Marketing Concepts Quiz

A product that provides the utmost in convenience is said to offer exceptional:

• time and place utility.

• time and possession utility.

• place and possession utility.

• form and time utility.

__________ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits.

• Market homogeneity

• Commoditization

• Specialization

• Maturation

Although mass media audiences are becoming increasingly fragmented, media fragmentation does have a major advantage. What is this advantage?

• It is now easier to reach small, highly targeted audiences.

• It now costs less to reach a mass audience.

• Consumers are now highly susceptible to online advertising.

• Consumers are now much more receptive to television advertising.

List the elements that make up a marketing program.

• Product and target market.

• Target market and marketing mix.

• Price, promotion, place, and product.

• Marketing mix, price, and promotion.

Furniture Mart offers services such as financing and home delivery to its customers. What type of utility is Furniture Mart trying to increase?

• Possession utility.

• Psychological utility.

• Place utility.

• Time utility.

Which of the following is not a purpose of a marketing plan?

• It explains the present and future situations of the organization.

• It specifies the expected outcomes of the plan.

• It explains how marketing activities netting with other functional areas.

• It identifies resources needed to carry out the plan.

With respect to developing a marketing plan, what does it mean for a marketing plan outline to be consistent?

• The outline should have the ability to be modified to fit the situation.

• The outline should have some connection to other functional area plans.

• The outline should flow in a logical manner.

• The outline should be consistent across firms in the same industry.

In developing a marketing plan, the section on goals and objectives defines the parameters by which the firm will measure actual performance. In this respect, the goals and objectives section is tied closely to the __________ section of the marketing plan.

• SWOT analysis

• evaluation and control

• marketing implementation

• situation analysis

When a firm possesses capabilities that allow it to serve customers’ needs better than the competition, the firm is said to have a:

• resource advantage.

• marketing advantage.

• value-based advantage.

• competitive advantage.

Whether at the corporate, business-unit, or functional level, the planning process always begins with an in-depth:

• statement of goals and objectives.

• situation analysis.

• strategy for achieving growth.

• statement of the organisation’s competitive advantages.