Marketing Midterm Test with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
What is the American Marketing Association's (AMA) definition of marketing and what does
marketing entail? ✔Correct Answer-The American Marketing Association defines marketing as
the activity, set of instructions, and processes of creating, communicating, delivering and
exchanging offerings that have value for customers, clients, partners and society at large.
Marketing entails processes that focus on delivering value and benefits to customers, not just
selling goods and services.
Describe the concept of exchange, and list the five conditions that must be satisfied for
exchange to occur. If all conditions are met, does that guarantee exchange will occur? Explain
why or why not. ✔Correct Answer-Exchange: people giving up something in order to receive
something else they would rather have
• At least two parties
• Something of value
• Communication/delivery
• Freedom to accept/reject
• Desire to deal with other parties
Exchange not happen if conditions are met
An agreement must be reached
Consider the following statement: "Relationship marketing is not possible in a firm embracing a
production orientation." Do you agree or disagree with this statement? Explain your answer.
✔Correct Answer-Production orientation: field of dreams orientation; "If you build it, they will
come"; doesn't consider if what is produced meets market needs, focuses on the internal
capabilities of the firm rather than on the desires and needs of the marketplace
Relationship marketing: a strategy that focuses on keeping and improving relationships with
current customers
Explain the marketing concept and market orientation. What three requirements are included in
the marketing concept? ✔Correct Answer-Marketing concept: the idea that the social and
economic justification for an organization's existence is the satisfaction of customer wants and
needs while meeting organizational objectives
Marketing orientation: a philosophy that assumes that a sale does not depend on an aggressive
sales force but rather on a customer's decision to purchase a product; it is synonymous with the
marketing concept
• Focusing on customer wants and needs so that the organization can distinguish its product
from competitors' offerings
• Integrating all the organization's activities, including production, to satisfy customer wants
• Achieving long-term goals for the organization by satisfying customer wants and needs legally
and responsibly
, Name and describe the four strategic alternatives in Ansoff's strategic opportunity matrix, which
matches products with markets. For each of the four strategic alternatives, give a specific
example of a firm following that strategy. ✔Correct Answer-Market Penetration: increase
market share among existing customers (loyalty program)
Market Development: attracts new customers to existing products (worldwide businesses)
Product Development: create new products for present markets
Diversification: introduce new products into new markets (selling milk)
What is a SWOT analysis? How does it relate to strategic planning? ✔Correct Answer-
Strengths: things the company does well
Weaknesses: things the company doesn't do well
Opportunities: conditions in the external environment that favor strengths
Threats: conditions in the external environment that do not relate to existing strengths or favor
areas of current weaknesses
Strategic planning: the managerial process of creating and maintaining a fit between the
organization's objectives and resources and the evoking market opportunities
List and describe the three levels of ethical development. ✔Correct Answer-Preconventional
Morality: Based on what will be punished and rewarded; self-centered, calculating, selfish
Conventional Morality: Moved toward the expectations of society; concerned over legality and
the opinion of others
Postconventional Morality: Concerns about how they judge themselves; concern if it is right in
the long run
Describe the pyramid of corporate social responsibility, and include a description of its
components. ✔Correct Answer-A model that suggests corporate social responsibility, is
composed of economic, legal, ethical and philanthropic responsibilities and that the firm's
economic performance
Philanthropic: Contribute resources to the community; improve the quality of life
Ethical: Do what is right, just, and fair. Avoid harm
Legal: Law is society's condification of right and wrong. Play by the rules of the game
Economic: Profit is the foundation on which all other responsibilities rest
While managers can control the marketing mix, they cannot control the elements in the
external environment that continually mold and reshape the target market. List six variables of
the external environment that are not directly under the control of marketing managers.
✔Correct Answer-Social factors, technological factors, Political/legal factors, demographic
factors, economic factors, competitive factors
What is a component lifestyle? Describe how a college student follows a component lifestyle.
Use specific examples. ✔Correct Answer-The practice of choosing goods and services that
meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle.
