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Exam (elaborations)

MFT: MBA Exam Practice Questions and Answers

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MFT: MBA Exam Practice Questions and Answers The focal point of all marketing activities is - ANSWER-customers The marketing mix is known by what other name? - ANSWER-the four Ps Goods, services, or ideas offered in the exchange with customers are dealt with under the _____ category of the mar...

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  • October 28, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ETS Major Field
  • ETS Major Field
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MFT: MBA Exam Practice Questions and

Answers


The focal point of all marketing activities is - ANSWER✔✔-customers


The marketing mix is known by what other name? - ANSWER✔✔-the four Ps


Goods, services, or ideas offered in the exchange with customers are dealt with under the _____

category of the marketing mix - ANSWER✔✔-product


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? - ANSWER✔✔-place


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? - ANSWER✔✔-

promotion


The study and assessment of forces outside the organization is function of ___ and ____ - ANSWER✔✔-

opportunities and threats


The forces that may be evaluated in the analysis of the environment may include - ANSWER✔✔-

political/legal, economic, sociocultural, and technological

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FIRST PUBLISH OCTOBER 2024




Which of the following is the first step in undertaking a market research project? - ANSWER✔✔-problem

definition


A fancy word for "observation" is ___ - ANSWER✔✔-ethnography


In order for a market to exist, there must be - ANSWER✔✔-a 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 ___ -

ANSWER✔✔-differentiated


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. - ANSWER✔✔-undifferentiated; differentiated


The 5 steps of the Consumer Decision - ANSWER✔✔-Making 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

- ANSWER✔✔-the purchaser's intended use of the product




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The 4 categories of business markets are - ANSWER✔✔-producer, reseller, government, institutional


One key advantage of using secondary data instead of primary data is - ANSWER✔✔-secondary data is

usually less expensive


The variables that can be used to segment consumer markets are - ANSWER✔✔-demographic,

psychographic, geographic, and behavioristic


That part of the brand which can be spoken is the - ANSWER✔✔-brand name


The Golden Arches of McDonald's are recognized worldwide. This symbol is an example of a -

ANSWER✔✔-brand 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. - ANSWER✔✔-introduction


What is Historical Cost? - ANSWER✔✔-The initial value of an asset.


What is included in the historical cost? - ANSWER✔✔-1. 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)




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