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Exam 1: Why Is Marketing Management Important

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Question 1

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What is the best way to stay ahead of the competition?

A) focus on profits
B) remain customer centric
C) focus on what the CEO wants
D) study the competition

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B

Question 2

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The outcome orientation style of ethics is called deontological ethics.

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Question 3

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Advertising's goal is to enhance

The ethics orientation toward fair process is

Why do accounting and finance need to acknowledge the importance of marketing?

Marketing shows the evolution of markets.This is the change from an industry just having production and sales to having true relationships with its customers.

One reason marketers translate their efforts into dollars is to

Why is it important to not go overboard on efforts to quantify marketing's results? Describe why segmentation strategy and advertising's results should not be overanalyzed.

Most companies perform the marketing function easily.

What is one of the largest factors stressing out marketers these days?

Marketing is defined as an exchange between a firm and its customers.

Direct-to-consumer ads are not used to market pharmaceutical drugs because it is unlikely patients will ask their doctor for a particular brand name.

Marketing management is the overseeing of the processes of the 5Cs, STP, and 4Ps components.

Marketing research isn't needed if a company listens to its customers.

Define marketing's exchange relationship.

The first step in the marketing management framework is

Which of the following provides a systematic way to think about marketing?

Marketing can make customers happier, which makes companies

You'll always be a step ahead of your competition if you simply think about your profit.

Meredith owns a consulting firm that advises on intellectual property.She would hire a marketer but she doesn't because you cannot market a consulting firm.