MKTG 2150 Midterm Exam Questions And Accurate
Answers 100% Pass
The Role of Marketing - ANSWER focusing on customer needs/wants, creating customer
value, create and amplify needs
Target Market - ANSWER A group of people for which a company designs, implements, and
maintains a marketing mix intended to meet the needs of that group, resulting in mutually
satisfying exchanges
Marketing Mix - ANSWER Product, Price, Place, Promotion
product - ANSWER All the attributes that make up a good, a service, or an idea, to satisfy the
customer need, including product design, features, colour, packaging, warranty, and service
levels
price - ANSWER What is exchanged for a product, including the expected regular retail or sale
price.
place - ANSWER The way in which your product gets to the consumer, including the
distribution channels, retail formats, and merchandising used to sell a product.
promotion - ANSWER The tools needed to communicate with consumers about a product,
,including advertising, public relations, sales promotion, direct response, event marketing,
sponsorship, online approaches, and personal selling.
The Marketing Process - ANSWER Identifying consumer needs, managing the marketing mix
and realizing profits
What can be marketed - ANSWER goods, services, ideas
goods - ANSWER a product that is tangible—you can touch it and own it. example: pillow
service - ANSWER is an intangible product you cannot touch. example: massage
idea - ANSWER is a concept that typically looks for support. example: MADD ( mothers
against drunk driving)
market - ANSWER potential consumers who have both the willingness and the ability to buy a
product.
production oreintation - ANSWER Until the 1930s, stage focused on manufacturing
Sales Orientation - ANSWER 1930s to the 1960s, focused on selling as many products as
possible, production more efficient
, Marketing Orientation - ANSWER 1960s, stage focuses on the idea that an organization
should strive to satisfy the needs of consumers while also trying to achieve an organization's
goals.
relationship marketing - ANSWER stage sees organizations considering the lifetime value of
their customers and striving to offer better services, along with higher-quality products to
encourage long-term relationships with customers.
Customer Relationship Management (CRM) - ANSWER This approach is rooted in the
knowledge that it is less expensive to service and maintain current customers than to
constantly acquire new ones
share of wallet - ANSWER refers to the percentage of a customer's purchases that a company
has in a specific product category. example: tracked by optimum card at shoppers
customer lifetime value - ANSWER potential sales that will be generated by a customer if that
customer remains loyal to that company for a lifetime. example: tracked by loyalty cards
Corporate Social Responsibility (CSR) - ANSWER organizations voluntarily consider the
well-being of society and the environment by taking responsibility for how their businesses
impact consumers, customers, suppliers, employees, shareholders, communities, the
environment, and society in general. helps to build long-term relationships and solidify brand
connections with consumers.
Answers 100% Pass
The Role of Marketing - ANSWER focusing on customer needs/wants, creating customer
value, create and amplify needs
Target Market - ANSWER A group of people for which a company designs, implements, and
maintains a marketing mix intended to meet the needs of that group, resulting in mutually
satisfying exchanges
Marketing Mix - ANSWER Product, Price, Place, Promotion
product - ANSWER All the attributes that make up a good, a service, or an idea, to satisfy the
customer need, including product design, features, colour, packaging, warranty, and service
levels
price - ANSWER What is exchanged for a product, including the expected regular retail or sale
price.
place - ANSWER The way in which your product gets to the consumer, including the
distribution channels, retail formats, and merchandising used to sell a product.
promotion - ANSWER The tools needed to communicate with consumers about a product,
,including advertising, public relations, sales promotion, direct response, event marketing,
sponsorship, online approaches, and personal selling.
The Marketing Process - ANSWER Identifying consumer needs, managing the marketing mix
and realizing profits
What can be marketed - ANSWER goods, services, ideas
goods - ANSWER a product that is tangible—you can touch it and own it. example: pillow
service - ANSWER is an intangible product you cannot touch. example: massage
idea - ANSWER is a concept that typically looks for support. example: MADD ( mothers
against drunk driving)
market - ANSWER potential consumers who have both the willingness and the ability to buy a
product.
production oreintation - ANSWER Until the 1930s, stage focused on manufacturing
Sales Orientation - ANSWER 1930s to the 1960s, focused on selling as many products as
possible, production more efficient
, Marketing Orientation - ANSWER 1960s, stage focuses on the idea that an organization
should strive to satisfy the needs of consumers while also trying to achieve an organization's
goals.
relationship marketing - ANSWER stage sees organizations considering the lifetime value of
their customers and striving to offer better services, along with higher-quality products to
encourage long-term relationships with customers.
Customer Relationship Management (CRM) - ANSWER This approach is rooted in the
knowledge that it is less expensive to service and maintain current customers than to
constantly acquire new ones
share of wallet - ANSWER refers to the percentage of a customer's purchases that a company
has in a specific product category. example: tracked by optimum card at shoppers
customer lifetime value - ANSWER potential sales that will be generated by a customer if that
customer remains loyal to that company for a lifetime. example: tracked by loyalty cards
Corporate Social Responsibility (CSR) - ANSWER organizations voluntarily consider the
well-being of society and the environment by taking responsibility for how their businesses
impact consumers, customers, suppliers, employees, shareholders, communities, the
environment, and society in general. helps to build long-term relationships and solidify brand
connections with consumers.
