MKT 3250 Midterm Exam | Questions and Answers (Complete Solutions)

MKT 3250 Midterm Exam | Questions and Answers (Complete Solutions) What is marketing? A. The aim of marketing is to make selling necessary. B. Marketing is a process of creating customer value. C. Marketing deals with telling and selling. D. Marketing is only selling and advertising. E. Marketing deals primarily with TV commercials. In the final step of the five-step marketing model, companies __________. A. capture customer value B. build strong customer relationships C. create customer value D. reap the rewards of creating customer value E. work to understand consumers The basic concept underlying marketing is that of __________. A. customer wants B. customer needs C. customer demand D. customer relationship E. customer experience __________ is the act of obtaining a desired object from someone by offering something in return. A. Exchange B. Want C. Satisfaction D. Demand E. Need A brand's __________ involves the set of benefits or values it promises to deliver to consumers. A. value proposition B. target marketing C. customer management D. market segmentation E. marketing management The __________ concept holds that consumers will favor products that are available and affordable. A. societal marketing B. selling C. product D. production E. marketing Customer relationship building blocks consist of __________. A. price and promotion B. the four Ps of marketing C. customer value and satisfaction D. product and place E. social and product marketing Although a "customer-centered" firm seeks to deliver high customer satisfaction relative to competitors, it __________. A. does not attempt to maximize customer satisfaction B. attempts to maximize customer satisfaction C. attempts to gain customer satisfaction at all cost to ward off competition D. can increase satisfaction by increasing its services compared to its competitors E. can increase satisfaction by lowering prices compared to its competitors Which is the fastest-growing digital marketing platform? A. Not-for-profit marketing B. Social media marketing C. Social marketing D. Sustainable marketing E. Mobile marketing __________ marketing is perhaps the fastest-growing digital marketing platform. A. Mobile B. Online social C. Social media D. Real-time E. Sustainable The first step in strategic planning involves __________. A. setting objectives and goals B. defining the company's mission C. designing a business portfolio D. developing functional plans E. developing a marketing plan A company's mission statement should be focused on __________. A. customers B. objectives and goals C. sales D. profit E. investment The major activity in strategic planning is the analyses of a business __________. A. plan B. unit C. goal or objective D. experience E. portfolio Within the growth-share matrix, "cash cows" are __________. A. high-growth, high-share businesses or products B. high-share businesses in slow-growth markets C. low-growth, low-share business units in high-growth markets D. low-growth, low-share businesses and products in high-growth markets E. low-growth, high-share businesses or products Each department can be thought of as a link in the company's __________. A. marketing management B. value chain C. market segmentation D. marketing mix E. delivery network __________ plays a key role in the company's strategic planning. A. Marketing B. Operations C. Finance D. Accounting E. Human Resources __________ involves evaluating each market segments attractiveness and selecting one or more segments to enter. A. Market positioning B. Market targeting C. Marketing mix D. Market differentiation E. Market segmentation __________ refers to activities that communicate the merits of the product and persuade target customers to buy it. A. Positioning B. Targeting C. Promotion D. Differentiation E. Segmentation In SWOT analyses, the favourable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as __________. A. targets B. strengths C. weaknesses D. opportunities E. threats The most common form of marketing organization is __________. A. product management organization B. functional organization C. product organization D. customer management organization E. geographic organization To create and capture customer value, companies must engage the first step of the marketing process, which is __________. A. create customer delight B. design a customer value-driven marketing strategy C. construct an integrated marketing program D. build profitable customer relationships E. understand the marketplace and customer needs and wants Marketing was once understood in the sense of making a sale. Today, marketing is understood in the new sense of __________. A. developing innovative products. B. satisfying customer needs C. telling customers what they need D. eliminating promotion E. not engaging customers The key element of successful marketing today is to __________. A. create value B. develop one-of-a-kind products C. run frequent promotions D. advertise on television E. offer low prices What is the final step in the marketing process? A. Engage customers. B. Capture value from customers. C. Construct an integrated marketing program. D. Understand customer needs. E. Develop a customer value-driven strategy. Engaging customers and managing profitable customer relationships is the simplest definition of ________. A. a market B. marketing C. value D. satisfaction E. advertising You are thirsty and decide to have an iced tea. Your thirst is a ________ and your choice of iced tea is a ________. A. need; want B. demand; want C. need; demand D. want; demand E. want; need Which of the following correctly identifies the five core customer and marketplace concepts? A. (1) Needs, wants, and demands; (2) Market offerings; (3) Value and satisfaction; (4) Competitors; and (5) Profits B. (1) Needs; (2) Wants; (3) Demands; (4) Market offerings; and (5) Markets C. (1) Needs, wants, and demands; (2) Market offerings; (3) Value and satisfaction; (4) Exchanges and relationships; and (5) Markets D. (1) Needs, wants, and demands; (2) Products; (3) Value; (4) Customers; and (5) Competitors E. (1) Needs, wants, and demands; (2) Market offerings; (3) Value; (4) Satisfaction; and (5) Markets The primary goal of consistently delivering superior value is to ________. A. build profitable customer relationships B. maximize profits C. keep costs down D. expand into global markets E. avoid the need to advertise In marketing terms, what is a market? A. The products that are sold to customers B. The set of actual and potential buyers of a product or service C. All sellers of a product or service D. A company's current customers E. A retail establishment Market offerings include ________. A. products, services, and experiences B. demands, exchanges, and relationships C. products, services, and exchanges D. needs, wants, and demands E. value, satisfaction, and markets The actual and potential buyers in a market share which of the following characteristics? A. They are not affected by environmental forces. B. They have the same demographic profile. C. They do not engage in marketing. D. They share a particular need and/or want. E. They have little influence over marketers. The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities? A. Targeting and positioning B. Segmenting and positioning C. Segmenting and targeting D. Customer management and demand management E. Segmenting and demand management What is the purpose of a value proposition? A. To balance customer management with demand management B. To determine whom a company will serve with its market offerings. C. To differentiate and position a market offering in the marketplace D. To define the target market E. To determine the prices a company will charge for its products Which marketing orientation states that consumers will favor products that offer the most in quality, performance, and innovative features? A. The selling concept B. The production concept C. The marketing concept D. The societal marketing concept E. The product concept Which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation? A. The production concept B. The product concept C. The selling concept D. The societal marketing concept E. The marketing concept Companies such asIBM, Walmart, and Google now look beyond economic gain and, in their marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy? A. The selling concept B. The marketing concept C. The societal marketing concept D. The production concept