MKTG 201 Exam Files | Package Deal 2024
Section 1: Marketing Fundamentals and Philosophies (Q1–Q20)
1. Which of the following best defines marketing?
A. Selling products to as many customers as possible
B. The process of creating, communicating, delivering, and exchanging offerings that have value
for customers
C. Advertising products through various media channels
D. Setting prices competitively to maximize sales volume
Answer: B
Rationale: Marketing is defined as the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.
2. A company that focuses on making products available and affordable to mass markets is
following which marketing management orientation?
A. Product concept
B. Selling concept
C. Production concept
D. Marketing concept
Answer: C
Rationale: The production concept holds that consumers will favor products that are available
and highly affordable, so management focuses on improving production and distribution
efficiency.
3. Toms Shoes donates a pair of shoes to a child in need for every pair purchased. Which
marketing philosophy does Toms exemplify?
A. Production concept
B. Sales concept
C. Market concept
D. Societal marketing concept
Answer: D
Rationale: The societal marketing concept holds that marketing should deliver value to
customers in a way that maintains or improves both the consumer's and society's well-being.
4. What is the primary goal of the selling concept?
A. Understanding customer needs and creating value
B. Aggressively persuading customers to buy products
C. Maximizing production efficiency
D. Building long-term customer relationships
,Answer: B
Rationale: The selling concept assumes consumers will not buy enough of the firm's products
unless the firm undertakes large-scale selling and promotion efforts.
5. Which marketing philosophy focuses on continuously improving product quality and
features?
A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
Answer: B
Rationale: The product concept holds that consumers will favor products that offer the most in
quality, performance, and innovative features.
6. Attracting and keeping customers drives _____________ for the firm.
A. Priced
B. Profitability
C. Promotion
D. Product
Answer: B
Rationale: Attracting and retaining customers drives profitability. The path to profitability starts
with understanding customers within the marketing environment.
7. The path to profitability starts with:
A. Understanding customers within the context of the marketing environment
B. Executing clever advertising campaigns using digital media
C. Reducing price for disadvantaged customers
D. Developing distribution channels to reach a variety of customers
Answer: A
Rationale: The path to profitability starts with understanding customers within the context of
the marketing environment.
8. Which of the following is NOT one of the four Ps of the marketing mix?
A. Product
B. Price
C. Profit
D. Promotion
Answer: C
Rationale: The four Ps of the marketing mix are Product, Price, Place, and Promotion. Profit is
an outcome, not a component of the marketing mix.
,9. Marketing strategy addresses a specific target market with a cohesive marketing mix of:
A. Product, price, place, promotion
B. Product, price, promotion, profit
C. Positioning, performance, potential, profitability
D. Price, place, people, promotion
Answer: A
Rationale: Marketing strategy addresses a specific target market with a cohesive marketing mix
of product, price, place, and promotion.
10. What is customer-perceived value?
A. The price a customer is willing to pay for a product
B. The difference between total customer benefits and total customer costs
C. The production cost of a product
D. The profit margin on a product
Answer: B
Rationale: Customer-perceived value is the customer's evaluation of the difference between all
the benefits and all the costs of a marketing offer relative to those of competing offers.
11. Which of the following is an example of a need?
A. A specific brand of smartphone
B. Food and shelter
C. A luxury car
D. Designer clothing
Answer: B
Rationale: Needs are states of felt deprivation, such as food, shelter, and safety. Wants are the
form human needs take as shaped by culture and individual personality.
12. What is the difference between a want and a demand?
A. Wants are unlimited; demands are limited
B. Wants become demands when backed by buying power
C. Demands are emotional; wants are rational
D. There is no difference between wants and demands
Answer: B
Rationale: Wants are desires for specific products or services, while demands are wants backed
by purchasing power.
13. Which of the following is a core marketing activity?
A. Manufacturing products
B. Understanding the marketplace and customer needs
C. Financial accounting
D. Human resource management
, Answer: B
Rationale: The marketing process begins with understanding the marketplace and customer
needs and wants.
14. What is customer equity?
A. The total combined customer lifetime values of all the company's customers
B. The total sales revenue of a company
C. The value of a company's inventory
D. The market share of a company
Answer: A
Rationale: Customer equity is the total combined customer lifetime values of all of the
company's current and potential customers.
15. Which marketing philosophy is most consistent with the marketing concept?
A. Make and sell what is available
B. Focus on customer needs and satisfaction
C. Push products through aggressive selling
D. Focus on product quality and features
Answer: B
Rationale: The marketing concept holds that achieving organizational goals depends on
knowing the needs and wants of target markets and delivering desired satisfactions better than
competitors.
16. What is a market offering?
A. A combination of products, services, information, or experiences offered to satisfy a need or
want
B. A price discount offered to customers
C. A promotional campaign
D. A distribution channel
Answer: A
Rationale: A market offering is a combination of products, services, information, or experiences
offered to a market to satisfy a need or want.
17. Which of the following is a tangible good?
A. A haircut
B. A smartphone
C. A medical examination
D. A tutoring session
Answer: B
Rationale: A smartphone is a tangible good, while the others are services.
