MKT 201 MIDTERM EXAM -CHAPTERS
1,2,3,4,5,6,7,8 Questions and Answers
Which of the following describes the personal value equation of a customer? ✅✅Value =
Benefits received − [Price + Hassle]
Typically once a company has decided what business it is in and expressed that in a mission
statement, the firm then develops a _____. ✅✅corporate strategy
How might a marketer increase a consumer's personal value equation? ✅✅Reduce the
hassle and increase the benefits associated with the exchange
Marketing strategists use the corporate strategy and mission combined with an understanding
of the market to develop the company's _____. ✅✅marketing plan
Tom goes to the department store and buys some detergent. Which component of marketing
does this describe ✅✅Exchanging
,The Elliott Corporation decides to exhibit its products in an industry trade show. Which
marketing activity is the company performing? ✅✅Communicating offerings
Which element of the marketing mix would involve delivering offering to a retail store where
they may be purchased? ✅✅Place
Which element of the marketing mix would include advertising and sales? ✅✅Promotion
_____ refers to a philosophy that focuses on competing through product innovation.
✅✅Product orientation
_____ refers to the actual transportation and storage of materials and products.
✅✅Logistics
When non-profit organizations try to convince people that global warming is a real threat, it
is an example of _____. ✅✅social marketing
, Which of the following describes the personal value equation of a customer? ✅✅Value =
Benefits received - [Price + Hassle]
Tom and Jim go to the same sushi bar and order the same entrée. Tom feels that the sushi is
terrible and over-priced. Jim enjoys the sushi and decides to regularly patronize the
restaurant. Which of the following statements about Tom and Jim is true? ✅✅Tom and
Jim derived different values from the same entrée.
Good social marketing induces consumers to buy products so that companies can increase
their profit. ✅✅False
The four Ps fail to capture all the activities of marketing. ✅✅True
Value is what the customer gets out of the purchase and consumption of the company's
offering. ✅✅True
1,2,3,4,5,6,7,8 Questions and Answers
Which of the following describes the personal value equation of a customer? ✅✅Value =
Benefits received − [Price + Hassle]
Typically once a company has decided what business it is in and expressed that in a mission
statement, the firm then develops a _____. ✅✅corporate strategy
How might a marketer increase a consumer's personal value equation? ✅✅Reduce the
hassle and increase the benefits associated with the exchange
Marketing strategists use the corporate strategy and mission combined with an understanding
of the market to develop the company's _____. ✅✅marketing plan
Tom goes to the department store and buys some detergent. Which component of marketing
does this describe ✅✅Exchanging
,The Elliott Corporation decides to exhibit its products in an industry trade show. Which
marketing activity is the company performing? ✅✅Communicating offerings
Which element of the marketing mix would involve delivering offering to a retail store where
they may be purchased? ✅✅Place
Which element of the marketing mix would include advertising and sales? ✅✅Promotion
_____ refers to a philosophy that focuses on competing through product innovation.
✅✅Product orientation
_____ refers to the actual transportation and storage of materials and products.
✅✅Logistics
When non-profit organizations try to convince people that global warming is a real threat, it
is an example of _____. ✅✅social marketing
, Which of the following describes the personal value equation of a customer? ✅✅Value =
Benefits received - [Price + Hassle]
Tom and Jim go to the same sushi bar and order the same entrée. Tom feels that the sushi is
terrible and over-priced. Jim enjoys the sushi and decides to regularly patronize the
restaurant. Which of the following statements about Tom and Jim is true? ✅✅Tom and
Jim derived different values from the same entrée.
Good social marketing induces consumers to buy products so that companies can increase
their profit. ✅✅False
The four Ps fail to capture all the activities of marketing. ✅✅True
Value is what the customer gets out of the purchase and consumption of the company's
offering. ✅✅True
