Marketing MKT 300 Final Exam Questions and Study Guide
C - correct answer ✔✔ Which of the following statements about customer value is true?
A. The sure way to achieve high customer value is to offer a lower price.
B. None of these statements is true.
C. Customer value is the difference between the benefits a customer sees from a market
offering and the costs of obtaining those benefits.
D. The greater the competition, the less important customer value is.
E. It is the manager's view of customer value that matters, not the customer's.
C - correct answer ✔✔ Which of the following criticisms focuses most directly on a macro view
of marketing, rather than a micro view?
A. Prices for very similar products vary a lot from store to store.
B. Door-to-door salespeople are trained to be pushy.
C. Marketing exploits the poor and the uneducated.
D. Products often wear our right after the warranty expires.
E. Much TV advertising is annoying.
E - correct answer ✔✔ The difference between target marketing and mass marketing is that
target marketing
A. aims at increased sales, while mass marketing focuses on increased profits.
B. means focusing on a small market.
C. focuses on short-run objectives, while mass marketing focuses on long-run objectives.
D. does not rely on e-commerce but mass marketing does.
,E. focuses on specific customers, while mass marketing aims at an entire market.
E - correct answer ✔✔ When setting objectives for the whole firm, TOP MANAGEMENT should:
A. set objectives beyond what can actually be achieved-so everyone will work harder.
B. all of these are useful when setting objectives.
C. stick to general objectives-in order to maintain flexibility.
D. set objectives that focus on the highest possible immediate profit potential.
E. involve the marketing manager in the objective setting process.
C - correct answer ✔✔ Quality Ceramic, Inc. (QCI) defined five submarkets within its broad
product-market. To obtain some economies of scale, QCI decided NOT to offer each of the
submarkets a different marketing mix. Instead, it selected two submarkets whose needs are
fairly similar, and is counting on promotion and minor product differences to make its one basic
marketing mix appeal to both submarkets. QCI is using the:
A. mass marketing approach.
B. multiple target market approach.
C. combined target market approach.
D. None of these is a good choice for quality ceramic.
E. single target market approach.
E - correct answer ✔✔ Carmela Sanchez is planning to buy a pair of running shoes. Recently, she
has been noticing more Adidas advertising in magazines. This is an example of:
A. need satisfaction.
B. a consumer expectation.
C. dissonance.
, D. a physiological need.
E. selective exposure.
B - correct answer ✔✔ The first thing a marketing manager should do if one of his firm's
products drops in sales volume is:
A. set research priorities.
B. define the problem.
C. interview representative customers.
D. do a situation analysis.
E. conduct a survey to see what is wrong.
B - correct answer ✔✔ Non-recognition of the brand name of a firm's product is likely to be
LEAST important for:
A. Cold tablets
B. Coal
C. USB drives
D. Lubricating oils for cars
E. Replacement auto repair parts
E - correct answer ✔✔ Jack White wanted to purchase a new dress shirt. He went to a local
department store, toured the men's department, and thought all the brands looked about the
same. He decided to buy the store brand shirt, because it was the cheapest. For Jack, the new
shirt was a(n):
A. heterogeneous shopping product.
B. impulse product.
C - correct answer ✔✔ Which of the following statements about customer value is true?
A. The sure way to achieve high customer value is to offer a lower price.
B. None of these statements is true.
C. Customer value is the difference between the benefits a customer sees from a market
offering and the costs of obtaining those benefits.
D. The greater the competition, the less important customer value is.
E. It is the manager's view of customer value that matters, not the customer's.
C - correct answer ✔✔ Which of the following criticisms focuses most directly on a macro view
of marketing, rather than a micro view?
A. Prices for very similar products vary a lot from store to store.
B. Door-to-door salespeople are trained to be pushy.
C. Marketing exploits the poor and the uneducated.
D. Products often wear our right after the warranty expires.
E. Much TV advertising is annoying.
E - correct answer ✔✔ The difference between target marketing and mass marketing is that
target marketing
A. aims at increased sales, while mass marketing focuses on increased profits.
B. means focusing on a small market.
C. focuses on short-run objectives, while mass marketing focuses on long-run objectives.
D. does not rely on e-commerce but mass marketing does.
,E. focuses on specific customers, while mass marketing aims at an entire market.
E - correct answer ✔✔ When setting objectives for the whole firm, TOP MANAGEMENT should:
A. set objectives beyond what can actually be achieved-so everyone will work harder.
B. all of these are useful when setting objectives.
C. stick to general objectives-in order to maintain flexibility.
D. set objectives that focus on the highest possible immediate profit potential.
E. involve the marketing manager in the objective setting process.
C - correct answer ✔✔ Quality Ceramic, Inc. (QCI) defined five submarkets within its broad
product-market. To obtain some economies of scale, QCI decided NOT to offer each of the
submarkets a different marketing mix. Instead, it selected two submarkets whose needs are
fairly similar, and is counting on promotion and minor product differences to make its one basic
marketing mix appeal to both submarkets. QCI is using the:
A. mass marketing approach.
B. multiple target market approach.
C. combined target market approach.
D. None of these is a good choice for quality ceramic.
E. single target market approach.
E - correct answer ✔✔ Carmela Sanchez is planning to buy a pair of running shoes. Recently, she
has been noticing more Adidas advertising in magazines. This is an example of:
A. need satisfaction.
B. a consumer expectation.
C. dissonance.
, D. a physiological need.
E. selective exposure.
B - correct answer ✔✔ The first thing a marketing manager should do if one of his firm's
products drops in sales volume is:
A. set research priorities.
B. define the problem.
C. interview representative customers.
D. do a situation analysis.
E. conduct a survey to see what is wrong.
B - correct answer ✔✔ Non-recognition of the brand name of a firm's product is likely to be
LEAST important for:
A. Cold tablets
B. Coal
C. USB drives
D. Lubricating oils for cars
E. Replacement auto repair parts
E - correct answer ✔✔ Jack White wanted to purchase a new dress shirt. He went to a local
department store, toured the men's department, and thought all the brands looked about the
same. He decided to buy the store brand shirt, because it was the cheapest. For Jack, the new
shirt was a(n):
A. heterogeneous shopping product.
B. impulse product.
