HTM 231 MIDETERM EXAM STUDY QUESTIONS
WITH 100%RATED ANSWERS 2024/2025 LATEST
UPDATED/GET A+
What are the four P's of marketing mix? - Product, Price, Place, Promotion
Customer expectations are based on all of the following EXCEPT:
a. previous experiences
b. opinions of others
c. market information
d. brand/product image
e. supporting product image
f. competitor efforts - e. supporting product image
T/F: the selling concept focuses on profits through volume of sales, whereas the marketing
concept prioritizes profits through customer satisfaction. - True
What is customer relationship management? - a company-wide business strategy designed to
optimize profitability, revenue, and customer satisfaction by focusing on highly defined and
precise customer groups
T/F: transaction marketing focuses on building customer relationships in the long term while
relationship marketing focuses on a single sale. - False
What is marketing myopia? - shortsightedness or lack of discernment in thinking or planning;
occurs when companies focus too much on the sale aspect rather than the customer satisfaction
aspect
"Butterflies" - customers with high profitability and short-term loyalty
"Barnacles" - highly loyal but not very profitable customers
"True Friends" - both profitable and loyal customers
"strangers" - customers with low profitability and little loyalty
What is strategic planning? - the process of developing and maintaining a strategic fit between
the organization's goals and capabilities and its changing marketing opportunities
Four steps of strategic planning - 1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
4. Planning marketing and other functional strategies
WITH 100%RATED ANSWERS 2024/2025 LATEST
UPDATED/GET A+
What are the four P's of marketing mix? - Product, Price, Place, Promotion
Customer expectations are based on all of the following EXCEPT:
a. previous experiences
b. opinions of others
c. market information
d. brand/product image
e. supporting product image
f. competitor efforts - e. supporting product image
T/F: the selling concept focuses on profits through volume of sales, whereas the marketing
concept prioritizes profits through customer satisfaction. - True
What is customer relationship management? - a company-wide business strategy designed to
optimize profitability, revenue, and customer satisfaction by focusing on highly defined and
precise customer groups
T/F: transaction marketing focuses on building customer relationships in the long term while
relationship marketing focuses on a single sale. - False
What is marketing myopia? - shortsightedness or lack of discernment in thinking or planning;
occurs when companies focus too much on the sale aspect rather than the customer satisfaction
aspect
"Butterflies" - customers with high profitability and short-term loyalty
"Barnacles" - highly loyal but not very profitable customers
"True Friends" - both profitable and loyal customers
"strangers" - customers with low profitability and little loyalty
What is strategic planning? - the process of developing and maintaining a strategic fit between
the organization's goals and capabilities and its changing marketing opportunities
Four steps of strategic planning - 1. Defining the company mission
2. Setting company objectives and goals
3. Designing the business portfolio
4. Planning marketing and other functional strategies
