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Which statement describes the marketing process?

Marketing is a structured process that includes situational analysis, strategy formulation, marketing mix decisions, and implementation and control to discover unfulfilled customer needs.
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others.
Marketing is a systematic approach to advertising and developing product and completing sales; the marketing process includes media channels, seller and buyer risk management, standardized customer interaction in sales, and scalable revenue generation.
Marketing is the process of bringing a new product or service to market including phases of selecting and advertising on media channels, idea generation, product design, and detail engineering.

Answer(s): A

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What is key to a consistent, proactive marketing strategy?

It is a philosophy that dedicates the resources of the firm to ensuring that the needs, wants, and demands of the customers are the focus of the firm.
It is a method that sets standards, obtains measurements of sales results related to the standards, and takes corrective actions when these are not achieved.
It is an aggregate approach to measure and deploy a set of marketing metrics that sales managers use to review for compliance with top-level sales objectives.
It is a measure of marketing success factors and key performance indicators to monitor customer behavior and improve sales and product development focus when these are not achieved.

Answer(s): A

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In cost accounting, how are expenses such as electricity and water called?

Answer(s): C

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Which business function is generally considered a support function?

Answer(s): C

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Michael Porter created a strategic thinking framework called Porter's Five Forces.

Which is a set of those forces?

adjust value creation, improve associated activities, segment customer base, analyze product performance, align business area to top two segments
elements of barriers to entry, threats of substitute products or services, suppliers' bargaining power, customers' bargaining power, and competitive rivalry
define organization's purpose, establish mission-consistent goals and objectives, develop resources to attain goals, set timeframe for the strategy, develop critical products and services
determine where an organization is going over the next year or more, how it is going to get there, how it will know if it got there or not, the cost of the value chain, and the risk involved

Answer(s): B

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