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Quiz1 - Key

This document contains a quiz for a marketing course. It includes 14 multiple choice questions testing concepts like the marketing concept, customer lifetime value, customer satisfaction, and Ansoff's Matrix. The questions cover defining marketing, identifying marketing orientations, describing strategies like market penetration and product development, and applying concepts to case studies about The Coca-Cola Company.

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84 views

Quiz1 - Key

This document contains a quiz for a marketing course. It includes 14 multiple choice questions testing concepts like the marketing concept, customer lifetime value, customer satisfaction, and Ansoff's Matrix. The questions cover defining marketing, identifying marketing orientations, describing strategies like market penetration and product development, and applying concepts to case studies about The Coca-Cola Company.

Uploaded by

haziq.bangash107
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MKTG 201 26 September 2023 Quiz1 Roll No:

20 points 20 minutes Name:

1. Marketing is defined as a set of strategies and activities by which companies acquire and
engage customers, build strong customer and client relationships, and create superior
customer value in order to ________.
A) enhance research and development efforts
B) maintain or gain the leading market position
C) profit from the sale of products
D) capture value from customers in return

2. Firm ABC's marketing team is convinced their primary products are superior to their
competitors, but their sales are declining. A consulting firm tells Firm ABC that they need to
focus more on the benefits and experiences provided to the firm's customers and focus less on
the specific products. Firm ABC appear to suffer from _marketing myopia_.

3. Which of these marketing orientations focuses primarily on the product's features,


performance, and quality?
A) production concept
B) product concept
C) selling concept
D) marketing concept
E) societal marketing concept

4. Railroads were once operated based on the thinking that users wanted trains that would
offer the most in quality, performance, and innovative features. The railroad managing
companies overlooked the fact that there could be other modes of transportation. This reflects
the ________ concept.
A) product
B) production
C) selling
D) marketing
E) societal marketing

5. Which of the following marketing orientations holds that achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do?
A) the product concept
B) the production concept
C) the selling concept
D) the marketing concept
E) the societal marketing concept

6. Which of these statements best describes customer lifetime value?


A) The value of the entire stream of purchases that the customer would make over a
lifetime of patronage.
B) The value associated with creating a brand preference.
C) The component of customer relationship management that focuses solely on customer
delight.
D) The overall value of the firm's customer base.

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E) The value created when customer satisfaction generates additional sales.
7. Customer satisfaction is a goal that companies strive to achieve. Companies can
accomplish this goal by ________.
A) regularly putting products on sale
B) promising only what they can deliver and then delivering more than they promise
C) offering promotional deals such as "buy one and get one free"
D) creating contests with exciting prizes
E) using celebrities to advertise their products
8. Apart from retaining good customers, most marketers want to constantly increase their
"share of customer." What does this mean in marketing terms?
A) Marketers want to increase their market share.
B) Marketers want to increase the share they get of the customer's purchasing in their
product categories.
C) Marketers want to diversify their operations and customize their products to cater to the
entire market.
D) Marketers want to continuously increase their customers' levels of satisfaction.
E) Marketers want to turn satisfied customers into delighted customers.

9. _________Butterflies_________________are potentially profitable but not loyal.


Marketers should enjoy this type of customer "for the moment" because they soon flutter off.
10. __________Cash cows________________ are low-growth, high-share
businesses/products that need less investment to hold their market share.

11.________ refers to evaluating the results of marketing strategies and plans and taking
corrective action to ensure that the objectives are achieved.
A) Marketing control
B) Marketing implementation
C) Satisficing
D) Prospecting
E) Benchmarking

12. Mission statements should ________ and be defined in terms of ________.


A) be technology oriented; meeting the self-actualization needs of customers
B) be product oriented; satisfying the esteem needs of customers
C) embody the company's short-term plans; current opportunities
D) be market oriented; satisfying basic customer needs
E) address sales and profits; the net return on investments

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13-20. The Coca-Cola Company has successfully achieved growth over the last 100 years.
This can be recognized within the Ansoff’s Matrix.
Existing Products New Products

Existing Markets Strategy: Market Strategy: Product


penetration development

Match: B Match: A

New Markets Strategy: Market Strategy: Diversification


development
Match: C
Match: D

Name the strategy in each case and identify which of the actions is the right match
(A/B/C/D) in each case:
A. The original portfolio of Coca Cola has grown over the years. The company launched
new flavored colas such as cherry in 1985. It was the company’s first extension beyond
the original recipe. Since then, other variants have been added, including lime, lemon,
and vanilla.
B. Coca-Cola knows that if it can persuade existing customers to drink an extra can of Coke
per week, it will have a huge impact on its sales. Much of the company’s promotional
strategy over the years has majored on it being a refreshing drink and persuading us to
drink more of the beverage.
C. Beyond cola drinks, the Coca-Cola company has ventured into health drinks of various
kinds. It has acquired Vitaminwater and has started selling coffee and tea in Brazil.
D. Diet Coke has a long history and was launched in the 1970s. Although Diet Coke found a
market over a wide demographic, it had a much higher penetration amongst females.
Coke repackaged the exact same product in a black can and called it Coke Zero.
Launched in 2005, it had a more masculine appeal and established the low-calorie
product in the male market.

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