Florida International University

MAR 3023

Chapter 1-Introduction to Managing Marketing

True/ Questions

1)A firm embracing marketing as a philosophy has an external orientation.

 

 

2. Sales and finance orientations are both examples of internal orientations based on marketing as a philosophy.

 

 

3. The firm with an operations orientation typically focuses upon reducing unit costs.

 

 

4. Firms with a technology orientation spend little on marketing research and planning, target customers indiscriminately, offer too many products, and over-invest in finished-goods inventories.

 

 

5. The firm with a finance orientation mortgages its future by indiscriminately cutting back on R&D, capital investment, marketing research, and/or advertising.

 

 

6. Determine and recommend which markets to address is the first of the six marketing imperatives.

 

 

7. The marketing mix is the total benefits package the firm offers to its customers.

 

 

8. Promotion embraces the various ways the firm communicates with its customers—informing and persuading customers to purchase its products.

 

 

9. The Principle of Customer Value states that success depends on providing value to customers.

 

 

10. The Principle of Differential Advantage is similar to having a competitive advantage, unique selling proposition, or edge, and lies at the heart of every successful marketing strategy.

 

 

11. According to the text, the Principle of Selectivity and Concentration is at the heart of the decision process and is a basic principle of market strategy.

 

 

12. The Principle of Selectivity and Concentration focuses on key issues of realizing the danger of attempting too much and dissipating the impact of limited resources by spreading them over too many alternatives.

 

13. According to the text, the best-known marketing manifestation of selectivity and concentration is market penetration.

 

 

14. The Principle of Customer Value states that success in targeted market segments is directly related to the firm’s ability to provide perceived value to customers.

 

 

15. The Principle of Integration is central to understanding the job of the marketing manager, and drives marketing research activity that seeks to probe deeply into customer needs, wants, priorities, and experiences.

 

 

16. The Principle of Differential Advantage is loosely equivalent to what is sometimes called competitive advantage, unique selling proposition, or edge, and lies at the heart of every successful marketing strategy.

 

17. The principle that states the firm must not only deliver value to customers, but must do so better than competitors is the Principle of Integration.

 

 

18. The Principle of Integration states that to assure success, all elements in design and execution must be carefully integrated and coordinated.

 

 

19. According to the text, integration is most likely secured in those organizations with a corporate-wide internal perspective.

 

 

20. Accounting profit is mentioned in the text as a new way of viewing the business environment.

 

 

Multiple Choice Questions

 

21. A firm embracing marketing as a philosophy has a(n)                                  . a.) operations orientation

b.) external orientation

c.) finance orientation

d.) technology orientation

 

22. All of the following are examples of internal orientations based on marketing as a philosophy EXCEPT: a.) operations orientation

b.) sales orientation c.) finance orientation

d.) marketing orientation

 

23. The firm with a(n)                                         orientation typically focuses upon reducing unit costs. a.) sales

b.) finance

c.) operations

d.) technology

24. Firms with a(n)                                             orientation spend little on marketing research and planning, target customers indiscriminately, offer too many products, and over-invest in finished-goods inventories.

a.) sales

b.)   finance c.) operations

d.) technology

 

25. The firm with a(n)                                        orientation focus mortgages its future by indiscriminately cutting back on R&D, capital investment, marketing research, and/or advertising.

a.) sales

b.) finance

c.) operations d.) technology

 

26. A firm with a(n)                                             orientation focuses on research, development, and engineering and pays little attention to customer value.

a.) sales b.) finance

c.) operations

d.) technology

 

27. Which of the following is the first of the six marketing imperatives?

a.) Determine and recommend which markets to address

b.) Identify and target market segments c.) Set strategic direction and positioning d.) Design the marketing offer

 

28. Which of the following is the final stage of the six marketing imperatives? a.) Determine and recommend which markets to address

b.) Set strategic direction and positioning c.) Secure support from other functions

d.) Monitor and control execution and performance

 

29.                                                  states that marketing must identify and target market segments—groups of customers with similar needs that value similar benefits, with similar priority levels.

