MIE 201 Exam 4 Exam 2026 Questions
and Answers
marketing - Correct answer-group of activities designed to expedite transactions by
creating, distributing, pricing, and promoting goods, services, and ideas
functions of marketing - Correct answer-buying, selling, transporting, storing,
grading, financing, market research, risk taking
exchange - Correct answer-the act of giving up one thing (money, credit, labor,
goods) in return for something else (goods, services, or ideas)
value - Correct answer-customer's subjective assessment of benefits relative to
costs in determining the worth of a product
customer value = customer benefits - customer costs
customer costs - Correct answer-include anything a buyer must give up to obtain
the benefits the product provides including cost, time, effort, and risk
marketing concept - Correct answer-the idea that an organization should try to
satisfy customer needs coordinated activities that also allow it to achieve its own
goals
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,market orientation - Correct answer-requires organizations to gather information
about customer needs, share that information throughout the entire firm, and use it
to help build long-term relationships with customers
must first determine what customers want and then produce it, rather than making
the products first and then trying to persuade customers that they need them
production orientation - Correct answer-New technologies, such as electricity,
railroads, internal combustion engines, and mass-production techniques, made it
possible to manufacture goods with ever increasing efficiency
Together with new management ideas and ways of using labor, products poured
into the marketplace, where demand for manufactured goods was strong.
sales orientation - Correct answer-businesspeople viewed sales as the primary
means of increasing profits
those who adopted the sales orientation perspective believed the most important
marketing activities were personal selling and advertising
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,marketing strategy - Correct answer-a plan of action for developing, pricing,
distributing, and promoting products that meet the needs of specific customers
market - Correct answer-a group of people who have a need, purchasing power,
and the desire and authority to spend money on goods, services, and ideas
target market - Correct answer-more specific group of consumers on whose needs
and wants a company focuses its marketing efforts. Target markets can be further
segmented into business markets and consumer markets
Business-to-business (B2B) - Correct answer-involves marketing products to
customers who will use the product for resale, direct use in daily operations, or
direct use in making other products
Business-to-consumer (B2C) - Correct answer-marketing directly to the end
consumer
total-market approach - Correct answer-firms try to appeal to everyone and assume
that all buyers have similar needs and wants
market segmentation - Correct answer-divide the total market into groups of people
market segment - Correct answer-collection of individuals, groups, or
organizations who share one or more characteristics and thus have relatively
similar product needs and desires
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, concentration approach - Correct answer-a company develops one marketing
strategy for a single market segment
the concentration approach allows a firm to specialize, focusing all its efforts on
the one market segment
multisegment approach - Correct answer-marketer aims its marketing efforts at two
or more segments, developing a marketing strategy for each.
Many firms use a multisegment approach that includes different advertising
messages for different segments
Requirements for a firm to successfully use a concentration or multisegment
approach to market segmentation - Correct answer-1. Consumers' needs for the
product must be heterogeneous.
2. The segments must be identifiable and divisible.
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and Answers
marketing - Correct answer-group of activities designed to expedite transactions by
creating, distributing, pricing, and promoting goods, services, and ideas
functions of marketing - Correct answer-buying, selling, transporting, storing,
grading, financing, market research, risk taking
exchange - Correct answer-the act of giving up one thing (money, credit, labor,
goods) in return for something else (goods, services, or ideas)
value - Correct answer-customer's subjective assessment of benefits relative to
costs in determining the worth of a product
customer value = customer benefits - customer costs
customer costs - Correct answer-include anything a buyer must give up to obtain
the benefits the product provides including cost, time, effort, and risk
marketing concept - Correct answer-the idea that an organization should try to
satisfy customer needs coordinated activities that also allow it to achieve its own
goals
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,market orientation - Correct answer-requires organizations to gather information
about customer needs, share that information throughout the entire firm, and use it
to help build long-term relationships with customers
must first determine what customers want and then produce it, rather than making
the products first and then trying to persuade customers that they need them
production orientation - Correct answer-New technologies, such as electricity,
railroads, internal combustion engines, and mass-production techniques, made it
possible to manufacture goods with ever increasing efficiency
Together with new management ideas and ways of using labor, products poured
into the marketplace, where demand for manufactured goods was strong.
sales orientation - Correct answer-businesspeople viewed sales as the primary
means of increasing profits
those who adopted the sales orientation perspective believed the most important
marketing activities were personal selling and advertising
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
,marketing strategy - Correct answer-a plan of action for developing, pricing,
distributing, and promoting products that meet the needs of specific customers
market - Correct answer-a group of people who have a need, purchasing power,
and the desire and authority to spend money on goods, services, and ideas
target market - Correct answer-more specific group of consumers on whose needs
and wants a company focuses its marketing efforts. Target markets can be further
segmented into business markets and consumer markets
Business-to-business (B2B) - Correct answer-involves marketing products to
customers who will use the product for resale, direct use in daily operations, or
direct use in making other products
Business-to-consumer (B2C) - Correct answer-marketing directly to the end
consumer
total-market approach - Correct answer-firms try to appeal to everyone and assume
that all buyers have similar needs and wants
market segmentation - Correct answer-divide the total market into groups of people
market segment - Correct answer-collection of individuals, groups, or
organizations who share one or more characteristics and thus have relatively
similar product needs and desires
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
, concentration approach - Correct answer-a company develops one marketing
strategy for a single market segment
the concentration approach allows a firm to specialize, focusing all its efforts on
the one market segment
multisegment approach - Correct answer-marketer aims its marketing efforts at two
or more segments, developing a marketing strategy for each.
Many firms use a multisegment approach that includes different advertising
messages for different segments
Requirements for a firm to successfully use a concentration or multisegment
approach to market segmentation - Correct answer-1. Consumers' needs for the
product must be heterogeneous.
2. The segments must be identifiable and divisible.
©COPYRIGHT 2025, ALL RIGHTS RESERVED 4
