MKTG & ENTREP REVIEW

MKTG 1

1

How does the American Marketing Association (AMA) define marketing?

A. Marketing is selling products at any price.

B. Marketing focuses solely on the monetary value of products.

C. Marketing is creating and communicating offerings without considering customer value.

D. Marketing involves creating, communicating, delivering, and exchanging value offerings for customers, clients, partners, and society.

D. Marketing involves creating, communicating, delivering, and exchanging value offerings for customers, clients, partners, and society.

2

What level of relationship marketing is proactive marketing?

Level 4

3

Which statement below is NOT true about customer value?

1. It is the sum of what a client obtains and gives up in terms of money, time, effort, or other resources.
2. It is the level of satisfaction, fulfillment, or enjoyment that customers feel due to their encounters with a product, service, or brand.
3. It entails developing a thorough grasp of client demands, preferences, and perceptions and a consistent dedication to improving the overall customer experience.
4. It refers to the perceived benefits and advantages customers believe they gain from a product, service, or solution compared to the price of acquiring or using it.

2. It is the level of satisfaction, fulfillment, or enjoyment that customers feel due to their encounters with a product, service, or brand.

4

How can firms avoid myopic thinking and implement the marketing concept?

A. By maximizing short-term profits

B. By ignoring customer feedback and perspective

C. By emphasizing their own needs and demands

D. By understanding customer needs and building relationships

D. By understanding customer needs and building relationships

5

Insurance companies spend a lot of money advertising their products, and sales efforts are a big part. Insurance agents and managers publicize the products and explain the benefits to the target audience. Insurance firms also have group agreements with businesses. Which marketing management concept do insurance companies use?

Selling Orientation

MKTG 2

1

This tool evaluates the company's internal strengths and weaknesses, as well as its external opportunities and threats.

SWOT Analysis

2

Which of the following is an example of a demographic factor in the microenvironment?

1. Competitor strategies
2. Government regulations
3. Population age distribution
4. Changes in consumer preferences

C. Population age distribution

3

What establishes the feasibility of a new service or product by doing firsthand research with potential customers?

Market Research

4

What is the purpose of a situation analysis in the strategic marketing process?

1. To evaluate the performance of individual departments within the organization
2. To identify trends, conditions, and competitive forces in the market environment
3. To assess the financial health of the business
4. To determine the short-term goals of the organization

2. To identify trends, conditions, and competitive forces in the market environment

5

What is the primary focus of exploratory research?

1. Understanding the cause-and-effect relationships among variables
2. Describing consumer behavior by answering specific questions
3. Discovering new insights to understand a problem better
4. Collecting demographic information about consumers

3. Discovering new insights to understand a problem better

ENTREP 1

1

This term refers to the process of generating a large number of ideas without judging them immediately.

brainstorming

2

This strategy involves taking an existing product or service and improving it in a new way.  

innovation

3

This approach relies on gut feelings, instincts, and experiences to guide decision-making.

intuitive approach

4

This type of business involves the sale of goods directly to consumers for personal use.

Retailing

5

This retail concept involves selling products at multiple locations such as physical stores, online platforms, and mobile apps.

omnichannel retailing

ENTREP 2

1

This skill is crucial for identifying and evaluating market trends that could lead to business opportunities.

opportunity recognition

2

This entrepreneur founded Amazon in 1994 as an online bookstore before expanding into many other sectors.

Jeff Bezos

3

This approach to decision-making involves gathering data, analyzing it, and making logical choices based on the results.

Rational

4

This technique combines logical analysis with creative thinking to balance rationality and intuition in business decisions.

design thinking

5

Entrepreneurs spot opportunities by closely observing this group of individuals to understand their needs and preferences.

customers

MIX

1

What environment is affected when consumers patronize a product/brand based on their favorite artist?

Cultural

2

This term describes the act of starting a business and taking on financial risks in the hope of profit

entrepreneurship

3

What type of target marketing strategy is being used by daily product companies, such as soap, detergent and shampoo

Mass Marketing

4

This technique involves using creative exercises to break free from traditional thinking patterns.

ideation

5

Which of the following correctly describes the difference between strategic and tactical marketing?

1. Strategic marketing is concerned with generating valuable content to educate and engage the audience. In contrast, tactical marketing is concerned with establishing a brand presence, encouraging engagement, and permitting direct interactions on social media platforms.
2. Strategic marketing uses traditional media and communication channels, whereas tactical marketing uses digital platforms and technology to reach and engage a larger, more targeted audience.
3. Strategic marketing establishes the overall direction, goals, and strategies for the company's marketing operations, whereas tactical marketing focuses on the precise actions and techniques used to attain those goals.
4. Strategic marketing refers to the variables that can obstruct effective communication, whereas tactical marketing uses digital platforms and technology to reach and engage target consumers.

3. Strategic marketing establishes the overall direction, goals, and strategies for the company's marketing operations, whereas tactical marketing focuses on the precise actions and techniques used to attain those goals.