Marketing management assistant material MARKETING MANAGEMENT EXERCISES Third edition College of Economics Trade, nau NoV.2004
Marketing Management Assistant Material MARKETING MANAGEMENT EXERCISES Third Edition College of Economics & Trade, NAU Nov. 2004
Marketing management Exercises Chapter 1 Understanding Marketing Management I Multiple choice 1. Which of the following is one of the Ten Rules of Radical Marketing that is used to quide marketers? A. The CEo must let the marketing be done by marketers B. Get face to face with the people who matter the most-customers C. Rely on marketing research as the most important too D. Don t use common sense as a guide 2. Marketing should pass through three stages when being implemented. Which one of the following is not one of the stages? A. Contractual Marketing B. Entrepreneurial Marketing C. Formulated Marketing D. Entrepreneurial Marketing demand is when a major part of the market dislikes the product and may even pay a price to avoid it A. Latent B. Decli C. Irregular D. Negative 4. Which of the following is not one of the entities that marketing people are involved in marketing? A. Goods C. News D. All of the above can be marketed 5. Which of the following is not an example of a Consumer Market? A. Grocery Stores B. Industrial Trade Shows C. Retail Stores D. Clothing Store 6. Marketing is the process of planning and executing the conception, pricing and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals B. commercials C. selling D. advertising 7. When consumers go shopping on the Intemet, they are said to be shopping in a
Marketing Management Exercises 1 Chapter 1 Understanding Marketing Management ⅠMultiple Choice 1. Which of the following is one of the Ten Rules of Radical Marketing that is used to guide marketers? A. The CEO must let the marketing be done by marketers. B. Get face to face with the people who matter the most - customers. C. Rely on marketing research as the most important tool. D. Don't use common sense as a guide. 2. Marketing should pass through three stages when being implemented. Which one of the following is not one of the stages? A. Contractual Marketing B. Entrepreneurial Marketing C. Formulated Marketing D. Intrepreneurial Marketing 3. ________ demand is when a major part of the market dislikes the product and may even pay a price to avoid it. A. Latent B. Declining C. Irregular D. Negative 4. Which of the following is not one of the entities that marketing people are involved in marketing? A. Goods B. Services C. News D. All of the above can be marketed. 5. Which of the following is not an example of a Consumer Market? A. Grocery Stores B. Industrial Trade Shows C. Retail Stores D. Clothing Stores 6. Marketing is the process of planning and executing the conception, pricing, _____________, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. A. promotion B. commercials C. selling D. advertising 7. When consumers go shopping on the Internet, they are said to be shopping in a ____________
Marketing Management Exercises A. marketplace B. market-trace C. market D. marketspace are wants for specific products backed by an ability to pay A. Wants B. Need C. Demands D. Cravings 9. the formula that best describes how to determine customer value is as follows B C. Benefits-investments D. Outcomes-interests 10. There are various types of communication channels that can be utilized by marketers Which of the following is not one of those channels? A. Articulate B. Dialogue C. Distribution D. Service hold that consumers will prefer products that are widely available and Inexpensive A. Product Concepts B. Selling Concepts ots D. Production Concepts 12. There are five types of needs that consumers evaluate and marketers need to probe Which of the following is not one of those needs? A. Stated Needs B. Delight Needs C. Unrelated Needs D. Secret Needs 13.A(n) marketer discovers and produces solutions customers did not ask for but to which they enthusiastically respond A nsIve B C. anticipative D. outstanding marketing is the task of hiring, training, and motivating able employees who want to serve customers wel A. Internal B. External C. Integrated D. Interrelated 2
Marketing Management Exercises 2 A. marketplace B. market-trace C. market D. marketspace 8. __________ are wants for specific products backed by an ability to pay. A. Wants B. Need C. Demands D. Cravings 9. The formula that best describes how to determine customer value is as follows: A. Costs – benefits B. Benefits – costs C. Benefits – investments D. Outcomes - interests 10. There are various types of communication channels that can be utilized by marketers. Which of the following is not one of those channels? A. Articulate B. Dialogue C. Distribution D. Service 11. ___________ hold that consumers will prefer products that are widely available and inexpensive. A. Product Concepts B. Selling Concepts C. Marketing Concepts D. Production Concepts 12. There are five types of needs that consumers evaluate and marketers need to probe. Which of the following is not one of those needs? A. Stated Needs B. Delight Needs C. Unrelated Needs D. Secret Needs 13. A(n) ________ marketer discovers and produces solutions customers did not ask for but to which they enthusiastically respond. A. responsive B. creative C. anticipative D. outstanding 14. ___________ marketing is the task of hiring, training, and motivating able employees who want to serve customers well. A. Internal B. External C. Integrated D. Interrelated
