MKT 100 Midterm Exam | Questions and Answers
| 2025 Update | 100% Correct-Toronto
Metropolitan University.
Social Media - ANSWER -The use of digital tools to easily and quickly create and
share content to foster dialogue, social relationships, and personal identities.
Value - ANSWER -Reflects the relationship of benefits to costs, or what the
consumer gets for what what they give.
Relational Orientation - ANSWER -A method of building relationships with
customers based on the philosophy that buyers and sellers should develop a long
term relationship.
CRM - ANSWER -Customer Relationship Management. The focus on building
loyalty amongst your firms most valued customers. HBC points
Supply chain - ANSWER -The group of firms and set of techniques and
approaches firms use to make and deliver a given set of goods and services.
Market Strategy - ANSWER -Identifies a firm's target market(s).
Sustainable Competitive Advantage - ANSWER -Something that the firm can do
consistently better than its competitors, that is not easily copied and thus can be
maintained over a long period of time.
Customer Excellence - ANSWER -Focus on retaining customers and customer
service.
Operational Excellence - ANSWER -Keeping operations as efficient as possible.
Product excellence - ANSWER -Making sure products produced are of high
quality and are branded and positioned effectively.
, Location Excellence - ANSWER -A focus on a good physical location, and
internet presence.
Planning Phase - ANSWER -When marketers define the missions of their
business. This is the assessing phase.
Implementation Phase - ANSWER -When all plans and missions come into
fruition.
Control Phase - ANSWER -The part of the strategic marketing planners process
when managers evaluate the performance of the market strategy and take necessary
corrective actions.
SWOT - ANSWER -Strengths, Weaknesses, Opportunities, Threats. The second
step in a marketing plan.
STP - ANSWER -Segmentation, Targeting, and Positioning that firms use to
identify and evaluate opportunities for increasing sales and profit.
Market Segment - ANSWER -A group of consumers who respond similarly to a
firms marketing efforts.
Market Segmentation - ANSWER -The process of dividing a market into distinct
groups of customers, where each individual group has its needs met. An example is
a car rental company, they have a car for everyones needs.
Market Positioning - ANSWER -Defining your business and making your traits
known. An example is that Hertz car rental company is know for a good quality,
and reliable car rental company.
SBU - ANSWER -Strategic Business Unit. A division of a company that can be
managed somewhat independently from other divisions since it markets a specific
set of products to a clearly defined group of consumers. An example is how
Loblaws carries multiple different departments under one roof.
| 2025 Update | 100% Correct-Toronto
Metropolitan University.
Social Media - ANSWER -The use of digital tools to easily and quickly create and
share content to foster dialogue, social relationships, and personal identities.
Value - ANSWER -Reflects the relationship of benefits to costs, or what the
consumer gets for what what they give.
Relational Orientation - ANSWER -A method of building relationships with
customers based on the philosophy that buyers and sellers should develop a long
term relationship.
CRM - ANSWER -Customer Relationship Management. The focus on building
loyalty amongst your firms most valued customers. HBC points
Supply chain - ANSWER -The group of firms and set of techniques and
approaches firms use to make and deliver a given set of goods and services.
Market Strategy - ANSWER -Identifies a firm's target market(s).
Sustainable Competitive Advantage - ANSWER -Something that the firm can do
consistently better than its competitors, that is not easily copied and thus can be
maintained over a long period of time.
Customer Excellence - ANSWER -Focus on retaining customers and customer
service.
Operational Excellence - ANSWER -Keeping operations as efficient as possible.
Product excellence - ANSWER -Making sure products produced are of high
quality and are branded and positioned effectively.
, Location Excellence - ANSWER -A focus on a good physical location, and
internet presence.
Planning Phase - ANSWER -When marketers define the missions of their
business. This is the assessing phase.
Implementation Phase - ANSWER -When all plans and missions come into
fruition.
Control Phase - ANSWER -The part of the strategic marketing planners process
when managers evaluate the performance of the market strategy and take necessary
corrective actions.
SWOT - ANSWER -Strengths, Weaknesses, Opportunities, Threats. The second
step in a marketing plan.
STP - ANSWER -Segmentation, Targeting, and Positioning that firms use to
identify and evaluate opportunities for increasing sales and profit.
Market Segment - ANSWER -A group of consumers who respond similarly to a
firms marketing efforts.
Market Segmentation - ANSWER -The process of dividing a market into distinct
groups of customers, where each individual group has its needs met. An example is
a car rental company, they have a car for everyones needs.
Market Positioning - ANSWER -Defining your business and making your traits
known. An example is that Hertz car rental company is know for a good quality,
and reliable car rental company.
SBU - ANSWER -Strategic Business Unit. A division of a company that can be
managed somewhat independently from other divisions since it markets a specific
set of products to a clearly defined group of consumers. An example is how
Loblaws carries multiple different departments under one roof.
