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1) For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will...
1) For Tesla, a new firm that makes an electric sports car, estimating how many competitors will make electric vehicles and what kinds they will make, is: A. One of the universal functions of innovation. B. A part of marketing. C. A production activity. D. An example of the micro-macro dilemma. 2) Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as part of A. Production. B. Making goods or performing services. C. A command economy. D. Marketing. 3) Which of the following statements best describes the modern view of marketing? A. The job of marketing is to get rid of whatever the company is producing. B. Marketing begins with anticipating potential customer needs. C. Marketing should take over production, accounting, and financial services within a firm. D. Marketing is concerned with generating a single exchange between a firm and a customer. 4) To compete more successfully with its many competitors offering packaged cookies, Famous Amos added its own line of extra chunky premium cookies. This seems to be an effort at: A. Combination. B. Product development. C. Market penetration. D. Market development. 5) Professional Dental Supply has been successfully selling dental instruments to dentists for the past 20 years, and has developed strong customer relations. When looking for new marketing opportunities, Professional Dental Supply will most likely look first at A. Market penetration. B. Product development. C. Diversification. D. Market development. 6) Which of the following statements regarding marketing strategies is FALSE? A. It is useful to think of the marketing strategy planning process as a narrowing-down process. B. These strategies require decisions about the specific customers the firm will target and the marketing mix the firm will develop to appeal to that target market. C. These strategies must meet the needs of target customers, and a firm is likely to get a competitive advantage if it just meets needs in the same way as some other firm. D. Developing successful marketing strategies does not need to be a hit-or-miss proposition. 7) The marketing mix A. Includes four variables—People, Place, Promotion, and Price. B. Includes four variables—advertising, personal selling, customer service, and sales promotion. C. Includes the target market D. Helps to organize the marketing strategy decision areas. 8) The four Ps of a marketing mix are: A. Production, Personnel, Price, and Physical Distribution B. Product, Place, Promotion, and Price C. Promotion, Production, Price, and People D. Product, Price, Promotion, and Profit 9) Which of the following is true? A. The product P in the marketing mix stands for only physical goods. B. The product P in the marketing mix stands for both physical goods and tangible C. The product P in the marketing mix stands for both physical goods and services. D. The product P in the marketing mix stands for only tangible merchandise. 10) Hewlett-Packard sells personal computers through specialty computer stores, electronics superstores, and its own Internet site. The marketing mix variable that is being considered here is: A. Pricing. B. Placement. C. Promotional. D. Product. 11) Big Fizz Co., a manufacturer of cola-flavored drinks, wants to add packaged fruit juices to its existing product line. Big Fizz must make some decisions regarding packaging and branding of the fruit juices. These decisions would fall under which variable of the marketing mix? A. Product B. Price C. Place D. Promotion 12) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as: A. Branding is to pricing. B. Personal selling is to mass selling. C. Production is to marketing. D. Store location is to sales force selection. 13) Which of the following is part of a complete marketing plan? A. Competitors' marketing strategies. B. What company resources (costs) are required and at what rate. C. How different marketing mixes (for different target markets) relate to each other. D. All of these. 14) A marketing plan is: A. A marketing program. B. A marketing strategy—plus the time-related details for carrying it out. C. A target market and a related marketing mix. D. A marketing strategy. 15) The main difference between a marketing strategy and a marketing plan is that: A. Time-related details are included in a marketing plan. B. A marketing strategy provides more detail. C. A marketing strategy omits pricing plans. D. A marketing plan includes several marketing strategies. 16) Good marketing strategy planners know that: A. Firms like Nabisco and WalMart are too large to aim at clearly defined target markets. B. Mass marketing is often very desirable and effective. C. The terms mass marketing and mass marketer mean basically the same thing. D. Target marketing does not limit one to small market segments. 17) Target marketing, in contrast to mass marketing, A. Is limited to small market segments. B. Ignores markets that are large and spread out. C. Focuses on fairly homogeneous market segments. D. Assumes that all customers are basically the same. 18) Marketing strategy planners should recognize that: A. Target markets should not be large and spread out. B. Large firms like General Electric, Target, and Procter & Gamble are too large to aim at clearly defined markets. C. Target marketing is not limited to small market segments. D. Mass marketing is often very effective and desirable.
