COMR 465 - Midterm Review Exam Questions With
Complete Answers
Definition of marketing - ANSWER Activity, institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
What is value-based marketing? (5) - ANSWER 1) maximizes value for customers, 2)
long-term focus, 3) building relationships, 4) relationships with non-customers, 5)
evolves over time
What are the components of the marketing mix? - ANSWER Product, price, place,
promotion
What are the marketing eras? - ANSWER Production, sales, marketing, value
What was the production era? - ANSWER A good product will sell itself
What was the sales era? - ANSWER Companies had to focus on selling and advertising
What was the marketing era? - ANSWER Companies had to design products based on
what customers in the market wanted/needed
, What is the value-based marketing era? - ANSWER Companies had to provide greater
value than their competitors
What components does a marketing strategy identify? (3) - ANSWER Target market,
related marketing mix, bases on which to build a sustainable competitive advantage
What are the macro strategies for building a sustainable advantage? (4) - ANSWER
Customer (loyal), operational (efficient), product (value), location excellence (physical and
online presence)
What are the steps of a marketing plan? (5) - ANSWER 1) Define business mission and
objectives, 2) conduct situation analysis (SWOT), 3) identify and evaluate opportunities,
4) implement marketing mix, 5) evaluate plan performance
What is the definition of market research? - ANSWER Techniques and principles for
systematically collecting, recording, analyzing, and interpreting data to aid marketing
decisions
What are the steps of the market research process? (5) - ANSWER 1) Define objectives
and research needs, 2) design research, 3) collect data, 4) analyze data and develop
insights, 5) develop and implement an action plan
What are the two broad types of market research data and what are the categories
within them? (2*2=4) - ANSWER Primary (qualitative and quantitative) and secondary
(internal and external)
Complete Answers
Definition of marketing - ANSWER Activity, institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
What is value-based marketing? (5) - ANSWER 1) maximizes value for customers, 2)
long-term focus, 3) building relationships, 4) relationships with non-customers, 5)
evolves over time
What are the components of the marketing mix? - ANSWER Product, price, place,
promotion
What are the marketing eras? - ANSWER Production, sales, marketing, value
What was the production era? - ANSWER A good product will sell itself
What was the sales era? - ANSWER Companies had to focus on selling and advertising
What was the marketing era? - ANSWER Companies had to design products based on
what customers in the market wanted/needed
, What is the value-based marketing era? - ANSWER Companies had to provide greater
value than their competitors
What components does a marketing strategy identify? (3) - ANSWER Target market,
related marketing mix, bases on which to build a sustainable competitive advantage
What are the macro strategies for building a sustainable advantage? (4) - ANSWER
Customer (loyal), operational (efficient), product (value), location excellence (physical and
online presence)
What are the steps of a marketing plan? (5) - ANSWER 1) Define business mission and
objectives, 2) conduct situation analysis (SWOT), 3) identify and evaluate opportunities,
4) implement marketing mix, 5) evaluate plan performance
What is the definition of market research? - ANSWER Techniques and principles for
systematically collecting, recording, analyzing, and interpreting data to aid marketing
decisions
What are the steps of the market research process? (5) - ANSWER 1) Define objectives
and research needs, 2) design research, 3) collect data, 4) analyze data and develop
insights, 5) develop and implement an action plan
What are the two broad types of market research data and what are the categories
within them? (2*2=4) - ANSWER Primary (qualitative and quantitative) and secondary
(internal and external)
