MKTG 2500 MIDTERM PREP QUESTIONS AND ANSWERS VERIFIED 100% CORRECT.
marketing is defined as - (ANSWER)process of creating, communicating, + delivering value to customers
+ managing those relationships in ways that benefit the organization + its employees, customers,
investors, + society as a whole
one key goal of marketing is to - (ANSWER)focus on satisfying the needs of the customer
Factors such as competition, societal change, economic uncertainty, and evolving customer demand are
all part of a firm's : - (ANSWER)mktg environment
Without successful marketing, there is no need for a firm to expand its business or invest in capital
expenditures. Which key functional area would be most affected by this lack of growth and investment?
- (ANSWER)finance
Which of the following accurately represents the 4 Ps of the marketing mix? - (ANSWER)- product
- price
- place
- promotion
The marketing mix, often known as the four Ps of marketing, represent areas that a firm can adjust to
influence demand for its goods, services, or ideas. If a firm wanted to adjust the cost of a service by 2
percent to stay competitive, on which of the four Ps would it be focusing? - (ANSWER)price
As an online subscription retailer, Fabletics sells most of its athletic wear online, which means that
marketing decisions related to ________ are most important - (ANSWER)place
The four Ps are product, price, place, and - (ANSWER)promotion
Which of the following statements about a marketing manager's role within an organization is true? -
(ANSWER)A marketing manager is responsible for all the short- and long-term operational and strategic
activities of a firm
, MKTG 2500 MIDTERM PREP QUESTIONS AND ANSWERS VERIFIED 100% CORRECT.
Which of the following is true of customer value? - (ANSWER)Value is what customers receive from a
product less what they give to obtain it.
During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an apparels
manufacturer, caters to this need. Which of the following actions would represent the conversion of this
need into a want? - (ANSWER)Raindrop introduces a line of see-through umbrellas that glow in the dark.
Why should marketers distinguish between needs and wants? - (ANSWER)It helps them provide
products that fulfill customers' wants and satisfy their underlying needs.
Which of the four Ps of the marketing mix is typically the easiest to change and therefore makes it a
powerful tool for firms that are looking to quickly adjust their market share or revenues? -
(ANSWER)price
Amazon is an online retailer that sells a combination of goods, services, or ideas; for example, it sells
Kindle e-readers, which are a kind of good, as well as Amazon Prime video, which is a kind of service.
The Kindle e-reader and Amazon Prime are which P of the marketing mix for Amazon? -
(ANSWER)product
The advertising element of the promotional mix differs from the other elements in that advertising uses
which of the following persuasive tools? - (ANSWER)Internet, TV, radio, print, social media
Daphne used to work in the city where she would take public transportation to work. However, she just
took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to
get to and from her job. For Daphne, these things represent a - (ANSWER)need
A consumer need is something one has to have for survival, whereas a consumer want - (ANSWER)is
something one would like to have but does not require it for survival.
Have you ever been to a new restaurant and found that its food, service, and prices were excellent? Is
that restaurant still in business? If not, the restaurant likely failed to create value for its target market. -
(ANSWER)false
marketing is defined as - (ANSWER)process of creating, communicating, + delivering value to customers
+ managing those relationships in ways that benefit the organization + its employees, customers,
investors, + society as a whole
one key goal of marketing is to - (ANSWER)focus on satisfying the needs of the customer
Factors such as competition, societal change, economic uncertainty, and evolving customer demand are
all part of a firm's : - (ANSWER)mktg environment
Without successful marketing, there is no need for a firm to expand its business or invest in capital
expenditures. Which key functional area would be most affected by this lack of growth and investment?
- (ANSWER)finance
Which of the following accurately represents the 4 Ps of the marketing mix? - (ANSWER)- product
- price
- place
- promotion
The marketing mix, often known as the four Ps of marketing, represent areas that a firm can adjust to
influence demand for its goods, services, or ideas. If a firm wanted to adjust the cost of a service by 2
percent to stay competitive, on which of the four Ps would it be focusing? - (ANSWER)price
As an online subscription retailer, Fabletics sells most of its athletic wear online, which means that
marketing decisions related to ________ are most important - (ANSWER)place
The four Ps are product, price, place, and - (ANSWER)promotion
Which of the following statements about a marketing manager's role within an organization is true? -
(ANSWER)A marketing manager is responsible for all the short- and long-term operational and strategic
activities of a firm
, MKTG 2500 MIDTERM PREP QUESTIONS AND ANSWERS VERIFIED 100% CORRECT.
Which of the following is true of customer value? - (ANSWER)Value is what customers receive from a
product less what they give to obtain it.
During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an apparels
manufacturer, caters to this need. Which of the following actions would represent the conversion of this
need into a want? - (ANSWER)Raindrop introduces a line of see-through umbrellas that glow in the dark.
Why should marketers distinguish between needs and wants? - (ANSWER)It helps them provide
products that fulfill customers' wants and satisfy their underlying needs.
Which of the four Ps of the marketing mix is typically the easiest to change and therefore makes it a
powerful tool for firms that are looking to quickly adjust their market share or revenues? -
(ANSWER)price
Amazon is an online retailer that sells a combination of goods, services, or ideas; for example, it sells
Kindle e-readers, which are a kind of good, as well as Amazon Prime video, which is a kind of service.
The Kindle e-reader and Amazon Prime are which P of the marketing mix for Amazon? -
(ANSWER)product
The advertising element of the promotional mix differs from the other elements in that advertising uses
which of the following persuasive tools? - (ANSWER)Internet, TV, radio, print, social media
Daphne used to work in the city where she would take public transportation to work. However, she just
took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to
get to and from her job. For Daphne, these things represent a - (ANSWER)need
A consumer need is something one has to have for survival, whereas a consumer want - (ANSWER)is
something one would like to have but does not require it for survival.
Have you ever been to a new restaurant and found that its food, service, and prices were excellent? Is
that restaurant still in business? If not, the restaurant likely failed to create value for its target market. -
(ANSWER)false
