Marketing Management Final Exam

Marketing is primarily about creating value for which of the following?. The company. The customer. The competition. The government.

Which of the following is not one of the 4 Ps of marketing?. Product. Price. Promotion. Purpose.

The value creation process begins with understanding what?. The company's production capacity. Customer needs. Competitors' pricing. Distribution channels.

What is marketing NOT about?. ...sound market research. ...satisfying each and every customer need. ...creating value for customers. ...misleading customers with subtle techniques. ...identifying the right customers. ...identifying the relevant needs. ...dual value creation.

Dual Value Creation means that marketing is about reciprocity: a company must find ways to provide value to the right consumers - in an attempt to receive back value from these customers. True. False.

Purpose Marketing primarily deals with the question "what". True. False.

Always start with a great product. Marketing does the rest then. True. False.

The identification of the most attractive customers is also referred as to customer equity analysis. True. False.

The use of "ugly food" labels highlights that your products are imperfect. It thus prevents consumers from purchasing your products. True. False.

Which of the following statements are correct?. The Common-Dimension Bias implies that humans (overly) focus on information that is easily comparable. Managerial myopia refers to managers' tendency to prefer short-term success over long-term success. Overall, ethicality refers to two components: legal and environmental. To ensure a balanced approach, marketing should be responsible for the long-term orientation while sales should be responsible for the short-term orientation. A brand that is ethical and authentic has a strong authentic brand ethicality. To be authentic, brands must be true to the fact, true to the ideal, and true to the self.

Triggering your customers to buy less is always detrimental to profitability and illustrates the ethical dilemma of marketing. True. False.

Which statements on anthropomorphization and recycling are correct?. Anthropomorphization means making objects more human like. Consumers tend to recycle less when claims are anthropomorphical. Consumers tend to recycle more when claims are anthropomorphized. Anthropomorphization increases recycling because consumers' empathy and construal level increases. Consumers tend to recycle less when claims are anthropomorphized because consumers feel betrayed. Anthropomorphization is the extensive use of anthropology.

The Biggest "M" approach refers to the best practice marketing of McDonald's. True. False.

Which of the following statements are correct?. Ethnography is a quantitative research method. Webscrapping implies that more and more consumers are frustrated from the internet. Experiments, if administered correctly, enable causal inference. Mobile Sensing refers to the fact that technology is increasingly humanized.

Market research needs to be reliable, valid and subjective. True. False.

The PESTEL Analysis Framework considers the macro environment by focusing on policy, economy, society, technology, environment, and law. True. False.

Markets are often too narrowly defined. True. False.

Which of the following statements are correct?. A thorough analysis of the market environment needs to be done at the end of the marketing plan. The knowledge of opportunities and threats is vital to an analysis of the macro environment. Gender used to be a more important segmentation variable than it is today. Many megatrends are interrelated. For example, the trend of individualization has an effect on New Work. The knowledge of opportunities and threats is vital to an analysis of the micro environment.