1. According Harvard business professor Michael Porter, which of the following i

Question

1. According Harvard business professor Michael Porter, which of the following is NOT a viable strategy to achieve competitive advantage?

Select one: a. Differentiation b. Focus c. Imitation d. Cost Leadership

Question 2 According to Maslow, which need is the highest human motivational priority?

Select one: a. Companionship b. Survival c. Prestige d. Self-fulfillment

Question 3 Consumers recognize they have a need when:

Select one: a. They become aware of a difference between their actual state and their desired state. b. When we convince them they have a need for our product. c. When they max out all of their credit cards. d. They are content with their actual state.

Question 4 Fill in the blank: Marketing is an approach to business that starts with the __________ and works backwards.

Select one: a. Competition b. CEO c. Customer d. Shareholders

Question 5 Population characteristics such as age and income are referred to as:

Select one: a. Psychographics b. Demographics c. Geographics d. Analytics

Question 6 The market is largest and competition is highest at what point in a product's lifecycle?

Select one: a. Red zone b. Introduction c. Growth d. Maturity

Question 7 How does increased satifaction affect a customer's sensitivity to price changes?

Select one: a. Decreases sensitivity b. Has no effect c. Increases sensitivity

Question 8 Where do we start when developing marketing plan?

Select one: a. Understanding our products and services b. Reviewing our financial statements c. Developing an advertising campaign d. Understanding our mission, vision and goals

Question 9 Which of the following accurately represents the sequence of steps in the consumer decision process? Select one:

a. Pre-purchase evaluation, purchase, consumption, post-purchase evaluation (reflection), need and search. b. Telemarketer phone call, irritation, anger and hostility c. Need, search, pre-purchase evaluation, purchase, consumption and post-purchase evaluation (reflection). d. Product, price, placement and promotion

Question 10 Which of the following is NOT part of the marketing plan?

Select one: a. Situation analysis b. Balance Sheet c. Customer analysis d. Competitor analysis

Explanation / Answer

(1) (c)

Porter identified only 3 strategies: Cost leadership, differentiation & focus

(2) (d)

Self-fulfilment, or self-actualization is the top level of Maslow's hierarchy of needs.

(3) (a)

A need arises from a deviation between current state and desired state.

(4) (c)

Marketing targets the customer base and workds backward toward strategizing.

(5) (b)

(6) (c)

Growth stage shows highest competition and market share.

(7) (a)

As satisfaction (utility) increases, consumer is ready to pay more for the good and becomes insensitive to price increase.

(8) (d)

(9) (c)

A customer's buying decision starts with recognition of a need in the first place.

(10) (b)

Balance sheet is a part of financial plan, not marketing plan.

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