69448877-Midterm - Principles of Marketing Mid Term Exam...

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Principles of Marketing - Mid Term Exam Sample Questions 1) All of the following are accurate descriptions of modern marketing, EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers' needs. E) Marketing is used by for - profit and not - for - profit organizations. Answer: C 2) ________ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation and exchange. A) Selling B) Advertising C) Bartering D) Marketing E) Negotiating Answer: D 3) According to the simple five - step model of the marketing process, a company needs to ________ before designing a customer - driven marketing strategy. A) determine how to deliver superior value B) build profitable relationships with customers C) use customer relationship management to create full partnerships with key customers D) understand the marketplace and customer needs and wants E) construct key components of a marketing program Answer: D 4) What do companies call a set of benefits that they promise to consumers to satisfy their needs? A) market offering B) value proposition C) demand satisfaction D) need proposition E) evoked set Answer: B 5) Which of the following refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? A) selling myopia B) marketing management C) value proposition D) marketing myopia E) the product concept Answer: D 6) A(n) ________ is the set of actual and potential buyers of a product. A) market B) audience C) group D) segment E) exchange Answer: A 7) Which of the following is the most likely result of a marketing strategy that attempts to serve all potential customers? A) All customers will be delighted. B) Customer - perceived value will increase. C) Customer evangelists will become unpaid salespersons for the service or product. D) Not all customers will be satisfied. E) The company will need to follow up with a demarketing campaign. Answer: D 1
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8) In the case of excess demand, ________ may be required to reduce the number of customers or to shift demand temporarily or permanently. A) marketing B) demarketing C) value marketing D) surplusing E) negotiating Answer: B 9) The art and science of choosing target markets and building profitable relationships with them is called ________. A) marketing management B) positioning C) segmentation D) selling E) differentiation Answer: A 10) Selecting which segments of a population of customers to serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) managing the marketing effort Answer: D 11) Which of the following is the set of benefits a company promises to deliver to the customer to satisfy their needs? A) a money
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69448877-Midterm - Principles of Marketing Mid Term Exam...

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