Marketing Chapter 2

Which of the following best defines an organization?

A. A group of people working independently without goals
B. A legal entity that consists of people who share a common mission
C. A collection of products and services
D. A building where employees work

Answer: B. A legal entity that consists of people who share a common mission

Which of the following best describes an industry?

A. A legal entity that consists of people who share a common mission
B. A group of organizations that develop similar offerings
C. A collection of customers with common needs
D. A department within an organization

Answer: B. A group of organizations that develop similar offerings

Which of the following is part of Organizational Foundation?

A. Core Values
B. Products
C. Services
D. Business Goals

Answer: A. Core Values

Which of the following is part of Organizational Direction?

A. Organizational Culture
B. Business Goals (Objectives)
C. Core Values
D. Mission & Vision

Answer: B. Business Goals (Objectives)

Which of the following describes why an organization exists, what problem it wishes to solve, and who it wants to be to every person it touches through its work?

A. Organizational Culture
B. Organizational Purpose
C. Organizational Strategy
D. Organizational Structure

Answer: B. Organizational Purpose

Which of the following is a statement of the organization's function in society, purpose, and what it wants to accomplish in the larger environment?

A. Organizational Purpose
B. Mission (Vision)
C. Core Values
D. Organizational Culture

Answer: B. Mission (Vision)

Which of the following are principles that guide an organization's internal conduct as well as its relationship with the external world?

A. Organizational Purpose
B. Mission Statement
C. Core Values
D. Business Goals

Answer: C. Core Values

Which of the following best describes a mission statement?

A. A short slogan used for advertising purposes
B. A statement that clarifies an organization's purpose
C. A list of short-term business goals
D. A description of the organization's products only

Answer: B. A statement that clarifies an organization's purpose

A mission statement should typically be:

A. One sentence long
B. Several pages long
C. About one paragraph in length, unambiguous, and to the point
D. Written only for employees

Answer: C. About one paragraph in length, unambiguous, and to the point

Which of the following is defined as a set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization?

A. Organizational Structure
B. Organizational Culture
C. Mission Statement
D. Core Competency

Answer: B. Organizational Culture

Which of the following describes the clear, broad, underlying industry or market structure of an organization's offering?

A. Organizational Culture
B. Business
C. Mission Statement
D. Core Values

Answer: B. Business

Which of the following best describes strategic planning?

A. A short-term marketing campaign
B. A long-term course of action that creates and maintains a fit between an organization's objectives.
D. A process focused only on increasing sales

Answer: B. A long-term course of action that creates and maintains a fit between an organization's objectives.

Which of the following best describes a marketing plan?

A. A structured document that provides clearly stated activities to work toward common goals
B. A financial report used to summarize business profits, losses, and cash flow over a specific period
C. A legal agreement that defines the terms between two or more business partners
D. A research tool used only to study consumer behavior without setting goals or actions

Correct Answer: A: A document that provides clearly stated activities to work toward common goals

Which of the following best describes Step 1 of the planning phase in marketing?

A. Identifying changes and trends in the industry, analyzing current and potential competitors, assessing the organization itself including available resources, and researching present and prospective customers
B. Creating promotional advertisements and selecting media channels for product distribution
C. Setting final product prices and negotiating supplier contracts
D. Measuring employee performance and evaluating internal HR policies

Correct answer: A : Identifying changes and trends in the industry, analyzing current and potential competitors, assessing the organization itself including available resources, and researching present and prospective customers

Which of the following best describes Step 2 of the planning phase in marketing?

A. Market segmentation, determining what products will be directed to what customers.
B. Conducting financial audits and preparing annual profit and loss statements for the organization
C. Designing advertising campaigns and selecting promotional media channels for product distribution
D. Managing employee recruitment and evaluating internal organizational performance metrics

Correct Answer: A:Market segmentation, determining what products will be directed to what customers.