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F11MKT300_Midterm_Exam_V1 - MKT300 Midterm Exam Version 1 1...

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MKT300 Midterm Exam Version 1 1. Social class can be defined in many ways. Which are among the most common components? A. Occupation, education, and lifestyle B. Income, wealth, and family background C. Social network, education, and income D. Education, occupation, and income 2. What is the difference between word-of-mouth and buzz marketing? A. Buzz marketing reaches more potential consumers B. Word of mouth messages are always positive C. Firms do not pay for word-of-mouth marketing D. Buzz marketing only takes place online 3. Your new employer has asked you, as a new marketing graduate, to develop a group of potential customers who might respond in a similar way to a given set of marketing effort. You have been asked to develop a(n) ____________. A. Target market B. Market segment C. Market strategy D. Undefined niche 4. Sally purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations for Brand X lotion, Sally was measuring her level of ______________. A. Customer-perceived value B. Customer satisfaction C. Customer equity D. Customer lifetime value 5. Stew Leonard, the owner of a highly successful regional supermarket chain, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he or she remains in the area. Stew Leonard’s concern is an illustration of which of the following? 6. People tend to interpret new information in a way that will support what they already believe. This is called __________.
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