MKT 300 midterm practice questions
Study online at https://quizlet.com/_hz7i2e
1. Which stakeholders are the focal point of all market- customers
ing activities?
2. Kroger decided to introduce a new product that ap- target market
peals to Hispanic consumers. While the product is
highly successful among Hispanic consumers, other
ethnic groups seem to like the product as well. For
this product, Hispanic consumers comprise Kroger's
_______.
3. The essence of marketing is to develop satisfying exchanges
_______ from which both customers and marketers
benefit.
4. During the holiday season, a Bluetooth speaker was distribution
in such high demand that it sold out quickly at a lo-
cal Walmart. When Walmart tried to order more, it
learned that the suppliers had so many orders to fill
that it would not be able to fill Walmart's order for two
weeks. What type of marketing mix variable does this
problem involve?
5. Lumos Labs, the maker of brain-training app Lumos- promotion
ity, released advertisements that claimed its app was
able to prevent Alzheimer's. The Federal Trade Com-
mission fined Lumos Labs $2 million, saying that the
company did not have the science to back up its ads.
What type of marketing mix variable is involved in this
situation?
6. Lime is using social media to ask consumers about product
the qualities they desire in an electric scooter. The
firm hopes to develop a new type of electric scooter
, MKT 300 midterm practice questions
Study online at https://quizlet.com/_hz7i2e
based on the feedback it receives. Which marketing
mix variable is Lime addressing?
7. Which of the following equations describes customer customer value = cus-
value? tomer benefits - customer
costs
8. Customers choose to go to Buffalo Wild Wings based subjective
upon the value they place on the total product—in-
cluding the food, service, atmosphere of the restau-
rant, and more. The process consumers use to deter-
mine value is highly _______.
9. Which of the following sentences is true about a mar- it requires four conditions
keting exchange? to take place
10. Marketing environmental forces are often _______. interdependent
11. Subaru developed a new luxury car model, but, af- controllable; uncontrol-
ter performing some market tests, it realized that it lable
was pricing its vehicles too high, even for the luxu-
ry market. Subaru had to make some changes in its
marketing mix. Unfortunately, it made the mistake of
launching its product right when a recession hit. As
unemployment rose, sales of luxury products such as
Subaru's new luxury vehicle tend to decrease. In this
case, the pricing of its vehicle is a(n) _______ force for
Subaru, while the economic downturn is a(n) _______
factor.
12. The marketing concept is based upon the idea that market orientation
an organization should try to provide products that
satisfy customers' needs through a coordinated set of
, MKT 300 midterm practice questions
Study online at https://quizlet.com/_hz7i2e
activities that also allows the organization to achieve
its goals. During which orientation (time period) are
marketers most likely to adopt the marketing con-
cept?
13. Charlotte loves her mom's edible cookie dough recipe, sales orientation
and she assumes everyone else will too. She starts
a cookie dough business. Charlotte views promotion,
such as advertising and personal selling, as the most
important activities needed to sell her product. She
figures that consumers only have to learn about her
product before becoming loyal and steadfast cus-
tomers. What type of orientation does Charlotte seem
to embrace?
14. What is the first step for marketers in implementing establish an information
the marketing concept? system to discover cus-
tomers' real needs
15. Anthony works at a local electronics retailer. He has customer lifetime value
two customers in particular that he sees regularly.
One customer, Mr. Johnson, comes in frequently ask-
ing about new deals. However, he rarely buys any-
thing, and when he does buy something it is usually
small. The other customer, Mr. Montoya, comes in a
little less frequently. He does not purchase products
all the time, but when he does the products are ex-
pensive. Anthony recognizes that Mr. Montoya is a
more valuable customer over time than Mr. Johnson.
He has therefore worked hard to develop a strong re-
lationship with Mr. Montoya. What marketing method
is Anthony most likely using to direct his actions?
Study online at https://quizlet.com/_hz7i2e
1. Which stakeholders are the focal point of all market- customers
ing activities?
2. Kroger decided to introduce a new product that ap- target market
peals to Hispanic consumers. While the product is
highly successful among Hispanic consumers, other
ethnic groups seem to like the product as well. For
this product, Hispanic consumers comprise Kroger's
_______.
3. The essence of marketing is to develop satisfying exchanges
_______ from which both customers and marketers
benefit.
4. During the holiday season, a Bluetooth speaker was distribution
in such high demand that it sold out quickly at a lo-
cal Walmart. When Walmart tried to order more, it
learned that the suppliers had so many orders to fill
that it would not be able to fill Walmart's order for two
weeks. What type of marketing mix variable does this
problem involve?
5. Lumos Labs, the maker of brain-training app Lumos- promotion
ity, released advertisements that claimed its app was
able to prevent Alzheimer's. The Federal Trade Com-
mission fined Lumos Labs $2 million, saying that the
company did not have the science to back up its ads.
What type of marketing mix variable is involved in this
situation?
6. Lime is using social media to ask consumers about product
the qualities they desire in an electric scooter. The
firm hopes to develop a new type of electric scooter
, MKT 300 midterm practice questions
Study online at https://quizlet.com/_hz7i2e
based on the feedback it receives. Which marketing
mix variable is Lime addressing?
7. Which of the following equations describes customer customer value = cus-
value? tomer benefits - customer
costs
8. Customers choose to go to Buffalo Wild Wings based subjective
upon the value they place on the total product—in-
cluding the food, service, atmosphere of the restau-
rant, and more. The process consumers use to deter-
mine value is highly _______.
9. Which of the following sentences is true about a mar- it requires four conditions
keting exchange? to take place
10. Marketing environmental forces are often _______. interdependent
11. Subaru developed a new luxury car model, but, af- controllable; uncontrol-
ter performing some market tests, it realized that it lable
was pricing its vehicles too high, even for the luxu-
ry market. Subaru had to make some changes in its
marketing mix. Unfortunately, it made the mistake of
launching its product right when a recession hit. As
unemployment rose, sales of luxury products such as
Subaru's new luxury vehicle tend to decrease. In this
case, the pricing of its vehicle is a(n) _______ force for
Subaru, while the economic downturn is a(n) _______
factor.
12. The marketing concept is based upon the idea that market orientation
an organization should try to provide products that
satisfy customers' needs through a coordinated set of
, MKT 300 midterm practice questions
Study online at https://quizlet.com/_hz7i2e
activities that also allows the organization to achieve
its goals. During which orientation (time period) are
marketers most likely to adopt the marketing con-
cept?
13. Charlotte loves her mom's edible cookie dough recipe, sales orientation
and she assumes everyone else will too. She starts
a cookie dough business. Charlotte views promotion,
such as advertising and personal selling, as the most
important activities needed to sell her product. She
figures that consumers only have to learn about her
product before becoming loyal and steadfast cus-
tomers. What type of orientation does Charlotte seem
to embrace?
14. What is the first step for marketers in implementing establish an information
the marketing concept? system to discover cus-
tomers' real needs
15. Anthony works at a local electronics retailer. He has customer lifetime value
two customers in particular that he sees regularly.
One customer, Mr. Johnson, comes in frequently ask-
ing about new deals. However, he rarely buys any-
thing, and when he does buy something it is usually
small. The other customer, Mr. Montoya, comes in a
little less frequently. He does not purchase products
all the time, but when he does the products are ex-
pensive. Anthony recognizes that Mr. Montoya is a
more valuable customer over time than Mr. Johnson.
He has therefore worked hard to develop a strong re-
lationship with Mr. Montoya. What marketing method
is Anthony most likely using to direct his actions?