Marketing management Exercises 15. There are different developments in business that are forcing marketers to take the marketing concept to heart. Which one of the following is not one of those B. Changing buying patterns C. Increased marketing expenditures D. Increased packaging II True or False 1. Today, companies tend to rely not on two-way communication with customers but on developing a Web site. (F 2. Because of the increase of Web sites, it is impossible to customize services for customers. (F) 3. It is important for a company to get face to face with its customers in today's new economy. T) 4. Marketing is typically seen as the task of creating commercials and promotions for consumers and businesses. ( F) 5. Demarketing requires finding ways to reduce demand temporarily or permanently for a company' s product or services. D) 6. Among the entities that marketing people are involved in marketing are persons places, products, and information. T) 7. Examples of places that are marketed are cities, states, regions, and countries. T 8. The consumer market exists to market items such as cars towels and raw materials used in manufacturing to consumers.(F) 9. Marketing manage ment is the art and science of choosing target markets and getting keeping, and growing customers through creating, delivering, and communicating superior customer value. 10. A transfer simply means that A gives X to b but does not receive anything tangible in return. T 11. The task environment includes components such as demographics, economics natural environments, technology, and political-legal issues.(F) 12. The marketing concept rests on four pillars: target market, customer needs, integrate marketing, and commercials. (F) 13. An anticipative marketer looks ahead into what needs customers may have in the near future. 14. When all the company s departments work to serve the customer's interests, the result is the marketing concept. (F) 15. Customers in today,'s business and markets are increasingly expecting higher quality and service and no customization.(F)
Marketing Management Exercises 3 15. There are different developments in business that are forcing marketers to take the marketing concept to heart. Which one of the following is not one of those developments? A. Increased competition B. Changing buying patterns C. Increased marketing expenditures D. Increased packaging ⅡTrue or False 1. Today, companies tend to rely not on two-way communication with customers but on developing a Web site. (F) 2. Because of the increase of Web sites, it is impossible to customize services for customers. (F) 3. It is important for a company to get face to face with its customers in today's new economy. (T) 4. Marketing is typically seen as the task of creating commercials and promotions for consumers and businesses. (F) 5. Demarketing requires finding ways to reduce demand temporarily or permanently for a company's product or services. (T) 6. Among the entities that marketing people are involved in marketing are persons, places, products, and information. (T) 7. Examples of places that are marketed are cities, states, regions, and countries. (T) 8. The consumer market exists to market items such as cars, towels, and raw materials used in manufacturing to consumers. (F) 9. Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. (T) 10. A transfer simply means that A gives X to B but does not receive anything tangible in return. (T) 11. The task environment includes components such as demographics, economics, natural environments, technology, and political-legal issues. (F) 12. The marketing concept rests on four pillars: target market, customer needs, integrated marketing, and commercials. (F) 13. An anticipative marketer looks ahead into what needs customers may have in the near future. (T) 14. When all the company's departments work to serve the customer's interests, the result is the marketing concept. (F) 15. Customers in today's business and markets are increasingly expecting higher quality and service and no customization. (F)
Marketing management Exercises III Essay Questions 1.Using the Ten Rules of Radical Marketing, give an example of how accomplish each rule in business 2. What is the difference between a market segment and a target market? 