RBC 2 TEST MIDTERM EXAM 2 2026/2027 (100% Verified
Answers)
Graded A+!!
Which of the following statements is true of marketing?
a) Marketing should begin with the production process followed by potential customer needs.
b) Marketing only occurs when two or more parties are willing to exchange one thing for another
thing.
c) Marketing activities are limited to selling and advertising.
d) Marketing only applies to for-profit (not nonprofit) organizations.
e) A marketing exchange focuses on making a single transaction. - Answer = b, Marketing only occurs
when two or more parties are willing to exchange one thing for another thing.
Marketing focuses on facilitating exchanges. In fact, marketing does not occur unless two or more
parties are willing to exchange something for something else. For example, in a pure subsistence
economy—when each family unit produces everything it consumes—there is no need to exchange
goods and services and no marketing is involved.
From the perspective of macro-marketing, the discrepancy between the small quantity of a product
that individual consumers need and the large quantity that firms produce exists because
a) businesses can satisfy customers better when they have b) large inventory surpluses.
c) firms seek to benefit from economies of scale.
it is necessary to achieve customer satisfaction.
d) society has evolved past a subsistence economy.
e) businesses prefer to store products for long periods. - Answer = c, firms seek to benefit from
economies of scale.
Many manufacturers prefer mass production with its economies of scale, which means that as a
company produces larger numbers of a particular
Which of the following activities is part of the production process?
, a) making goods or performing services
b) identifying competing companies
c) estimating the prices potential customers are willing to pay
d) determining how many people will want to purchase goods or services
e) deciding whether to sell goods directly to consumers or through retailers - Answer = a, making
goods or performing services
Production refers to the process of actually making goods or performing services. Marketing, on the
other hand, provides needed direction for production and helps make sure that the right goods and
services are produced in the necessary amounts, and that they find their way to consumers.
What is the purpose of a S.W.O.T. analysis?
a) to identify a company's weaknesses so it can develop a plan to correct them
b) to study the competition and determine their strengths and weaknesses
c) to develop screening criteria that will help a company identify what marketing strategy to pursue
d) to spot threats to a company's marketing strategy and devise ways to strengthen that strategy to
overcome them
e) to generate a list of opportunities that are a good fit for a company's current marketing strategy -
Answer = c, to develop screening criteria that will help a company identify what marketing strategy
to pursue
A S.W.O.T. analysis aids a company in developing a marketing strategy by helping it to develop
screening criteria.
Target marketing differs from mass marketing in that target marketing
a) is tailored to fit some specific target customers while mass marketing aims at everyone with
roughly the same marketing mix.
b) is more effective than mass marketing, but is only practical for large firms with significant
resources.
c) is limited to large market segments while mass marketing is limited to markets that are small and
clearly defined.
d) considers everyone to be a potential customer while mass marketing considers only a specific
group or groups of people to be potential customers.
Answers)
Graded A+!!
Which of the following statements is true of marketing?
a) Marketing should begin with the production process followed by potential customer needs.
b) Marketing only occurs when two or more parties are willing to exchange one thing for another
thing.
c) Marketing activities are limited to selling and advertising.
d) Marketing only applies to for-profit (not nonprofit) organizations.
e) A marketing exchange focuses on making a single transaction. - Answer = b, Marketing only occurs
when two or more parties are willing to exchange one thing for another thing.
Marketing focuses on facilitating exchanges. In fact, marketing does not occur unless two or more
parties are willing to exchange something for something else. For example, in a pure subsistence
economy—when each family unit produces everything it consumes—there is no need to exchange
goods and services and no marketing is involved.
From the perspective of macro-marketing, the discrepancy between the small quantity of a product
that individual consumers need and the large quantity that firms produce exists because
a) businesses can satisfy customers better when they have b) large inventory surpluses.
c) firms seek to benefit from economies of scale.
it is necessary to achieve customer satisfaction.
d) society has evolved past a subsistence economy.
e) businesses prefer to store products for long periods. - Answer = c, firms seek to benefit from
economies of scale.
Many manufacturers prefer mass production with its economies of scale, which means that as a
company produces larger numbers of a particular
Which of the following activities is part of the production process?
, a) making goods or performing services
b) identifying competing companies
c) estimating the prices potential customers are willing to pay
d) determining how many people will want to purchase goods or services
e) deciding whether to sell goods directly to consumers or through retailers - Answer = a, making
goods or performing services
Production refers to the process of actually making goods or performing services. Marketing, on the
other hand, provides needed direction for production and helps make sure that the right goods and
services are produced in the necessary amounts, and that they find their way to consumers.
What is the purpose of a S.W.O.T. analysis?
a) to identify a company's weaknesses so it can develop a plan to correct them
b) to study the competition and determine their strengths and weaknesses
c) to develop screening criteria that will help a company identify what marketing strategy to pursue
d) to spot threats to a company's marketing strategy and devise ways to strengthen that strategy to
overcome them
e) to generate a list of opportunities that are a good fit for a company's current marketing strategy -
Answer = c, to develop screening criteria that will help a company identify what marketing strategy
to pursue
A S.W.O.T. analysis aids a company in developing a marketing strategy by helping it to develop
screening criteria.
Target marketing differs from mass marketing in that target marketing
a) is tailored to fit some specific target customers while mass marketing aims at everyone with
roughly the same marketing mix.
b) is more effective than mass marketing, but is only practical for large firms with significant
resources.
c) is limited to large market segments while mass marketing is limited to markets that are small and
clearly defined.
d) considers everyone to be a potential customer while mass marketing considers only a specific
group or groups of people to be potential customers.
