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OSU Principles of Marketing 3250- Exam 1 Questions with Correct Answers
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OSU Principles of Marketing 3250- Exam 1 Questions with Correct Answers
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OSU Principles of Marketing 3250- Exam1 Questions with Correct Answers
Marketing - Answer-Economic _________ is the process by which companies create
value for customers and build strong customer relationships in order to capture value
from customers.
Understanding the marketplace and customers' needs, wants and demands - Answer-
The first step in the marketing process is ___________.
It is the actual buying power a consumer has that enables him to fulfill his needs. -
Answer-Demands differ from wants in which way?
Need - Answer-When a consumer experiences a state of deprivation such as being
hungry, cold, or tired, he is feeling a(n) ________ that has to be satisfied.
Goods, services, ideas, information, people, places, and organizations - Answer-Market
offerings to which the marketing process applies include _________.
What is the value proposition? - Answer-In the process of developing marketing
strategy, one of the two critical questions the manager must ask is, "What customers
will we serve (what's our target market)?" Which of the following is the other question?
Segments - Answer-As the organization determines which customers to serve, it must
first divide the market into reachable portions, or ____________ of the market, and then
select which portion of the market to target.
Seven-Up, the Uncola - Answer-An example of a value proposition is best illustrated as
which of the following?
Production - Answer-Historically, the concept by which marketing managers operated,
which was based on being able to make the product efficiently and cost effectively, was
the _________ Concept.
Customer value; customer satisfaction - Answer-The fourth stage in the marketing
process is to build and sustain enduring customer relationships. The key elements of
this process involve_____ and _______.
Attraction - Answer-Customer engagement marketing in the age of social media
marketing differs from more traditional marketing, which relied on intrusion to build
market share. Customer engagement marketing depends on __________ instead.
Time-consuming aspects, costliness and the fact that it might not produce measurable
results - Answer-Advantages of consumer-generated marketing are the credibility and
, honesty of it and the appeals. Drawbacks for the marketing manager of consumer-
generated marketing include ____________.
Social media - Answer-While it is one of the newest marketing tools firms have to
communicate with customers, _______________ is(are) now used by more than 90% of
American organizations.
Mobile - Answer-_____________ marketing is perhaps the fastest-growing digital
marketing platform. It is ideal for engaging customers anytime and anywhere as they
move through the buying process.
The economy - Answer-A dramatic shift in _______________, beginning in 2008, has
caused marketing managers to realign marketing plans and focus more on value.
Turning the mission into detailed supporting objectives that guide the entire company -
Answer-After determining the market-oriented mission, what is the next step in the
process of strategic planning?
Mission statement - Answer-A ____________________ is a statement of the
organization's purpose—what it wants to accomplish in the larger environment.
to give people a window into the world's information, wherever it might be found -
Answer-If Google wrote its mission statement, what would it be advised to write? The
mission of Google is __________.
The organization must shape the future portfolio by developing strategies for growth and
downsizing. - Answer-There are two steps to business portfolio planning. First, the
company analyzes its current business portfolio and determines which businesses
should receive more, less, or no investment. Which of the following is the second step?
Market growth rate - Answer-The Boston Consulting Group growth-share matrix
classifies SBUs the firm has in two dimensions; the first dimension is
_______________, which measures market attractiveness for the entire industry on the
vertical axis.
Relative market share - Answer-The Boston Consulting Group growth-share matrix
classifies SBUs the firm has in two dimensions. The horizontal dimension consists of
the _______________, which measures the firm's strength in the market.
profitable growth - Answer-Designing a business portfolio involves finding businesses
and products the company should consider in the future. Companies need growth if they
are to compete more effectively, satisfy their stakeholders, and attract top talent. At the
same time, a firm must be careful not to make growth itself an objective. The company's
objective must be to manage __________.
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