Marketing 3300- Exam 2 Updated Actual Questions And Correct Answers

MARKETING 3300- EXAM 2 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS

Question:
1. From a customer's perspective, value reflects...
Answer:
The relationship of benefits to costs

Question:
2. Parul went shopping at the mall and bought a dress from a retail store. Which type of transaction was
Parul participating in?
Answer:
B2C

Question:
3. For markers, "exchange," refers to...
Answer:
The trading of things of value

Question:
4. The process of value ___, in which customers collaborate in product design, often provides additional
value to the firm's customers.
Answer:
Cocreation

Question:
5. Which marketing activity is most directly served by the promotion element of the marketing mix?
Answer:
Communicating Value

Question:
6. Carter sells consumer electronics. He knows his customers weigh the costs versus the benefits associated
with the different options available. He decides which products to offer and what prices to charge based on
the way his customers think. Carter operates as if he were in the ___ era.
Answer:
Value-Based Marketing

Question:
7. It was during the market-oriented era that firms first discovered "marketing." In what time frame did this
occur?
Answer:
Just after WW2

,Question:
8. During the ___ era, manufacturers and retailers recognized they needed to give their customers greater
value than their competitors did.
Answer:
Value-Based Marketing

Question:
9. By allowing consumers to sell their unwanted goods to other consumers, auction sites like EBay and
Etsy cater to ___ marketing.
Answer:
C2C

Question:
10. A relational orientation is based on the philosophy that buyers and sellers develop.
Answer:
A Long-Term Relationship

Question:
11. ___ is communication by a marketer that informs, persuades, and reminds potential buyers about a
product or service to influence their opinions and elicit a response.
Answer:
Promotion

Question:
12. How a product or service will be conceived or designed, how much it should cost, where and how it
will be promoted, and how it will get to the consumer are all elements of...
Answer:
A Marketing Plan

Question:
13. ___ represents all the activities necessary to get the product to the right customer when that customer
wants it.
Answer:
Place

Question:
14. Using the BCG portfolio analysis, a "dog" should be phased out unless...
Answer:
It complements or boosts the sales of another product

Question:
15. In BCG portfolio analysis, products in low-growth markets that have received heavy investment and
now have excess funds available to support other products are called...
Answer:
Cash Cows

,Question:
16. What is one of the four major growth strategies that marketers typically utilize?
Answer:
Market Penetration

Question:
17. A product that is in high-growth market has a low market share would be classified as a ___ on the
BCG matrix.
Answer:
Star

Question:
18. Miranda is analyzing opportunities for her company. What decision is least likely to provide the
company with a sustainable competitive advantage?
Answer:
Lowering Prices

Question:
19. The automobile manufacturing industry closely watches annual consumer satisfaction surveys. For
years, Japanese car companies consistently had that highest levels of the customer satisfaction, creating
a(n) ___ for these companies.
Answer:
Sustainable Competitive Advantage

Question:
20. When Kennedy arrived in the middle of the night at the Ritz-Carlton, she was exhausted and her suit
was wrinkled from her 10-hour plane trip. The night clerk found someone to dry clean Kennedy's suit and
have it ready for her morning presentation. She as been a loyal Ritz-Carlton customer ever since.
Ritz-Carlton demonstrated the macro strategy of...
Answer:
Customer Excellence

Question:
21. Trista is charged with assessing her company's external environment as part of a SWOT analysis.
Trista will study her company's...
Answer:
Opportunities and Threats

Question:
22. ___ involves the process of defining the marketing mix variables so that target customers have a clear,
distinctive, desirable understanding of what the product does or represents in comparison with competing
products.
Answer:
Market Positioning

, Question:
23. During a SWOT analysis, a company should assess the opportunities and uncertainties of the
marketplace due to changes in several CDSTEP factors. The "E" in this acronym stands for which factor?
Answer:
Economic

Question:
24. Firms achieve ___ through efficient procedures and excellent supply chain management.
Answer:
Operational Excellence

Question:
25. Webber Enterprises sells its business language dictionary to college students throughout the United
States. Joseph Webber, the owner, wants to start selling the book to international students abroad. Webber
wants to pursue a ___ growth strategy.
Answer:
Market Development

Question:
26. During which phase of the marketing planning process does a firm evaluate performance using
marketing metrics?
Answer:
Control Phase

Question:
27. What is included in a firm's macroenvironment?
Answer:
Culture

Question:
28. Some companies have been accused of taking advantage of the current social trend of green marketing,
positioning their products as environmentally friendly when this may not actually be the case. This is
called
Answer:
Greenwashing

Question:
29. Which group was born into a world where the Internet and other digital technologies already existed?
Answer:
Gen Z

Question:
30. Amazon's Alexa is just one of many examples of how companies are using ___ in their marketing
efforts.
Answer:
Artificial Intelligence