Marketing Midterm

• True/False: Marketing is an activity that only large firms with specialized departments can perform.

  False
• True/False: The four P's of the marketing mix include product, promotion, planning, and place.

  False
• True/False: When thinking about product and creating value, offerings can include goods, services, or ideas.

  True
• Which of the following is true of marketing?

  • Marketing affects various stakeholders
  • Marketing plays no role in creating value
  • Marketing is about satisfying the company's needs and wants
  • Marketing requires place, product, promotion, and perception decisions
  • Marketing is performed by organizations, no individuals

  Marketing affects various stakeholders
• Traditionally, marketing activities have been divided into products, price, place, and promotion. Select the term that best describes the four P's.

  • Marketing mix
  • Marketing plan
  • Marketing channel
  • Marketing era
  • Marketing implementation

  Marketing mix
• When Starbucks sells its coffee and mugs to the public on its website, it is ___ sale.

  B2C
• When referring to "exchange," marketers are focusing on

  • The location where products and services are traded
  • The price charged, adjusted for currency exchange rates
  • Promotional offers designed to stimulate barter
  • The trading of things of value

  The trading of things of value
• True/False: Price should be based on the value that the customer perceives as a good "deal" for the product they recieve

  True
• True/False: Esau wants to offer his existing design customers new goods and services. He is pursuing a market development strategy.

  False
• The four overarching strategies to create and deliver value and to develop sustainable competitive advantages include locational, customer, operational, and ___ excellence.

  Product
• During, which step of the marketing planning process does a firm engage in segmentation, targeting, and positioning?

  • Conduct a situation analysis
  • Implement marketing mix
  • Identify and evaluate opportunities phase
  • Evaluate performance using marketing metrics
  • Define business mission and objectives

  Identify and evaluate opportunities phase
• After defining the business mission, what should a firm do next to develop a marketing plan?

  • Conduct an STP analysis
  • Perform a situation analysis
  • Develop a positioning strategy
  • Select a target market
  • Implement the four p's

  Perform a situation analysis
• When conducting a SWOT analysis, in what phase of the strategic marketing process is an organization presently engaged?

  • Planning
  • Implementation
  • Control
  • Segmentation
  • Metrics

  Planning
• As part of her company's SWOT analysis, Selima is assessing the company's internal environment, including

  • Competition
  • The economy
  • Strengths and weaknesses
  • Demographics
  • Opportunities and threats

  Strengths and weaknesses
• The components of a SWOT analysis are

  • Substance, withdrawals, options, and time
  • Strengths, weaknesses, opportunities, and threats
  • Sustainability, weaknesses, operations, and training
  • Strengths, withdrawals, options, and tactics
  • Sustainability, weaknesses, options, and threats.

  Strengths, weaknesses, opportunities, and threats
• STP refers to

  • Segmentation, tendency, and preference
  • Strategy, tenacity, and place.
  • Segmentation, targeting, and positioning
  • Substance, traffic, and pattern
  • Sustainability, targeting, and product

  Segmentation, targeting, and positioning