MBA 706 Exam 1 and answers
the curse of mature markets whereby products lack any real means of differentiation
and customers see competing products as offering roughly the same
benefitsCommoditization
involves the analysis of economic, political, legal, technological, and cultural event...
MBA 706 Exam 1 and answers
the curse of mature markets whereby products lack any real means of differentiation
and customers see competing products as offering roughly the same
benefits✔✔Commoditization
involves the analysis of economic, political, legal, technological, and cultural events
and trends that may affect the future of the organization and its marketing
efforts.✔✔Environmental scanning
C. Price has a direct connection with customer demand✔✔Which of the following
statements about pricing decisions in the marketing program is TRUE?
a. Customers will always equate higher prices with higher quality products.
b. Pricing is the most difficult element of the marketing mix to change.
c. Price has a direct connection with customer demand.
d. Price is one of two elements of the marketing mix that leads to revenue
This type of planning deals with specific markets or market segments and the
development of marketing programs that will fulfill the needs of customers in those
markets✔✔Tactical Planning
D. What do we want to become?✔✔A vision statement answers which of the
following statements?
a. What business are we in?
b. Which is our market position?
c. How can we serve our target markets?
d. What do we want to become?
D. Because top managers must decide whether the marketing plan is the best use
for the organization's scarce resources.✔✔In the context of marketing planning, why
is it vital that the marketing plan be capable of selling itself to top management?
a. Because top managers must be able to clearly communicate the strategy to
external stakeholders.
b. Because top managers are responsible for executing the marketing plan.
c. Because top managers must decide whether the marketing plan is the best use for
the organization's scarce resources.
d. Because top managers must ensure that the marketing program is successful.
B. evaluation and Control✔✔Motorola continuously establishes performance
standards and assesses actual performance by comparing it with these standards.
Afterwards, Motorola often takes corrective action to reduce any discrepancies. This
process is most likely outlined in the __________ section of Motorola's marketing
plan.Motorola continuously establishes performance standards and assesses actual
performance by comparing it with these standards. Afterwards, Motorola often takes
corrective action to reduce any discrepancies. This process is most likely outlined in
the __________ section of Motorola's marketing plan.
a. goals and objectives
b. evaluation and control
c. marketing strategy
, d. marketing implementation
Mission Statement✔✔What is needed to develop goals and objectives?
False✔✔True/False: The SWOT analysis is derived from the marketing goals and
objectives section.
D. A review of the competition✔✔Which of the following is NOT a part of evaluating
the internal environment?
a. A review of current objectives, strategy, and performance.
b. A review of the current availability of organizational resources.
c. A review of the organizational structure.
d. A review of the competition.
• Power shift to customers
• Massive increase in product selection
• Audience and media fragmentation
• Changing value propositions
• Shift in demand patterns
• Privacy, security, and ethical concerns
• Unclear legal jurisdiction✔✔What are the challenges and opportunities in today's
economy?
Group of individuals or institutions with similar needs that can be met by a specific
product (collection of buyers and sellers)✔✔Market
Electronic marketplaces unbound by time or space (ex: Ebay or
Etsy)✔✔Marketspace
Cluster of closely related goods and services that center around a specific
consumption activity (Ex: automotive, homeownership, parenting, etc.)✔✔Meta
market
Rapid technological change, economic/financial anxiety, and increasing consumer
skepticism.✔✔Today's economy is characterized by what?
Value and customer relationship; meeting human and social needs✔✔In 2005, the
definition of marketing stressed what two critical success factors? What was added
in 2006 to the definition?
Provides a single access point where buyers can locate and contact many different
sellers in the metamarket (ex: homeownership = www.zillow.com, parenting =
www.babycenter.com)✔✔Metamediary
Traditionally defined as the process of obtaining something of value from someone
by offering something in return; this usually entails obtaining products for
money.✔✔Exchange
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