MK323 MIDTERM EXAM – MARKETING
PRINCIPLES AND STRATEGIES
The process of defining the marketing mix variables so target customers have a clear, distinctive,
desirable understanding of what the product does or represents in comparison with competing
products is known as:
1. Target marketing
2. Market segmentation
3. Market positioning
4. Value creation
5. Allocation
Accurate Answer: 3.
Refers to the process of dividing the market into groups of customers with different needs,
wants, or characteristics.
A. Value capture
B. Allocation
C. Positioning
D. Market Segmentation
E. Target marketing
Accurate Answer: D.
,When positioning products relative to competitors' offerings, firms typically are most successful
when they focus on opportunities
A. Where customer excellence can be substituted for product excellence.
B. That build on their strengths relative to those of their competition.
C. In international markets.
D. For diversification.
E. Where value-based pricing can be ignored.
Accurate Answer: B.
If a firm wants to develop a sustainable competitive advantage, it should
A. Increase its marketing budget so that it outspends its competitors.
B. Copy the innovative features of other firms that are attractive to customers.
C. Arrange to meet with competitors to discuss how to avoid direct competition.
D. Begin an aggressive campaign to buy up competitors.
E. Examine its operations and customer relations to identify significant things adversaries
cannot easily copy.
Accurate Answer: E.
Price should be based on
A. Name-recognition for the brand.
B. The image the product confers to the consumer.
C. The value the customer perceives as a good "deal" for the product they receive.
,D. How well the product fits with what has been advertised about the product.
E. The cost to create the product.
Accurate Answer: C.
What kind of tools help marketers make sense of data and use it to make appropriate business
decisions?
A. Marketing analysis
B. Data publication
C. Churn
D. Observation
E. Syndicated data
Accurate Answer: A.
In the Coke-New Coke market research, 54 percent of consumers, in a blind taste test, preferred
the New Coke formula to the existing formulation. This is an example of a(n)________
marketing research method.
A. Invalid
B. Qualitative
C. Quantitative
D. Syndicated
E. Observational
Accurate Answer: C.
, When consumers are unable to articulate their experiences,________ becomes particularly
useful in understanding consumers' preferences.
A. In-depth interviewing
B. A focus group
C. Surveying
D. Primary data mining
E. Observation
Accurate Answer: E.
Which statement is true about quantitative research?
A. It is always conducted using primary data collection.
B. It confirms insights and hypotheses generated via qualitative research.
C. It revises the research objective based on data mining.
D. It includes focus group interviews.
E. It offers conclusions that are always correct.
Accurate Answer: B.
Which statement best describes secondary data?
A. Secondary data collection is always extremely time-consuming and expensive.
B. Secondary data are pieces of information that have been collected prior to the start of the
focal research project.
C. Secondary data include only qualitative research.
PRINCIPLES AND STRATEGIES
The process of defining the marketing mix variables so target customers have a clear, distinctive,
desirable understanding of what the product does or represents in comparison with competing
products is known as:
1. Target marketing
2. Market segmentation
3. Market positioning
4. Value creation
5. Allocation
Accurate Answer: 3.
Refers to the process of dividing the market into groups of customers with different needs,
wants, or characteristics.
A. Value capture
B. Allocation
C. Positioning
D. Market Segmentation
E. Target marketing
Accurate Answer: D.
,When positioning products relative to competitors' offerings, firms typically are most successful
when they focus on opportunities
A. Where customer excellence can be substituted for product excellence.
B. That build on their strengths relative to those of their competition.
C. In international markets.
D. For diversification.
E. Where value-based pricing can be ignored.
Accurate Answer: B.
If a firm wants to develop a sustainable competitive advantage, it should
A. Increase its marketing budget so that it outspends its competitors.
B. Copy the innovative features of other firms that are attractive to customers.
C. Arrange to meet with competitors to discuss how to avoid direct competition.
D. Begin an aggressive campaign to buy up competitors.
E. Examine its operations and customer relations to identify significant things adversaries
cannot easily copy.
Accurate Answer: E.
Price should be based on
A. Name-recognition for the brand.
B. The image the product confers to the consumer.
C. The value the customer perceives as a good "deal" for the product they receive.
,D. How well the product fits with what has been advertised about the product.
E. The cost to create the product.
Accurate Answer: C.
What kind of tools help marketers make sense of data and use it to make appropriate business
decisions?
A. Marketing analysis
B. Data publication
C. Churn
D. Observation
E. Syndicated data
Accurate Answer: A.
In the Coke-New Coke market research, 54 percent of consumers, in a blind taste test, preferred
the New Coke formula to the existing formulation. This is an example of a(n)________
marketing research method.
A. Invalid
B. Qualitative
C. Quantitative
D. Syndicated
E. Observational
Accurate Answer: C.
, When consumers are unable to articulate their experiences,________ becomes particularly
useful in understanding consumers' preferences.
A. In-depth interviewing
B. A focus group
C. Surveying
D. Primary data mining
E. Observation
Accurate Answer: E.
Which statement is true about quantitative research?
A. It is always conducted using primary data collection.
B. It confirms insights and hypotheses generated via qualitative research.
C. It revises the research objective based on data mining.
D. It includes focus group interviews.
E. It offers conclusions that are always correct.
Accurate Answer: B.
Which statement best describes secondary data?
A. Secondary data collection is always extremely time-consuming and expensive.
B. Secondary data are pieces of information that have been collected prior to the start of the
focal research project.
C. Secondary data include only qualitative research.
