Practice Exam CMMS (Part 1)

Which of the following best describes marketing according to the AMA?

• The activity of selling and collecting money

• The activity and processes for creating, communicating, delivering, and exchanging offerings of value

• A philosophy focusing on the internal capabilities of a firm

• An activity done only by large corporations

Which is NOT a condition for exchange to occur?

• There must be at least two parties

• Each party must have money

• Each party must be capable of communication

• Each party must be free to accept or reject the offer

A philosophy that focuses on the internal capabilities of the firm rather than the needs of the marketplace is:

• Sales orientation

• Production orientation

• Market orientation

• Societal orientation

The philosophy that extends the marketing concept by acknowledging society’s long-term best interests is called:

• Market orientation

• Production orientation

• Societal marketing orientation

• Sales orientation

The relationship between benefits and the sacrifice necessary to obtain those benefits is called:

• Customer satisfaction

• Customer value

• Relationship marketing

• Market segmentation

IKEA’s mission “to create a better everyday life for the many people” exemplifies:

• Product-oriented statement

• Sales-oriented statement

• Market-oriented statement

• Production-oriented statement

The managerial process of creating and maintaining a fit between the organization’s objectives, resources, and market opportunities is:

• Market targeting

• Strategic planning

• Market penetration

• Product positioning

Which is NOT a characteristic of a Strategic Business Unit (SBU)?

• Control over its resources

• Plans independent of other SBUs

• Same competitors as other SBUs

• A distinct mission

Matching products with markets refers to which tool?

• GE Model

• SWOT Analysis

• Ansoff’s Strategic Opportunity Matrix

• BCG Matrix

A firm trying to increase market share among existing customers is practicing:

• Market penetration

• Market development

• Diversification

• Product development