MKTG 2500 MIDTERM QUESTIONS WITH VERIFIED
ANSWERS
Consumers needs and wants are fulfilled through - Answers - Market offerings
Dividing a market into several sections of customers is known as - Answers - Market
segmentation
JetBlue's promise to put "You Above All" by "Bringing humanity back to travel" is their -
Answers - value proposition
Market offerings are limited to physical products - Answers - False
Which of the following is the difference between the marketing concept and selling
concept? - Answers - The marketing concept focuses on customer needs, whereas the
selling concept focuses on existing products
The final step in the marketing process - Answers - capture value from customers
According to the five-step model of the marketing process, the first step in marketing is -
Answers - Understanding the marketplace and customer needs and wants
Companies that practice marketing by ----- create offerings and messages that engage
consumers than interrupt them - Answers - Attraction
Cosmetic retailer Lush knows that doing what's right benefits both customers and the
company. Their premium beauty products are made by hand from the freshest possible
natural ingredients. This is an example of the ---- concept. - Answers - Social marketing
The more loyal a firms profitable customers, the lower its customer equity - Answers -
False
---- companies research customers deeply to learn about their desires, gather new
product ideas and test product improvements - Answers - Customer-driven
The "Stop the Texts, Stop the Wrecks" campaign co-sponsored by the Ad Council and
National Highway Traffic Safety Administration is an example of a marketing offering for
a(n) - Answers - Idea
Product, price, place and promotion make up the elements of a firms marketing mix -
Answers - True
, Which of the following is most likely a consequence of the Great Recession of 2008-
2009? - Answers - Consumers are more sensible and mindful of their consumption
The overall process of building and maintaining profitable customer relationships by
delivering superior value and satisfaction is referred to as - Answers - Customer
relationship management
Which of the following best describe market segmentation? - Answers - dividing a
market into distinct groups of buyers who have different needs, characteristics or
behaviors
In the marketing mix, product refers to activities that communicate the merits of a
product and persuade consumers to buy it - Answers - False
Which of the following statements is true in the context of the BCG growth-share
matrix? - Answers - Stars often need heavy investment to finance their rapid growth in a
market
When a company chooses to divest a particular strategic business unit, it - Answers -
Sells off or phases out the strategic business unit
Under armor increasing its advertising spending and offering an ever-increasing range
of styles and colors in its original apparel line is an example of a ---- strategy - Answers
- Market penetration
The two dimensions the BCG approach uses to evaluate and manage SBUs are -
Answers - Market growth and relative market share
Which of the following best describes product positioning? - Answers - Arranging for a
product to occupy a clear, distinctive, and desirable place relative to competing products
in the minds of target consumers
A firms marketing department must partner with other company departments to produce
superior value for customers - Answers - True
---- Refers to the process of evaluating each market segments attractiveness and
selecting one or more segments to enter - Answers - Market targeting
Which of the following best describes the value chain of a company? - Answers - The
series of departments that design, produce, market, deliver, and support the company's
products
Managing the marketing function begins with a complete analysis of the company's
situation. A thorough----- is typically undertaken to guide decision making - Answers -
SWOT analysis
ANSWERS
Consumers needs and wants are fulfilled through - Answers - Market offerings
Dividing a market into several sections of customers is known as - Answers - Market
segmentation
JetBlue's promise to put "You Above All" by "Bringing humanity back to travel" is their -
Answers - value proposition
Market offerings are limited to physical products - Answers - False
Which of the following is the difference between the marketing concept and selling
concept? - Answers - The marketing concept focuses on customer needs, whereas the
selling concept focuses on existing products
The final step in the marketing process - Answers - capture value from customers
According to the five-step model of the marketing process, the first step in marketing is -
Answers - Understanding the marketplace and customer needs and wants
Companies that practice marketing by ----- create offerings and messages that engage
consumers than interrupt them - Answers - Attraction
Cosmetic retailer Lush knows that doing what's right benefits both customers and the
company. Their premium beauty products are made by hand from the freshest possible
natural ingredients. This is an example of the ---- concept. - Answers - Social marketing
The more loyal a firms profitable customers, the lower its customer equity - Answers -
False
---- companies research customers deeply to learn about their desires, gather new
product ideas and test product improvements - Answers - Customer-driven
The "Stop the Texts, Stop the Wrecks" campaign co-sponsored by the Ad Council and
National Highway Traffic Safety Administration is an example of a marketing offering for
a(n) - Answers - Idea
Product, price, place and promotion make up the elements of a firms marketing mix -
Answers - True
, Which of the following is most likely a consequence of the Great Recession of 2008-
2009? - Answers - Consumers are more sensible and mindful of their consumption
The overall process of building and maintaining profitable customer relationships by
delivering superior value and satisfaction is referred to as - Answers - Customer
relationship management
Which of the following best describe market segmentation? - Answers - dividing a
market into distinct groups of buyers who have different needs, characteristics or
behaviors
In the marketing mix, product refers to activities that communicate the merits of a
product and persuade consumers to buy it - Answers - False
Which of the following statements is true in the context of the BCG growth-share
matrix? - Answers - Stars often need heavy investment to finance their rapid growth in a
market
When a company chooses to divest a particular strategic business unit, it - Answers -
Sells off or phases out the strategic business unit
Under armor increasing its advertising spending and offering an ever-increasing range
of styles and colors in its original apparel line is an example of a ---- strategy - Answers
- Market penetration
The two dimensions the BCG approach uses to evaluate and manage SBUs are -
Answers - Market growth and relative market share
Which of the following best describes product positioning? - Answers - Arranging for a
product to occupy a clear, distinctive, and desirable place relative to competing products
in the minds of target consumers
A firms marketing department must partner with other company departments to produce
superior value for customers - Answers - True
---- Refers to the process of evaluating each market segments attractiveness and
selecting one or more segments to enter - Answers - Market targeting
Which of the following best describes the value chain of a company? - Answers - The
series of departments that design, produce, market, deliver, and support the company's
products
Managing the marketing function begins with a complete analysis of the company's
situation. A thorough----- is typically undertaken to guide decision making - Answers -
SWOT analysis