3. Describe each of the five types of needs a customer experiences when making a purchase IV Marketing Spotlight GE GE was established in 1892 when Edison General Electric merged with Thomson-Houston. The company produced lightbulbs, elevators, motors, and appliances. Early success came as a result of J. P. Morgan's financial backing and a focus on research and development. Over the next century GE evolved into one of the worlds biggest companies, with a diverse portfolio of products and businesses. It is among the largest U.S. companies in terms of revenues, and offers an incredible variety of products, from consumer electronics and industrial power to financial services and television broadcasting. Other operating segments include plastics, aircraft engines, and technical products and services for medicine and science. Under the leadership of Jack Welch, who became GES CEO in 1981, the company enjoyed two decades of unprecedented growth and prosperity Welch is widely praised as a visionary business leader due to his performance at GE. He structured the industrial giant by decentralizing the company's operations. He also sought to expand GE's business with highly profitable ventures, and worked to shed low-performing businesses, such as air-conditioning and housewares. This massive restructuring significant cost to GEs workforce: between 1981 and 1985, the company cut 100,000 Once the restructuring was completed, Welch pursued an aggressive acquisition strategy. Some of the major acquisitions included GEs purchases of NBC Television in 1986, and Kidder, Peabody investment bank in 1990(which it later sold to Paine Webber ) In the 1990s, Welch greatly expanded the historically small GE Capital Services with bank and insurance company acquisitions. GE Capital now operates a diverse range of 27 business, including real estate, insurance, finance, and heavy equipment leasing, and provides over 40 percent of the companys revenues. The pace increased between 1997 and 2000, during which time GE averaged more than 100 acquisitions per year. In 1999, GE acquired 134 companies worth $17 billion. In 2000, Welch tenure. the $45 billio manufacturing titan Honeywell International Today, GE has 49 strategic business units operating under the larger master brand. Despite its size, the company is able to react to the fast pace of the New Economy. In 2000, the company reorganized GE Information Systems into an e-commerce unit called GE Global Exchange Services and a support unit named GE Systems Services. These two units manage the worlds largest electronic trading community, comprised of more than 100,000 trading partners Additionally, at Welch's urging, GE employees saved billions of dollars for the company by
Marketing Management Exercises 4 Ⅲ Essay Questions 1. Using the Ten Rules of Radical Marketing, give an example of how you would accomplish each rule in business. 2. What is the difference between a market segment and a target market? 3. Describe each of the five types of needs a customer experiences when making a purchase. Ⅳ Marketing Spotlight GE GE was established in 1892 when Edison General Electric merged with Thomson-Houston. The company produced lightbulbs, elevators, motors, and appliances. Early success came as a result of J.P. Morgan’s financial backing and a focus on research and development. Over the next century GE evolved into one of the world’s biggest companies, with a diverse portfolio of products and businesses. It is among the largest U.S. companies in terms of revenues, and offers an incredible variety of products, from consumer electronics and industrial power to financial services and television broadcasting. Other operating segments include plastics, aircraft engines, and technical products and services for medicine and science. Under the leadership of Jack Welch, who became GE’s CEO in 1981, the company enjoyed two decades of unprecedented growth and prosperity. Welch is widely praised as a visionary business leader due to his performance at GE. He restructured the industrial giant by decentralizing the company’s operations. He also sought to expand GE’s business with highly profitable ventures, and worked to shed low-performing businesses, such as air-conditioning and housewares. This massive restructuring came at a significant cost to GE’s workforce: between 1981 and 1985, the company cut 100,000 jobs. Once the restructuring was completed, Welch pursued an aggressive acquisition strategy. Some of the major acquisitions included GE’s purchases of NBC Television in 1986, and Kidder, Peabody investment bank in 1990 (which it later sold to Paine Webber). In the 1990s, Welch greatly expanded the historically small GE Capital Services with bank and insurance company acquisitions. GE Capital now operates a diverse range of 27 business, including real estate, insurance, finance, and heavy equipment leasing, and provides over 40 percent of the company’s revenues. The pace increased between 1997 and 2000, during which time GE averaged more than 100 acquisitions per year. In 1999, GE acquired 134 companies worth $17 billion. In 2000, Welch oversaw the company’s biggest acquisition during his tenure, the $45 billion purchase of manufacturing titan Honeywell International. Today, GE has 49 strategic business units operating under the larger master brand. Despite its size, the company is able to react to the fast pace of the New Economy. In 2000, the company reorganized GE Information Systems into an e-commerce unit called GE Global Exchange Services and a support unit named GE Systems Services. These two units manage the world’s largest electronic trading community, comprised of more than 100,000 trading partners. Additionally, at Welch’s urging, GE employees saved billions of dollars for the company by