market into segments or groups of customers is known as:

Accepted Answer

A)  market analysis. 
B)  target marketing. 
C)  market segmentation. 
D)  market positioning. 
E)  market profiling. 
A)  market analysis. 
B)  target marketing. 
C)  market segmentation. 
D)  market positioning. 
E)  market profiling.

Question 12

The abundance of product information available on the Internet has made it more difficult for consumers to compare product features and prices.

Accepted Answer

A) True 
 B)False

Question 13

The term "product" is correctly applied to tangible goods.

Accepted Answer

A) True 
 B)False

Question 14

Wants are basic human requirements, such as food and shelter.

Accepted Answer

A) True 
 B)False

Question 15

The set of current and potential buyers of a product or service is known as:

Accepted Answer

A)  the target market. 
B)  value segments. 
C)  the latent market potential. 
D)  the market. 
E)  a market segment. 
A)  the target market. 
B)  value segments. 
C)  the latent market potential. 
D)  the market. 
E)  a market segment.

Question 16

Craig Tomlin has just accepted his political party's nomination to stand as a candidate in the forthcoming election. In marketing terms, Craig Tomlin is:

Accepted Answer

A)  an agent. 
B)  a symbolic representative. 
C)  a product. 
D)  a spokesperson. 
E)  none of the above 
A)  an agent. 
B)  a symbolic representative. 
C)  a product. 
D)  a spokesperson. 
E)  none of the above

Question 17

A short definition of marketing is "meeting needs profitably."

Accepted Answer

A) True 
 B)False

Question 18

Is non- profit marketing an oxymoron? Explain.

Accepted Answer

A response indicating a good overall und

Question 19

While most marketers seek to satisfy existing wants, truly exceptional marketers create new needs.

Accepted Answer

A) True 
 B)False

Question 20

Marketing's primary concern is to attract new customers.

Accepted Answer

A) True 
 B)False

Which of the following statements BEST describes the process of marketing management?

Two central questions for marketing managers are (a) "What consumers will we serve?" and (b) "How can we best serve those consumers?"

An Australian university is attempting to estimate the market size for its various undergraduate award programmes for the following academic year. Which of the following groups should it consider as being in the market for degree programmes?

Which of the following statements about an effective value proposition is/are correct?

Anything that can be offered to a market for attention, acquisition, use or consumption is best described as a(n):

Companies address needs by putting forth a________ , a set of benefits that they offer to customers to satisfy their needs.

The form taken by human needs, as they are shaped by culture and individual personality, is known as:

A satisfied customer is more likely to make positive word- of- mouth recommendations to friends or relatives.

Which of the following is an example of a product?

Demands are wants for specific products backed by an ability to pay.

The process of dividing the total potential market into segments or groups of customers is known as:

The abundance of product information available on the Internet has made it more difficult for consumers to compare product features and prices.

The term "product" is correctly applied to tangible goods.

Wants are basic human requirements, such as food and shelter.

The set of current and potential buyers of a product or service is known as:

Craig Tomlin has just accepted his political party's nomination to stand as a candidate in the forthcoming election. In marketing terms, Craig Tomlin is:

A short definition of marketing is "meeting needs profitably."

Is non- profit marketing an oxymoron? Explain.

While most marketers seek to satisfy existing wants, truly exceptional marketers create new needs.

Marketing's primary concern is to attract new customers.

Marketing: Delivering and Capturing Value

Strategic Planning and Marketing

Marketing Strategies for Competitive Advantage

The Global Marketing Environment

Information Management and Marketing Research

Consumer Behaviour

Business-To-Business Behaviour

Market Segmentation, Targeting and Positioning

Products and Services Marketing

New Products

Pricing for Value

Marketing Channels and Logistics Networks

Retailing and Wholesaling

Advertising and Public Relations

Sales Promotion and Selling

Direct and Online Marketing

Tapping Into Markets Across the Globe

Responsible Marketing

Filters

Exam 1: Marketing: Creating Superior Customer Value

Which of the following statements BEST describes the process of marketing management?

Two central questions for marketing managers are (a) "What consumers will we serve?" and (b) "How can we best serve those consumers?"

An Australian university is attempting to estimate the market size for its various undergraduate award programmes for the following academic year. Which of the following groups should it consider as being in the market for degree programmes?

Which of the following statements about an effective value proposition is/are correct?

Anything that can be offered to a market for attention, acquisition, use or consumption is best described as a(n):

Companies address needs by putting forth a________ , a set of benefits that they offer to customers to satisfy their needs.

The form taken by human needs, as they are shaped by culture and individual personality, is known as:

A satisfied customer is more likely to make positive word- of- mouth recommendations to friends or relatives.

Which of the following is an example of a product?

Demands are wants for specific products backed by an ability to pay.

The process of dividing the total potential market into segments or groups of customers is known as:

The abundance of product information available on the Internet has made it more difficult for consumers to compare product features and prices.

The term "product" is correctly applied to tangible goods.

Wants are basic human requirements, such as food and shelter.

The set of current and potential buyers of a product or service is known as:

Craig Tomlin has just accepted his political party's nomination to stand as a candidate in the forthcoming election. In marketing terms, Craig Tomlin is:

A short definition of marketing is "meeting needs profitably."

Is non- profit marketing an oxymoron? Explain.

While most marketers seek to satisfy existing wants, truly exceptional marketers create new needs.

Marketing's primary concern is to attract new customers.

Marketing: Delivering and Capturing Value

Strategic Planning and Marketing

Marketing Strategies for Competitive Advantage

The Global Marketing Environment

Information Management and Marketing Research

Consumer Behaviour

Business-To-Business Behaviour

Market Segmentation, Targeting and Positioning

Products and Services Marketing

New Products

Pricing for Value

Marketing Channels and Logistics Networks

Retailing and Wholesaling

Advertising and Public Relations

Sales Promotion and Selling

Direct and Online Marketing

Tapping Into Markets Across the Globe

Responsible Marketing

Filters