MARK 460 MIDTERM QUESTIONS WITH VERIFIED
ANSWERS
Match the following marketing decision with the correct first principal: managing
__________ trade-offs: - Answers - MP 4: All resources are limited
First principles - Answers - the fundamental concepts or assumptions on which a theory,
system, or method is based *newton's laws*
_____ _________ are the fundamental building blocks that must be mastered first
before you can reach excellence (simple ideas deeply understood) - Answers - First
principles
The first principles of marketing - Answers - 1. All customers differ.
2. All customers change.
3. All competitors react.
4. All resources are limited.
Match the following marketing decision with the correct first principal: managing
________ dynamics - Answers - MP 2: All customers change
"Dynamics"= - Answers - Change
Match the following marketing decision with the correct first principal: managing SCA -
Answers - MP 3: All competitors react
Match the following marketing decision with the correct first principal: managing
________ heterogeneity - Answers - MP 1: All customers differ
Marketing strategy comes from ________ strategy - Answers - Military
On War Karl Von Claussewitz - Answers - Talk of military campaigns adapted to fit
management scholars Concepts
460 definition of marketing - Answers - Marketing is the customer centric philosophy,
strategies and tactics necessary to consistently *create communicate and deliver
customer value* in order to capture value from customers in return during acquisition,
expansion and retention
Positioning - Answers - Arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
, Five key elements of marketing strategy - Answers - 1. Customer perspective (customer
- centricity)
2. Leads to differential advantages over competitors.
3. Sustainability.
4. Ability to enhance firm performance.
5. Guides decisions, and actions.
What does SCA stand for? - Answers - sustainable competitive advantage
According to class, modern marketing strategy centers on:
A. Channels of distribution.
B. Creating delivering and communicating customer value.
C. Effective supply chain management.
D. Maximizing price to maximize profit. - Answers - B. Creating delivering and
communicating customer value.
One of the five key elements of marketing strategy is that it... - Answers - Takes a
customer perspective, guides decisions, and actions and leads to differential advantage
Marketing strat-> - Answers - HR/Ops/R&D ->corporate strat
marketing strategy - Answers - Decisions and actions focused on building a sustainable
differential advantage relative to competitors in the minds of the consumers to create
value for stakeholders
Corporate strategy - Answers - The overall scope and direction of a firm and the way in
which it's various business operations work together to achieve partial goals
Marketing strategy has to match the ______ strategy - Answers - C-level/corporate
Why is marketing strategy key to long-term financial performance? - Answers - - grow
market size
- grow share
- optimize prices and margins
- reduce costs
Firm sales revenue - Answers - Market demand x market share x average selling price
Firms Profit= - Answers - Revenue x gross margin-expenses
Four step process for managing customer heterogeneity (mp1) - Answers - 1.
Segmenting.
2. Targeting.
3. Positioning.
4. Building customer centric organizations.
ANSWERS
Match the following marketing decision with the correct first principal: managing
__________ trade-offs: - Answers - MP 4: All resources are limited
First principles - Answers - the fundamental concepts or assumptions on which a theory,
system, or method is based *newton's laws*
_____ _________ are the fundamental building blocks that must be mastered first
before you can reach excellence (simple ideas deeply understood) - Answers - First
principles
The first principles of marketing - Answers - 1. All customers differ.
2. All customers change.
3. All competitors react.
4. All resources are limited.
Match the following marketing decision with the correct first principal: managing
________ dynamics - Answers - MP 2: All customers change
"Dynamics"= - Answers - Change
Match the following marketing decision with the correct first principal: managing SCA -
Answers - MP 3: All competitors react
Match the following marketing decision with the correct first principal: managing
________ heterogeneity - Answers - MP 1: All customers differ
Marketing strategy comes from ________ strategy - Answers - Military
On War Karl Von Claussewitz - Answers - Talk of military campaigns adapted to fit
management scholars Concepts
460 definition of marketing - Answers - Marketing is the customer centric philosophy,
strategies and tactics necessary to consistently *create communicate and deliver
customer value* in order to capture value from customers in return during acquisition,
expansion and retention
Positioning - Answers - Arranging for a product to occupy a clear, distinctive, and
desirable place relative to competing products in the minds of target consumers
, Five key elements of marketing strategy - Answers - 1. Customer perspective (customer
- centricity)
2. Leads to differential advantages over competitors.
3. Sustainability.
4. Ability to enhance firm performance.
5. Guides decisions, and actions.
What does SCA stand for? - Answers - sustainable competitive advantage
According to class, modern marketing strategy centers on:
A. Channels of distribution.
B. Creating delivering and communicating customer value.
C. Effective supply chain management.
D. Maximizing price to maximize profit. - Answers - B. Creating delivering and
communicating customer value.
One of the five key elements of marketing strategy is that it... - Answers - Takes a
customer perspective, guides decisions, and actions and leads to differential advantage
Marketing strat-> - Answers - HR/Ops/R&D ->corporate strat
marketing strategy - Answers - Decisions and actions focused on building a sustainable
differential advantage relative to competitors in the minds of the consumers to create
value for stakeholders
Corporate strategy - Answers - The overall scope and direction of a firm and the way in
which it's various business operations work together to achieve partial goals
Marketing strategy has to match the ______ strategy - Answers - C-level/corporate
Why is marketing strategy key to long-term financial performance? - Answers - - grow
market size
- grow share
- optimize prices and margins
- reduce costs
Firm sales revenue - Answers - Market demand x market share x average selling price
Firms Profit= - Answers - Revenue x gross margin-expenses
Four step process for managing customer heterogeneity (mp1) - Answers - 1.
Segmenting.
2. Targeting.
3. Positioning.
4. Building customer centric organizations.