Section 1: Marketing Fundamentals and Philosophies (Q1–Q20)
1. Which of the following best defines marketing?
A. Selling products to as many customers as possible
B. The process of creating, communicating, delivering, and exchanging offerings that have value
for customers
C. Advertising products through various media channels
D. Setting prices competitively to maximize sales volume
Answer: B
Rationale: Marketing is defined as the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.
2. A company that focuses on making products available and affordable to mass markets is
following which marketing management orientation?
A. Product concept
B. Selling concept
C. Production concept
D. Marketing concept
Answer: C
Rationale: The production concept holds that consumers will favor products that are available
and highly affordable, so management focuses on improving production and distribution
efficiency.
3. Toms Shoes donates a pair of shoes to a child in need for every pair purchased. Which
marketing philosophy does Toms exemplify?
A. Production concept
B. Sales concept
C. Market concept
D. Societal marketing concept
Answer: D
Rationale: The societal marketing concept holds that marketing should deliver value to
customers in a way that maintains or improves both the consumer's and society's well-being.
4. What is the primary goal of the selling concept?
A. Understanding customer needs and creating value
B. Aggressively persuading customers to buy products
C. Maximizing production efficiency
D. Building long-term customer relationships
,Answer: B
Rationale: The selling concept assumes consumers will not buy enough of the firm's products
unless the firm undertakes large-scale selling and promotion efforts.
5. Which marketing philosophy focuses on continuously improving product quality and
features?
A. Production concept
B. Product concept
C. Selling concept
D. Marketing concept
Answer: B
Rationale: The product concept holds that consumers will favor products that offer the most in
quality, performance, and innovative features.
6. Attracting and keeping customers drives _____________ for the firm.
A. Priced
B. Profitability
C. Promotion
D. Product
Answer: B
Rationale: Attracting and retaining customers drives profitability. The path to profitability starts
with understanding customers within the marketing environment.
7. The path to profitability starts with:
A. Understanding customers within the context of the marketing environment
B. Executing clever advertising campaigns using digital media
C. Reducing price for disadvantaged customers
D. Developing distribution channels to reach a variety of customers
Answer: A
Rationale: The path to profitability starts with understanding customers within the context of
the marketing environment.
8. Which of the following is NOT one of the four Ps of the marketing mix?
A. Product
B. Price
C. Profit
D. Promotion
Answer: C
Rationale: The four Ps of the marketing mix are Product, Price, Place, and Promotion. Profit is
an outcome, not a component of the marketing mix.
,9. Marketing strategy addresses a specific target market with a cohesive marketing mix of:
A. Product, price, place, promotion
B. Product, price, promotion, profit
C. Positioning, performance, potential, profitability
D. Price, place, people, promotion
Answer: A
Rationale: Marketing strategy addresses a specific target market with a cohesive marketing mix
of product, price, place, and promotion.
10. What is customer-perceived value?
A. The price a customer is willing to pay for a product
B. The difference between total customer benefits and total customer costs
C. The production cost of a product
D. The profit margin on a product
Answer: B
Rationale: Customer-perceived value is the customer's evaluation of the difference between all
the benefits and all the costs of a marketing offer relative to those of competing offers.
11. Which of the following is an example of a need?
A. A specific brand of smartphone
B. Food and shelter
C. A luxury car
D. Designer clothing
Answer: B
Rationale: Needs are states of felt deprivation, such as food, shelter, and safety. Wants are the
form human needs take as shaped by culture and individual personality.
12. What is the difference between a want and a demand?
A. Wants are unlimited; demands are limited
B. Wants become demands when backed by buying power
C. Demands are emotional; wants are rational
D. There is no difference between wants and demands
Answer: B
Rationale: Wants are desires for specific products or services, while demands are wants backed
by purchasing power.
13. Which of the following is a core marketing activity?
A. Manufacturing products
B. Understanding the marketplace and customer needs
C. Financial accounting
D. Human resource management
, Answer: B
Rationale: The marketing process begins with understanding the marketplace and customer
needs and wants.
14. What is customer equity?
A. The total combined customer lifetime values of all the company's customers
B. The total sales revenue of a company
C. The value of a company's inventory
D. The market share of a company
Answer: A
Rationale: Customer equity is the total combined customer lifetime values of all of the
company's current and potential customers.
15. Which marketing philosophy is most consistent with the marketing concept?
A. Make and sell what is available
B. Focus on customer needs and satisfaction
C. Push products through aggressive selling
D. Focus on product quality and features
Answer: B
Rationale: The marketing concept holds that achieving organizational goals depends on
knowing the needs and wants of target markets and delivering desired satisfactions better than
competitors.
16. What is a market offering?
A. A combination of products, services, information, or experiences offered to satisfy a need or
want
B. A price discount offered to customers
C. A promotional campaign
D. A distribution channel
Answer: A
Rationale: A market offering is a combination of products, services, information, or experiences
offered to a market to satisfy a need or want.
17. Which of the following is a tangible good?
A. A haircut
B. A smartphone
C. A medical examination
D. A tutoring session
Answer: B
Rationale: A smartphone is a tangible good, while the others are services.