SOLVED

61) Which of the following is a major marketing decision for most companies? A) the type of metrics used to calculate ROI B) how many people to employ C) the geographic layout of the factory making the product D) which products to market to which consumers without turning off other consumers E) the accounting method used to report earnings 62) ________ is the process of thinking strategically about the big picture and where the firm and its products fit within it. A) The marketing mix B) Total Quality Management C) Marketing planning D) Customer relationship management E) Value proposition creation 63) A ________ consists of all possible customers in a market regardless of the differences in their specific needs and wants. A) popular culture B) value chain C) marketing mix D) marketing concept E) mass market 64) Which of these statements about mass marketing is true? A) A mass marketing strategy is always preferable to a target marketing strategy. B) The success of any organization’s marketing efforts depends on its ability to engage in mass marketing. C) Mass marketing can be cost effective. D) Mass marketing allows marketers to develop products to satisfy the specific needs and wants of specific groups of customers. E) Automakers typically use a mass marketing strategy. 65) A ________ is a distinctive group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market. A) market segment B) popular culture C) mass market D) market mix E) market position 66) A ________ is defined as a market segment on which an organization focuses its marketing plan and toward which it directs its marketing efforts. A) social network B) market convergence C) subculture D) value chain E) target market 67) A market position refers to ________. A) the organization’s decision to use no more than two elements of the marketing mix B) the location where the organization sells its products C) the specific means the organization uses to distribute its products D) how the target market perceives a product in relation to competitors’ products E) the strategic planning and execution of the marketing mix 68) The ________ consists of the tools an organization uses to create a desired response among a set of predefined consumers. A) distinctive competency B) market position C) value proposition D) differential benefit E) marketing mix 69) The Four Ps are ________. A) price, product, place, and promotion B) price, profit, production, and possession C) product, production, possession, and promotion D) product, promotion, price, and profit E) place, production, process, and profit 70) Which of the following is a true statement about the Four Ps of the marketing mix? A) A decision about one of the Ps affects every other marketing-mix decision. B) Product is always the most important of the Four Ps. C) Place is typically the least important of the Four Ps. D) The Four Ps have little effect on a product’s market position. E) The Four Ps are used to determine a product’s target market.