MKT 6301 - MIDTERM UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. Which problem solving variation would normally be used to purchase such items as toothpaste, soda, or
chewing gum?
Answer:
Routine Problem Solving
Question:
2. Which of the following are examples of psychographic variables?
Answer:
Lifestyle and personality
Question:
3. The first step in the marketing research process is to ________.
Answer:
define the problem and research objectives
Question:
4. The movement by population to the ________ has lessened the demand for warm clothing and home
heating equipment and increased demand for air conditioning.
Answer:
Sunbelt
Question:
5. Which of the following types of marketing research firms would best be described as being one that
gathers consumer and trade information which they sell for a fee (e.g., Nielsen Media Research)?
Answer:
Syndicated-service research firms
Question:
6. Which of the following conditions must exist in order for marketing to occur?
Answer:
two or more parties with unsatisfied needs, a desire and ability to satisfy them, a way tocommunicate, and
something to exchange
Question:
7. _____ are SBUs with a low share of low-growth markets-they may generate enough cash to sustain
themselves, but they do not hold the promise of ever becoming real winners for the firm.
Low growth potential, small market share, and eventually leave marketplace. Strategy options: harvest or
divest.
Answer:
Dogs
,Question:
8. The element of the marketing mix demonstrated when a company places an ad in the Yellow Pages is:
Answer:
promotion
Question:
9. Marketers often use the term ________ to cover various groupings of customers.
Answer:
market
Question:
10. In the USA, on an average what percentage of the consumer's dollar goes towards covering marketing
costs?
Answer:
50%
Question:
11. Approximately what percentage of the US civilian workforce performs marketing activities?
Answer:
~30%
Question:
12. What percentage of American homes have at least 1 TV?
Answer:
99%
Question:
13. In a simple marketing system, a "market" is a:
Answer:
collection of buyers
Question:
14. Who is famously quoted as saying: "There will always be need for some selling. But the aim of
marketing is to makeselling superfluous."
Answer:
Peter Drucker
Question:
15. The U.S. economy today consists of a _________ services to goods mix.
Answer:
70% to 30% services to goods mix
Question:
16. During market segmentation analysis, the marketer identifies which segments present the greatest
opportunity. These segments are called ________.
, Answer:
target markets
Question:
17. The four Ps represent the sellers' view of the marketing tools available for influencing buyers. From a
buyer's point of view. each marketing tool is designed to deliver a customer benefit. Robert Lauterborn
suggested that the sellers' four Ps correspond to the customers' four Cs. The four Cs are ________.
Answer:
customer solution, cost, convenience, and communication
Question:
18. ________ includes all the actual and potential rival offerings and substitutes that a buyer might
consider.
Answer:
Competition
Question:
19. When Bob sells a TV to Roger and receives $400 in cash, a(n) ___________ has just occurred.
Answer:
transaction
Question:
20. One traditional depiction of marketing activities is in terms of the four Ps. The four Ps are
characterized as being _____.
Answer:
product, price, promotion, and place
Question:
21. Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel, and
athletic shoes and equipment spend a great deal of time trying to establish a superior brand image in
markets called ________.
Answer:
consumer markets
Question:
22. In response to giant retailers, entrepreneurial retailers are building entertainment into stores with coffee
bars,lectures, demonstrations, and performances. They are marketing a(n) ________ rather than a product
assortment.
Answer:
experience
Question:
23. Consumer, Global, Business, Nonprofit/Government
Answer:
Key Customer Markets
AND CORRECT ANSWERS
Question:
1. Which problem solving variation would normally be used to purchase such items as toothpaste, soda, or
chewing gum?
Answer:
Routine Problem Solving
Question:
2. Which of the following are examples of psychographic variables?
Answer:
Lifestyle and personality
Question:
3. The first step in the marketing research process is to ________.
Answer:
define the problem and research objectives
Question:
4. The movement by population to the ________ has lessened the demand for warm clothing and home
heating equipment and increased demand for air conditioning.
Answer:
Sunbelt
Question:
5. Which of the following types of marketing research firms would best be described as being one that
gathers consumer and trade information which they sell for a fee (e.g., Nielsen Media Research)?
Answer:
Syndicated-service research firms
Question:
6. Which of the following conditions must exist in order for marketing to occur?
Answer:
two or more parties with unsatisfied needs, a desire and ability to satisfy them, a way tocommunicate, and
something to exchange
Question:
7. _____ are SBUs with a low share of low-growth markets-they may generate enough cash to sustain
themselves, but they do not hold the promise of ever becoming real winners for the firm.
Low growth potential, small market share, and eventually leave marketplace. Strategy options: harvest or
divest.
Answer:
Dogs
,Question:
8. The element of the marketing mix demonstrated when a company places an ad in the Yellow Pages is:
Answer:
promotion
Question:
9. Marketers often use the term ________ to cover various groupings of customers.
Answer:
market
Question:
10. In the USA, on an average what percentage of the consumer's dollar goes towards covering marketing
costs?
Answer:
50%
Question:
11. Approximately what percentage of the US civilian workforce performs marketing activities?
Answer:
~30%
Question:
12. What percentage of American homes have at least 1 TV?
Answer:
99%
Question:
13. In a simple marketing system, a "market" is a:
Answer:
collection of buyers
Question:
14. Who is famously quoted as saying: "There will always be need for some selling. But the aim of
marketing is to makeselling superfluous."
Answer:
Peter Drucker
Question:
15. The U.S. economy today consists of a _________ services to goods mix.
Answer:
70% to 30% services to goods mix
Question:
16. During market segmentation analysis, the marketer identifies which segments present the greatest
opportunity. These segments are called ________.
, Answer:
target markets
Question:
17. The four Ps represent the sellers' view of the marketing tools available for influencing buyers. From a
buyer's point of view. each marketing tool is designed to deliver a customer benefit. Robert Lauterborn
suggested that the sellers' four Ps correspond to the customers' four Cs. The four Cs are ________.
Answer:
customer solution, cost, convenience, and communication
Question:
18. ________ includes all the actual and potential rival offerings and substitutes that a buyer might
consider.
Answer:
Competition
Question:
19. When Bob sells a TV to Roger and receives $400 in cash, a(n) ___________ has just occurred.
Answer:
transaction
Question:
20. One traditional depiction of marketing activities is in terms of the four Ps. The four Ps are
characterized as being _____.
Answer:
product, price, promotion, and place
Question:
21. Companies selling mass consumer goods and services such as soft drinks, cosmetics, air travel, and
athletic shoes and equipment spend a great deal of time trying to establish a superior brand image in
markets called ________.
Answer:
consumer markets
Question:
22. In response to giant retailers, entrepreneurial retailers are building entertainment into stores with coffee
bars,lectures, demonstrations, and performances. They are marketing a(n) ________ rather than a product
assortment.
Answer:
experience
Question:
23. Consumer, Global, Business, Nonprofit/Government
Answer:
Key Customer Markets
