The focal point of all marketing activities is - ANSWERScustomers
The marketing mix is known by what other name? - ANSWERSthe four Ps
Goods, services, or ideas offered in the exchange with customers are dealt with under the _____ category of the marketing mix - ANSWERSproduct
Making the pr...
MFT: MBA Questions & Answers
Correct!!
The focal point of all marketing activities is - ANSWERScustomers
The marketing mix is known by what other name? - ANSWERSthe four Ps
Goods, services, or ideas offered in the exchange with customers are dealt with under
the _____ category of the marketing mix - ANSWERSproduct
Making the product available to the customer in the right quantities and locations when
the customer wants them is the definition for which of these marketing mix variable? -
ANSWERSplace
Many people equate advertising with marketing. While advertising is an important part
of the marketing process, it is actually a tool utilized under which category of the
marketing mix? - ANSWERSpromotion
The study and assessment of forces outside the organization is function of ___ and
____ - ANSWERSopportunities and threats
The forces that may be evaluated in the analysis of the environment may include -
ANSWERSpolitical/legal, economic, sociocultural, and technological
Which of the following is the first step in undertaking a market research project? -
ANSWERSproblem definition
A fancy word for "observation" is ___ - ANSWERSethnography
In order for a market to exist, there must be - ANSWERSa need/desire for the product,
the ability to afford the product, and the willingness to purchase
The 3 basic segmentation strategies available to marketers are undifferentiated,
concentrated and ___ - ANSWERSdifferentiated
When Henry Ford introduced the Model T, he offered only one model in one color as a
way to provide "transportation for the masses." Alfred P Sloan, President of General
Motors, offered the Chevrolet as an affordable starter car, the Buick as a car for those
who could afford more features and amenities, and the Cadillac as the ultimate luxury
car for those who wanted to show the world they had "arrived." Henry Ford's market
segmentation strategy used the ___ approach, while Alfred P Sloan's strategy used the
___ approach. - ANSWERSundifferentiated; differentiated
, The 5 steps of the Consumer Decision - ANSWERSMaking process, in order are -
problem recognition, information search, evaluation of alternatives, purchase, post-
purchase evaluation
The 2 types of purchases are consumer and business. The primary distinguishing factor
between the 2 is - ANSWERSthe purchaser's intended use of the product
The 4 categories of business markets are - ANSWERSproducer, reseller, government,
institutional
One key advantage of using secondary data instead of primary data is -
ANSWERSsecondary data is usually less expensive
The variables that can be used to segment consumer markets are -
ANSWERSdemographic, psychographic, geographic, and behavioristic
That part of the brand which can be spoken is the - ANSWERSbrand name
The Golden Arches of McDonald's are recognized worldwide. This symbol is an
example of a - ANSWERSbrand mark
The XYZ Automotive Corporation has just introduced a new car that runs on vegetable
oil. Sales are increasing but profits are negative. The company is investing a great deal
in research and development and to generate interest in the new car. These
circumstances indicate the car is in the ___ stage of the Product Life Cycle. -
ANSWERSintroduction
What is Historical Cost? - ANSWERSThe initial value of an asset.
What is included in the historical cost? - ANSWERS1. The purchase price 2. All costs of
getting it to your business (transportation costs) 3. All the costs of getting it ready for
your intended use. (preparation costs)
Under the accrual basis, when should revenue be recorded in your financial statement?
- ANSWERSWhen it is "earned".
When is the earning process complete in a sale transaction? - ANSWERSWhen the
legal title to the item is transferred from the seller to the buyer.
When is the earning process complete in a service transaction? - ANSWERSWhen the
work is substantially complete - i.e. the customer would be willing to pay for the services
which have been provided.
Explain "Matching" - ANSWERSAfter revenues have been recorded in the appropriate
period they are earned, then all the costs related to that revenue should be reported as
an expense in the same period.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Bestgrades2. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