Answers |Latest Version |Already Graded A+
What is the American Marketing Association's (AMA) definition of marketing and what does
marketing entail? ✔Correct Answer-The American Marketing Association defines marketing as
the activity, set of instructions, and processes of creating, communicating, delivering and
exchanging offerings that have value for customers, clients, partners and society at large.
Marketing entails processes that focus on delivering value and benefits to customers, not just
selling goods and services.
Describe the concept of exchange, and list the five conditions that must be satisfied for
exchange to occur. If all conditions are met, does that guarantee exchange will occur? Explain
why or why not. ✔Correct Answer-Exchange: people giving up something in order to receive
something else they would rather have
• At least two parties
• Something of value
• Communication/delivery
• Freedom to accept/reject
• Desire to deal with other parties
Exchange not happen if conditions are met
An agreement must be reached
Consider the following statement: "Relationship marketing is not possible in a firm embracing a
production orientation." Do you agree or disagree with this statement? Explain your answer.
✔Correct Answer-Production orientation: field of dreams orientation; "If you build it, they will
come"; doesn't consider if what is produced meets market needs, focuses on the internal
capabilities of the firm rather than on the desires and needs of the marketplace
Relationship marketing: a strategy that focuses on keeping and improving relationships with
current customers
Explain the marketing concept and market orientation. What three requirements are included in
the marketing concept? ✔Correct Answer-Marketing concept: the idea that the social and
economic justification for an organization's existence is the satisfaction of customer wants and
needs while meeting organizational objectives
Marketing orientation: a philosophy that assumes that a sale does not depend on an aggressive
sales force but rather on a customer's decision to purchase a product; it is synonymous with the
marketing concept
• Focusing on customer wants and needs so that the organization can distinguish its product
from competitors' offerings
• Integrating all the organization's activities, including production, to satisfy customer wants
• Achieving long-term goals for the organization by satisfying customer wants and needs legally
and responsibly
, Name and describe the four strategic alternatives in Ansoff's strategic opportunity matrix, which
matches products with markets. For each of the four strategic alternatives, give a specific
example of a firm following that strategy. ✔Correct Answer-Market Penetration: increase
market share among existing customers (loyalty program)
Market Development: attracts new customers to existing products (worldwide businesses)
Product Development: create new products for present markets
Diversification: introduce new products into new markets (selling milk)
What is a SWOT analysis? How does it relate to strategic planning? ✔Correct Answer-
Strengths: things the company does well
Weaknesses: things the company doesn't do well
Opportunities: conditions in the external environment that favor strengths
Threats: conditions in the external environment that do not relate to existing strengths or favor
areas of current weaknesses
Strategic planning: the managerial process of creating and maintaining a fit between the
organization's objectives and resources and the evoking market opportunities
List and describe the three levels of ethical development. ✔Correct Answer-Preconventional
Morality: Based on what will be punished and rewarded; self-centered, calculating, selfish
Conventional Morality: Moved toward the expectations of society; concerned over legality and
the opinion of others
Postconventional Morality: Concerns about how they judge themselves; concern if it is right in
the long run
Describe the pyramid of corporate social responsibility, and include a description of its
components. ✔Correct Answer-A model that suggests corporate social responsibility, is
composed of economic, legal, ethical and philanthropic responsibilities and that the firm's
economic performance
Philanthropic: Contribute resources to the community; improve the quality of life
Ethical: Do what is right, just, and fair. Avoid harm
Legal: Law is society's condification of right and wrong. Play by the rules of the game
Economic: Profit is the foundation on which all other responsibilities rest
While managers can control the marketing mix, they cannot control the elements in the
external environment that continually mold and reshape the target market. List six variables of
the external environment that are not directly under the control of marketing managers.
✔Correct Answer-Social factors, technological factors, Political/legal factors, demographic
factors, economic factors, competitive factors
What is a component lifestyle? Describe how a college student follows a component lifestyle.
Use specific examples. ✔Correct Answer-The practice of choosing goods and services that
meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle.
