MKT 2400 Midterm Exam Questions And
Correct Answers.
The practice of marketing has an impact on customers, the firm, the market, and society in
general. Which of the following is NOT a core aspect of marketing?
A) ensuring that financial statements correctly reflect the value of the firm's brands
B) satisfying customer needs and wants
C) creating value
D) product, price, place and promotion decisions
E) an exchange process - Answer A) ensuring that financial statements correctly reflect the
value of the firm's brands
Customers give up things they value—for example, money, information or time—to a firm in
return for goods, services and ideas. This process is called
A) the marketing mix.
B) customer relationship management.
C) the free market economy.
D) a marketing exchange.
E) barter. - Answer D) a marketing exchange.
The four Ps comprise the ________________, which is the controllable set of activities that the
firm uses to respond to the wants of its target markets.
A) value statement
B) marketing mission
C) rules of engagement
D) marketing mix
E) marketing plan - Answer D) marketing mix
___________ are intangible customer benefits that are produced by people or machines, and
cannot be separated from the producer.
A) Product features
B) Brands
,The goal of _____________ is to inform, persuade or remind potential buyers about a good or
service to influence their opinions and elicit a response.
A) price negotiations
B) promotion
C) the supply chain
D) exchange
E) the marketing plan - Answer B) promotion
Marketing firms become more value driven by focusing on four activities. Which of the following
is NOT one of those activities?
A) They share information about their customers and competitors.
B) They strive to balance their customers' benefits and costs.
C) They concentrate on making a profit above all else.
D) They concentrate on building relationships with customers.
E) They take advantage of new technologies such as social and mobile media. - Answer C)
They concentrate on making a profit above all else.
Customers seek benefits and will consider trade-offs among them, while also considering costs.
In value-based marketing, the marketer must
A) decide which benefits most customers want and promote them heavily.
B) find opportunities to meet as many needs as possible while also keeping costs down.
C) gather the most desirable benefits into "features bundles" to find effective ways to cover
costs and still offer customers options.
D) seek the lowest cost of the goods and avoid expensive features to give customers the
greatest value.
E) None of these. - Answer B) find opportunities to meet as many needs as possible while also
keeping costs down.
Firms that focus on the lifetime profitability of their relationships with their customers as
opposed to how much money they make in each transaction operate under a _______
orientation.
A) relational
B) profitability
C) transactional
, A) distribution chain.
B) marketing mix.
C) CRM system.
D) supply chain.
E) delivery mix. - Answer A) distribution chain.
As identified in the text, Marketing is important for all of the following reasons EXCEPT
A) marketers advise how much of a product should be produced.
B) marketers advise the logistics department when it should ship products.
C) marketers create long-lasting relationships between the company and the firms from which
it buys.
D) marketers assist the firm in whether or not to expand globally.
E) marketers advise the human resource department on the right type of employees to hire. -
Answer E) marketers advise the human resource department on the right type of employees
to hire.
Supply chain efficiency, a strong brand name, and customer satisfaction are likely to be sources
of a
A) strategic plan.
B) sustainable competitive advantage.
C) macro strategy.
D) marketing plan.
E) SWOT analysis. - Answer B) sustainable competitive advantage.
Although competitors can copy or match the goods and services a firm offers, the firm can still
develop a sustainable competitive advantage through ______________ if its products have high
perceived value and effective branding or positioning.
A) competitive intelligence
B) promotion
C) strategic pricing
D) product excellence
E) operational excellence - Answer D) product excellence
Correct Answers.
The practice of marketing has an impact on customers, the firm, the market, and society in
general. Which of the following is NOT a core aspect of marketing?
A) ensuring that financial statements correctly reflect the value of the firm's brands
B) satisfying customer needs and wants
C) creating value
D) product, price, place and promotion decisions
E) an exchange process - Answer A) ensuring that financial statements correctly reflect the
value of the firm's brands
Customers give up things they value—for example, money, information or time—to a firm in
return for goods, services and ideas. This process is called
A) the marketing mix.
B) customer relationship management.
C) the free market economy.
D) a marketing exchange.
E) barter. - Answer D) a marketing exchange.
The four Ps comprise the ________________, which is the controllable set of activities that the
firm uses to respond to the wants of its target markets.
A) value statement
B) marketing mission
C) rules of engagement
D) marketing mix
E) marketing plan - Answer D) marketing mix
___________ are intangible customer benefits that are produced by people or machines, and
cannot be separated from the producer.
A) Product features
B) Brands
,The goal of _____________ is to inform, persuade or remind potential buyers about a good or
service to influence their opinions and elicit a response.
A) price negotiations
B) promotion
C) the supply chain
D) exchange
E) the marketing plan - Answer B) promotion
Marketing firms become more value driven by focusing on four activities. Which of the following
is NOT one of those activities?
A) They share information about their customers and competitors.
B) They strive to balance their customers' benefits and costs.
C) They concentrate on making a profit above all else.
D) They concentrate on building relationships with customers.
E) They take advantage of new technologies such as social and mobile media. - Answer C)
They concentrate on making a profit above all else.
Customers seek benefits and will consider trade-offs among them, while also considering costs.
In value-based marketing, the marketer must
A) decide which benefits most customers want and promote them heavily.
B) find opportunities to meet as many needs as possible while also keeping costs down.
C) gather the most desirable benefits into "features bundles" to find effective ways to cover
costs and still offer customers options.
D) seek the lowest cost of the goods and avoid expensive features to give customers the
greatest value.
E) None of these. - Answer B) find opportunities to meet as many needs as possible while also
keeping costs down.
Firms that focus on the lifetime profitability of their relationships with their customers as
opposed to how much money they make in each transaction operate under a _______
orientation.
A) relational
B) profitability
C) transactional
, A) distribution chain.
B) marketing mix.
C) CRM system.
D) supply chain.
E) delivery mix. - Answer A) distribution chain.
As identified in the text, Marketing is important for all of the following reasons EXCEPT
A) marketers advise how much of a product should be produced.
B) marketers advise the logistics department when it should ship products.
C) marketers create long-lasting relationships between the company and the firms from which
it buys.
D) marketers assist the firm in whether or not to expand globally.
E) marketers advise the human resource department on the right type of employees to hire. -
Answer E) marketers advise the human resource department on the right type of employees
to hire.
Supply chain efficiency, a strong brand name, and customer satisfaction are likely to be sources
of a
A) strategic plan.
B) sustainable competitive advantage.
C) macro strategy.
D) marketing plan.
E) SWOT analysis. - Answer B) sustainable competitive advantage.
Although competitors can copy or match the goods and services a firm offers, the firm can still
develop a sustainable competitive advantage through ______________ if its products have high
perceived value and effective branding or positioning.
A) competitive intelligence
B) promotion
C) strategic pricing
D) product excellence
E) operational excellence - Answer D) product excellence
