Test One Concept Check Questions 1 Which of the following best reflects the concept of exchange in marketing a Trading values between exchange partners b Delivering want satisfaction to the markets c Generating profits from sales d Creating synergistic marketing mixes e All of the above 2 Which of the following utilities is least likely to be created solely by the marketing function in the firm a Possession b Time c Place d Image e Form 3 Attaching an attractive lifestyle to a product via advertising is generally an attempt to create utility a Form b Time c Place d Image e Possession 4 The combination of product price promotion and distribution is generally referred to as a Marketing b The marketing tool kit c The marketing mix d Market targeting e None of the above 5 A measure or expression of the value in terms of money goods or services of a good or service is most closely associated with which component of the marketing mix a Product b Promotion c Place d Price e None of the above 6 A good service or idea that offers a bundle of tangible and intangible attributes to satisfy customers wants needs is most consistent with which element of the marketing mix a Product b Promotion c Place d Price e None of the above 7 The use of premiums illustrated in the TWIP commercial for breakfast cereal illustrates an application of the component of the promotion mix a Advertising Test One Concept Check Questions b Sales promotion c Personal selling d Public relations e Publicity 8 The definition of the marketing concept in contrast to the definition of marketing a Focuses on deploying elements of the marketing mix to create satisfying exchanges with customers b Is a philosophy of doing business which places the customer at the focal point of most decisions in the firm c Stresses the importance of promotion to create customer utility d Focuses mainly on creating exchanges that satisfy the firm s objectives e There is no difference between the two they are essentially the same things 9 The emergence of the selling concept as a philosophical alternative to the production concept was primarily the result of a The recognition by businesses that high quality products will sell themselves b Customer dissatisfaction with attempts by businesses to influence customers to buy products they don t want or need c Changes in the relationship between supply and demand during the Great Depression d Recognition by firms that they must be responsive to the long term needs of society with their marketing practices e That suppliers and other channel members should be treated as customers 10 The three major tasks performed by managers are planning implementation and control With respect to planning the type of plan that tends to be very broad in nature and covering the longest time frame is the a Strategic plan b Tactical plan c Financial plan d All of the above 11 With respect to marketing planning process the Market Opportunity Analysis MOA is typically part of the a Implementation component of the plan b Strategy planning component of the plan c Tactical planning component of the plan d SWOT analysis e None of the above 12 The firm s is statement of company purpose identifying the business in which the firm perceives itself to be it is a statement of the firm s primary areas of product and market focus a Marketing concept b Business objective c Business philosophy Test One Concept Check Questions d Mission e Vision 13 Firms that define their missions from a strict product perspective often miss many marketing opportunities as a result This phenomenon is referred to as a Marketing myopia b The marketing concept c Mission myopia d The marketing mix e None of the above 14 The product market matrix is a useful way to view the range of potential market opportunities available to firms The dimensions of the matrix are new vs exiting products and new vs existing a Markets b Production facilities c Marketing mixes d Geographic locations for distribution e None of the above 15 Excedrin Migraine illustrates using a to target a slightly different market of sever headache sufferers a Brand extension b Line extension c Flanker brand d Generic brand e None of the above 16 With respect to the product market matrix the least risky areas of market opportunity and those areas firms are advised to investigate first are a Joint development opportunities b Product development opportunities c Diversification opportunities d Market development opportunities e Market penetration opportunities 17 Microsoft recently introduced Windows 10 The changes included in this version of Windows essentially are incremental enhancements and fixes to problems encountered with Windows 8 along with additional modifications of the operating system for the tablet applications This is an example of a opportunity a Product development b Market development c Market penetration d Diversification e None of the above 18 The process of dividing larger heterogeneous markets into smaller more homogeneous submarkets is called a Market subdividing b Market segmentation Test One Concept Check Questions c Marketing d Market opportunity analysis e None of the above 19 The British paint market example of market segmentation illustrates both benefit segmentation and a High quality in products is always the best strategy b Quality delivered by products must be matched to the quality demanded by customers c Low quality products offered to lower income markets is often the best strategy d Quality is of little importance when building products and structuring marketing strategies e None of the above 20 Wendy s ran a series of commercials employing the tagline where s the beef The positioning strategy in these ads illustrates a Benefit positioning b Lifestyle positioning c Competitive positioning d Usage occasion positioning e Demographic positioning 21 Key Success Factors KSFs are typically select all that apply a Things that firms must possess that are critical to the firm s survival in an industry b Are identified during the industry analysis phase of the MOA c Usually consist of physical assets or other critical resources d Can also become sources of competitive advantage e Are essential components of the controlling phase of the marketing management process 22 When marketing managers compare where we are with where we need to be they are usually in the stage of the marketing management process a Planning b MOA c Implementing d Controlling e None of the above 23 With