Marketing Management MCQs

What are the four Ps of marketing?
A. Product, price, place, promotion
B. Product, price, place, people
C. Product, people, place, promotion
D. Product, process, price, promotion
Answer: A

What is a marketing plan?
A. A written document that summarizes what the marketer has learned about the marketplace and indicates how the firm plans to reach its marketing objectives.
B. A financial statement that outlines a company’s revenues and expenses.
C. A document that outlines the manufacturing process of a product.
D. A document that outlines a company’s human resource policies.
Answer: A

What is market segmentation?
A. The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
B. The process of selling products in different countries.
C. The process of creating new products.
D. The process of pricing products.
Answer: A

What is a target market?
A. A specific group of potential customers toward which an organization directs its marketing program.
B. The overall market for a product or service.
C. A group of competitors in a particular industry.
D. A group of suppliers that a company works with.
Answer: A

What is a SWOT analysis?
A. A strategic planning tool used to identify a firm’s internal strengths and weaknesses and its external opportunities and threats.
B. A financial statement that outlines a company’s revenues and expenses.
C. A document that outlines the manufacturing process of a product.
D. A document that outlines a company’s human resource policies.
Answer: A

What is marketing research?
A. The process of designing, gathering, analyzing, and reporting information that may be used to solve a marketing problem.
B. The process of developing new products.
C. The process of setting prices for products.
D. The process of advertising products to customers.
Answer: A

What is a product life cycle?
A. The stages a product goes through from initial concept to eventual withdrawal from the market.
B. The stages a product goes through from manufacturing to distribution.
C. The stages a product goes through from pricing to promotion.
D. The stages a product goes through from design to production.
Answer: A

What is branding?
A. The process of creating a unique name and image for a product or service in the minds of consumers.
B. The process of setting prices for products.
C. The process of developing new products.
D. The process of advertising products to customers.
Answer: A

What is a marketing mix?
A. The set of tactical marketing tools that a firm blends to produce the response it wants in the target market.
B. The set of financial statements that a firm produces to report its financial performance.
C. The set of human resource policies that a firm uses to manage its employees.
D. The set of manufacturing processes that a firm uses to produce its products.
Answer: A

What is market share?
A. The percentage of total sales volume generated by all companies that compete in a given market.
B. The total sales volume generated by a single company in a given market.
C. The total number of customers in a given market.
D. The total number of products sold in a given market.
Answer: A

What is customer relationship management (CRM)?
A. The process of managing detailed information about individual customers and carefully managing customer “touch points” in order to maximize customer loyalty.
B. The process of developing new products.
C. The process of setting prices for products.
D. The process of advertising products to customers.
Answer: A

What is a sales forecast?
A. An estimate of the amount of a product that a company expects to sell during a specific period of time.
B. An estimate of the cost of producing a product.
C. An estimate of the number of employees a company will need in the future.
D. An estimate of the amount of revenue a company will generate in the future.
Answer: A

What is a competitive advantage?
A. A company’s ability to perform better than its competitors in areas such as product quality, customer service, or cost.
B. A company’s ability to manufacture products more quickly than its competitors.
C. A company’s ability to set prices lower than its competitors.
D. A company’s ability to sell products in more markets than its competitors.
Answer: A

What is a marketing channel?
A. A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.
B. A set of manufacturing processes that a firm uses to produce its products.
C. A set of financial statements that a firm produces to report its financial performance.
D. A set of human resource policies that a firm uses to manage its employees.
Answer: A

What is a distribution strategy?
A. The overall plan for moving a product or service from the manufacturer to the end user.
B. The overall plan for setting prices for a product or service.
C. The overall plan for promoting a product or service.
D. The overall plan for developing new products or services.
Answer: A

What is marketing communications?
A. The various methods used to communicate with customers and prospects, including advertising, sales promotion, personal selling, public relations, and direct marketing.
B. The process of developing new products.
C. The process of setting prices for products.
D. The process of managing customer relationships.
Answer: A

What is a value proposition?
A. The set of benefits or values that a company promises to deliver to customers in order to satisfy their needs and wants.
B. The set of manufacturing processes that a firm uses to produce its products.
C. The set of financial statements that a firm produces to report its financial performance.
D. The set of human resource policies that a firm uses to manage its employees.
Answer: A

What is market orientation?
A. A business philosophy that focuses on identifying and meeting the needs and wants of customers.
B. A business philosophy that focuses on maximizing profits by any means necessary.
C. A business philosophy that focuses on developing new products as quickly as possible.
D. A business philosophy that focuses on maximizing market share.
Answer: A

What is market segmentation?
A. The process of dividing a larger market into smaller groups of consumers with similar needs and characteristics.
B. The process of developing new products.
C. The process of setting prices for products.
D. The process of promoting products to customers.
Answer: A

What is a target market?
A. A specific group of consumers that a company aims to sell its products or services to.
B. The total number of consumers in a given market.
C. The total sales volume generated by all companies that compete in a given market.
D. The total number of products sold in a given market.
Answer: A

What is a marketing mix?
A. The set of controllable, tactical marketing tools that a company uses to produce the desired response from its target market.
B. The set of uncontrollable external factors that affect a company’s marketing activities.
C. The process of managing detailed information about individual customers.
D. The process of forecasting future sales.
Answer: A

What is product positioning?
A. The process of creating an image or identity for a product or brand in the minds of customers in relation to its competitors.
B. The process of developing new products.
C. The process of setting prices for products.
D. The process of promoting products to customers.
Answer: A

What is a brand?
A. A name, term, design, symbol, or other feature that identifies a seller’s product as distinct from those of other sellers.
B. A set of manufacturing processes that a firm uses to produce its products.
C. A set of financial statements that a firm produces to report its financial performance.
D. A set of human resource policies that a firm uses to manage its employees.
Answer: A

What is brand equity?
A. The value that a brand adds to a product or service beyond the functional benefits it provides.
B. The total sales volume generated by a single company in a given market.
C. The total number of customers in a given market.
D. The percentage of total sales volume generated by all companies that compete in a given market.
Answer: A

What is product life cycle?
A. The stages a product goes through from introduction to decline.
B. The process of developing new products.
C. The process of setting prices for products.
D. The process of promoting products to customers.
Answer: A

What is pricing strategy?
A. The overall plan for setting prices for a product or service.
B. The overall plan for moving a product or service from the manufacturer to the end user.
C. The overall plan for promoting a product or service.
D. The overall plan for developing new products or services.
Answer: A

What is marketing research?
A. The process of collecting and analyzing information about customers, competitors, and the market in order to make better marketing decisions.
B. The process of developing new products.
C. The process of setting prices for products.
D. The process of promoting products to customers.
Answer: A

What is a marketing plan?
A. A written document that outlines a company’s overall marketing strategy and programs for a given period of time.
B. A financial statement that outlines a company’s revenues and expenses.
C. A document that outlines the manufacturing process of a product.
D. A set of human resource policies that a firm uses to manage its employees.
Answer: A

A. The process of designing, implementing, and controlling marketing programs to create, build, and maintain beneficial exchanges with target buyers.
B. The process of selling products to customers.
C. The process of advertising products to customers.
D. The process of developing products.
Answer: A