MRKT 3301 Midterm Vanwey Questions With Complete
Solutions
____ pertains to what an individual's full potential is and the
need to realize that potential. Correct Answers Self-
actualization
_____ consists of a succinct description of the core target market
to which a product is directed and a compelling picture of how
the firm wants that core market to view the product. Correct
Answers A positioning statement
_____ is defined as nonpersonal communication focused on
promoting positive relations between a firm and its stakeholders.
Correct Answers Public relations
_____ is the most commonly used psychographic segmentation
tool that classifies adults into eight psychographic groups:
Innovators, Thinkers, Believers, Achievers, Strivers,
Experiencers, Makers, and Survivors. Correct Answers The
VALS framework
_____ refers to a ratio that compares the financial investments a
company puts into gaining and keeping customers to the
financial return on those investments. Correct Answers
Customer equity
_____ refers to a strategy that focuses on building brand loyalty
by attracting, maintaining, and enhancing customer associations.
Correct Answers Relationship marketing
,_____ refers to the perceived monetary and nonmonetary
benefits that customers receive from a product, compared to the
cost of obtaining the product. Correct Answers customer value
_____Blank is best defined as the dissemination of information,
often by television, to a fairly small, select audience that is
defined by its shared values, preferences, or demographic
attributes. Correct Answers narrowcasting
_____Blank is the process of thoughtfully defining a firm's
objectives and developing a method for achieving those
objectives. Correct Answers Strategic planning
_____Blank selling refers to the altering of sales behavior
during a customer interaction or across customer interactions
based on perceived information about the selling situation.
Correct Answers adaptive
A _____Blank is an action-oriented document or playbook that
guides the analysis, implementation, and control of the firm's
marketing strategy. Correct Answers marketing plan
A Brazilian car manufacturer has manufacturing plants all over
the world, including the United States. In the context of SWOT
analysis, what is one of the company's strengths? Correct
Answers The company recently recruited two senior engineers
from one of its major competitors.
A clothing company needs to determine how its advertising
dollars are being spent. What should it utilize to get this
information? Correct Answers marketing analytics
,A company has decided to use franchising as a means of
entering a foreign market. The company probably chose this
avenue because Correct Answers franchisees assume the
majority of the capital costs and human resource issues.
A company that manufactures and sells medical equipment in
the U.S. found that its sales stalled during a recession. A
consultant suggested that the company pursue sales in other
countries. Why is it important for this company to market
globally? Correct Answers Most of the world's population lives
outside the United States.
A company that uses social media, especially online
communities, to generate product ideas is using design thinking.
Correct Answers False
A consumer products company is coming out with a new baby
lotion that includes sunscreen. The marketing manager has
completed the market positioning activities and has analyzed
competitors' positions. What should they do next?
They should create new product concepts.
They should clearly define the firm's competitive advantage.
They should introduce the product to a new limited market.
They should determine if the business will be profitable.
, They should evaluate the feedback. Correct Answers They
should clearly define the firm's competitive advantage.
A firm measures its effectiveness in using the resources it has
allocated to its marketing effort by the use of Correct Answers
return on marketing investment.
A firm that has a ________Blank orientation will consider
upstream and downstream flows of goods, services, finances,
and information across the supply chain as activities it would be
involved in, even though they may be performed by other
companies. Correct Answers supply chain
A firm that uses a price-quality relationship to highlight its
competitive advantage will negotiate discounts from wholesalers
and keep distribution costs low so it can pass the savings on to
its customers. Correct Answers true
A group of related products marketed by the same firm is known
as a(n) Correct Answers product line
A hat designer has divided marketing activities to its huge
consumer base into smaller groups based on lifestyle. This is an
example of Correct Answers market segmentation.
A market development strategy
seeks to attract new customers by offering new products that are
unrelated to the existing products produced by the organization.
involves creating new goods and services for existing markets.
Solutions
____ pertains to what an individual's full potential is and the
need to realize that potential. Correct Answers Self-
actualization
_____ consists of a succinct description of the core target market
to which a product is directed and a compelling picture of how
the firm wants that core market to view the product. Correct
Answers A positioning statement
_____ is defined as nonpersonal communication focused on
promoting positive relations between a firm and its stakeholders.
Correct Answers Public relations
_____ is the most commonly used psychographic segmentation
tool that classifies adults into eight psychographic groups:
Innovators, Thinkers, Believers, Achievers, Strivers,
Experiencers, Makers, and Survivors. Correct Answers The
VALS framework
_____ refers to a ratio that compares the financial investments a
company puts into gaining and keeping customers to the
financial return on those investments. Correct Answers
Customer equity
_____ refers to a strategy that focuses on building brand loyalty
by attracting, maintaining, and enhancing customer associations.
Correct Answers Relationship marketing
,_____ refers to the perceived monetary and nonmonetary
benefits that customers receive from a product, compared to the
cost of obtaining the product. Correct Answers customer value
_____Blank is best defined as the dissemination of information,
often by television, to a fairly small, select audience that is
defined by its shared values, preferences, or demographic
attributes. Correct Answers narrowcasting
_____Blank is the process of thoughtfully defining a firm's
objectives and developing a method for achieving those
objectives. Correct Answers Strategic planning
_____Blank selling refers to the altering of sales behavior
during a customer interaction or across customer interactions
based on perceived information about the selling situation.
Correct Answers adaptive
A _____Blank is an action-oriented document or playbook that
guides the analysis, implementation, and control of the firm's
marketing strategy. Correct Answers marketing plan
A Brazilian car manufacturer has manufacturing plants all over
the world, including the United States. In the context of SWOT
analysis, what is one of the company's strengths? Correct
Answers The company recently recruited two senior engineers
from one of its major competitors.
A clothing company needs to determine how its advertising
dollars are being spent. What should it utilize to get this
information? Correct Answers marketing analytics
,A company has decided to use franchising as a means of
entering a foreign market. The company probably chose this
avenue because Correct Answers franchisees assume the
majority of the capital costs and human resource issues.
A company that manufactures and sells medical equipment in
the U.S. found that its sales stalled during a recession. A
consultant suggested that the company pursue sales in other
countries. Why is it important for this company to market
globally? Correct Answers Most of the world's population lives
outside the United States.
A company that uses social media, especially online
communities, to generate product ideas is using design thinking.
Correct Answers False
A consumer products company is coming out with a new baby
lotion that includes sunscreen. The marketing manager has
completed the market positioning activities and has analyzed
competitors' positions. What should they do next?
They should create new product concepts.
They should clearly define the firm's competitive advantage.
They should introduce the product to a new limited market.
They should determine if the business will be profitable.
, They should evaluate the feedback. Correct Answers They
should clearly define the firm's competitive advantage.
A firm measures its effectiveness in using the resources it has
allocated to its marketing effort by the use of Correct Answers
return on marketing investment.
A firm that has a ________Blank orientation will consider
upstream and downstream flows of goods, services, finances,
and information across the supply chain as activities it would be
involved in, even though they may be performed by other
companies. Correct Answers supply chain
A firm that uses a price-quality relationship to highlight its
competitive advantage will negotiate discounts from wholesalers
and keep distribution costs low so it can pass the savings on to
its customers. Correct Answers true
A group of related products marketed by the same firm is known
as a(n) Correct Answers product line
A hat designer has divided marketing activities to its huge
consumer base into smaller groups based on lifestyle. This is an
example of Correct Answers market segmentation.
A market development strategy
seeks to attract new customers by offering new products that are
unrelated to the existing products produced by the organization.
involves creating new goods and services for existing markets.