a.) Marketing Imperative 1

b.) Marketing Imperative 2

c.) Marketing Imperative 3 d.) Marketing Imperative 4

 

30. According to the text, which of the following is NOT one of the four principles of marketing?

a.) Selectivity and Concentration b.) Customer Value

c.) Differential Advantage

d.) Cost Leadership

 

31. The                                       is the total benefits package the firm offers to its customers. a.) target market

b.) marketing offer

c.) post purchase dissonance

d.) marketing mix

 

32. In general, the                                   embodies the major benefits the firm offers to satisfy customer needs. a.) price

b.) promotion

c.) product

d.) distribution

 

33.                                        embraces the various ways the firm communicates with its customers—informing and persuading customers to purchase its products.

a.) price

b.) promotion

c.) product

d.) distribution

 

34.                                       focuses on how and where the customer secures the product. a.) price

b.) promotion c.) product

d.) distribution

 

THE PRINCIPLES OF STRATEGIC MARKETING

 

35. Which of the following is NOT one of the four principles that are fundamental to successful execution of the marketing role?

a.) The Principle of Selectivity and Concentration b.) The Principle of Customer Value

c.) The Principle of Cost Reduction

d.) The Principle of Differential Advantage

 

36. According to the text, which of the following principles is about choosing a firm’s battles?

a.) The Principle of Selectivity and Concentration

b.) The Principle of Customer Value

c.) The Principle of Differential Advantage d.) The Principle of Integration

 

37. Which of the following principles focuses on the key issues of realizing the danger of attempting too much and dissipating the impact of limited resources by spreading them over too many alternatives?

a.) The Principle of Selectivity and Concentration

b.) The Principle of Customer Value

c.) The Principle of Differential Advantage d.) The Principle of Integration

 

38. According to the text, the best-known marketing manifestation of selectivity and concentration is

                                  .

a.) market penetration

b.) market segmentation

c.) market expansion d.) market extension

 

39.                                       states that success depends on providing to customers. a.) The Principle of Selectivity and Concentration

b.) The Principle of Customer Value

c.) The Principle of Differential Advantage d.) The Principle of Integration

40. Which of the following was NOT included in the original four Ps of marketing formulation? a.) Product

b.) Price

c.) Distribution

d.) Service

 

41.                                        is similar to having a competitive advantage, unique selling proposition, or edge, and lies at the heart of every successful marketing strategy.

a.) The Principle of Selectivity and Concentration b.) The Principle of Customer Value

c.) The Principle of Differential Advantage

d.) The Principle of Integration

 

42. The principle that states the firm should offer customers something they want but cannot get elsewhere is

.

a.) The Principle of Selectivity and Concentration b.) The Principle of Customer Value

c.) The Principle of Differential Advantage

d.) The Principle of Integration

 

43. Which of the following principles states that to assure success, all elements in design and execution must be carefully integrated and coordinated?

a.) The Principle of Selectivity and Concentration b.) The Principle of Customer Value

c.) The Principle of Differential Advantage

d.) The Principle of Integration

 

44. In which of the following processes does the firm divide the market into groups of customers? a.) The distribution process

b.) The promotion process c.) The pricing process

d.) The market segmentation process

 

45. According to the customers.

 

, the firm’s marketplace success depends on providing value to

a.) The Principle of Selectivity and Concentration b.) The Principle of Customer Value  c.) The Principle of Differential Advantage

d.) The Principle of Integration

 

Essay Questions

 

46. In a short essay, list and discuss the five elements of the marketing mix.

 

 

 

47. In a short essay, list three questions that the firm should ask regarding the portfolio of businesses that should comprise the set of product or markets in which it will compete.

 

 

 

48. In a short essay, list and discuss the six tasks of strategic marketing.

 

 

49. In a short essay, list three questions that marketing should ask when monitoring and controlling execution and performance of a marketing offer.

 

 

 

50. In a short essay, list and discuss the four principles of strategic marketing that are fundamental to successful execution of the marketing job.