M1S1 Marketing in Today’s Business Milieu 🤝 3

Question 1

What are the shifts impacting the future of marketing?

A) Decreased focus on customer empowerment
B) Increase in product availability and customer demand
C) Shift of information power from customers to businesses
D) Lack of generational values influence

Answer 1

Correct Answer: C) Shift of information power from customers to businesses

Question 2

What does “Big M” marketing refer to?

A) Day-to-day tactical marketing
B) Long-term strategic marketing at the firm/top level
C) Marketing without any strategic planning
D) Operational-level marketing metrics

Answer 2

Correct Answer: B) Long-term strategic marketing at the firm/top level

Question 3

Why is measuring marketing important?

A) To complicate management processes
B) To avoid accountability
C) For effective management, accountability, and assessing investment returns
D) To increase marketing expenses

Answer 3

Correct Answer: C) For effective management, accountability, and assessing investment returns

Question 4

True or False: CEOs and stockholders do not expect marketing accountability.

A) True
B) False

Answer 4

Correct Answer: B) False

Question 5

What is the distinction between “Big M” and “little m” marketing?

A) “Big M” refers to long-term strategic marketing, while “little m” refers to short-term tactical marketing
B) “Big M” refers to marketing for large corporations, while “little m” refers to marketing for small businesses
C) “Big M” refers to marketing with a big budget, while “little m” refers to marketing with a small budget
D) “Big M” refers to marketing in developed countries, while “little m” refers to marketing in developing countries

Answer 5

Correct Answer: A) “Big M” refers to long-term strategic marketing, while “little m” refers to short-term tactical marketing

Question 6

What does the term “fuzzy field” refer to in marketing?

A) Lack of clarity and precision in marketing strategies
B) A field dominated by fuzzy logic algorithms
C) Lack of interest in marketing research
D) Overly complicated marketing theories

Answer 6

Correct Answer: A) Lack of clarity and precision in marketing strategies

Question 7

Is marketing considered an expense or an investment?

A) Expense
B) Investment
C) Both
D) Neither

Answer 7

Correct Answer: C) Both

Question 8

Why do CEOs and stockholders expect marketing accountability?

A) To complicate decision-making processes
B) To ensure marketing departments are spending enough money
C) To assess the effectiveness of marketing efforts and the return on investment
D) To avoid accountability for marketing failures

Answer 8

Correct Answer: C) To assess the effectiveness of marketing efforts and the return on investment

Question 9

What is the primary purpose of measuring marketing?

A) To complicate management processes
B) To avoid accountability
C) To assess the effectiveness of marketing efforts and ROI
D) To increase marketing expenses

Answer 9

Correct Answer: C) To assess the effectiveness of marketing efforts and ROI

Question 10

What are some examples of marketing metrics used for measurement?

A) Efficiency, accountability, and return on investment
B) Customer satisfaction, brand awareness, and market share
C) Sales revenue, customer acquisition cost, and customer lifetime value
D) All of the above
Correct Answer: D) All of the above

Answer 10

Correct Answer: D) All of the above