MKT 3401 Midterm Exam Questions with Verified Solutions Graded A+
1. The concept of exchange is important to marketing because: - Answers c. marketing
activities help to create exchange
2. All of the following are marketing management philosophies EXCEPT: - Answers d.
profitability orientation
Toyota found that consumers wanted cars to last longer and be more environmentally friendly.
GM, however, enjoyed being the top U.S. car producer and focused more on how many cars and
trucks it could manufacture, not on what customers wanted from a vehicle. GM had more of a
_____ orientation. - Answers b. Production
4. _____ is defined as the relationship between benefits and the sacrifice necessary to obtain
those benefits. - Answers e. Customer value
. As a customer entered the Hornady store, which sells muzzleloading rifles, a salesperson
approached her and said, "Hornady lead round balls are the musket balls you ought to buy. They
are the most uniform in size and shape, and they are made of pure lead. Our shot is used by the
Muzzle Loading World Champion." The salesperson was describing Hornady's: - Answers
competitive advantage
2. A statement of the firm's business based on a careful analysis of benefits sought by present
and potential customers and an analysis of existing and anticipated environmental conditions is
known as a(n): - Answers c. mission statement
3. A _____ is a study conducted by an organization to identify its internal strengths and
weaknesses and also examine external opportunities and threats. - Answers a. situation
analysis
4. Walmart realizes a _____ using its relationships with suppliers to give customers low prices
and good customer service. - Answers c. cost competitive advantage
5. Zipcar is a car rental service found in many metropolitan areas. It targets people who take
mass transit or carpool to work but who occasionally need a car to run errands, visit the doctor,
or check on a sick child. Zipcar is one of a few companies currently providing cars that can be
rented by the hour. Zipcar has created a(n) _____ advantage. - Answers c. service differentiation
competitive
Market penetration occurs when: - Answers d. Yoplait sends yogurt coupons to its existing
customers
1. Why is creation of a product the starting point for the marketing mix? - Answers c.
Determination of the price, promotional campaign, and distribution network cannot begin until
the product has been specified.
1. The concept of exchange is important to marketing because: - Answers c. marketing
activities help to create exchange
2. All of the following are marketing management philosophies EXCEPT: - Answers d.
profitability orientation
Toyota found that consumers wanted cars to last longer and be more environmentally friendly.
GM, however, enjoyed being the top U.S. car producer and focused more on how many cars and
trucks it could manufacture, not on what customers wanted from a vehicle. GM had more of a
_____ orientation. - Answers b. Production
4. _____ is defined as the relationship between benefits and the sacrifice necessary to obtain
those benefits. - Answers e. Customer value
. As a customer entered the Hornady store, which sells muzzleloading rifles, a salesperson
approached her and said, "Hornady lead round balls are the musket balls you ought to buy. They
are the most uniform in size and shape, and they are made of pure lead. Our shot is used by the
Muzzle Loading World Champion." The salesperson was describing Hornady's: - Answers
competitive advantage
2. A statement of the firm's business based on a careful analysis of benefits sought by present
and potential customers and an analysis of existing and anticipated environmental conditions is
known as a(n): - Answers c. mission statement
3. A _____ is a study conducted by an organization to identify its internal strengths and
weaknesses and also examine external opportunities and threats. - Answers a. situation
analysis
4. Walmart realizes a _____ using its relationships with suppliers to give customers low prices
and good customer service. - Answers c. cost competitive advantage
5. Zipcar is a car rental service found in many metropolitan areas. It targets people who take
mass transit or carpool to work but who occasionally need a car to run errands, visit the doctor,
or check on a sick child. Zipcar is one of a few companies currently providing cars that can be
rented by the hour. Zipcar has created a(n) _____ advantage. - Answers c. service differentiation
competitive
Market penetration occurs when: - Answers d. Yoplait sends yogurt coupons to its existing
customers
1. Why is creation of a product the starting point for the marketing mix? - Answers c.
Determination of the price, promotional campaign, and distribution network cannot begin until
the product has been specified.
