Marketing 520 Midterm Exam

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1. The most formal definition of marketing is _________.
a. Meeting needs profitably
b. Identifying and meeting human and social needs
c. The four Ps (product, price, place, promotion)
d. An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. e. Improving the quality of life for customers


2. Marketing management is __________.
a. Managing the marketing process
b. Monitoring the profitability of the company’s products and services c. Selecting target markets
d. Developing marketing strategies to move the company forward e. The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value Answer____e___

3. A short definition of marketing is “meeting needs profitably”. True___X__ False_____ 4. A distribution channel includes distributors, wholesalers, retailers, and agents that display, sell, or deliver the physical product or service(s) to the buyer or user. True__X__ False____ CHAPTER TWO

5. The task of any business is to deliver________ at a profit. a. Customer needs
b. Products
c. Customer value
d. Products and services
e. Improved quality

6. The firm should estimate its competitors’ costs and performance as __________ against which to compare its own costs and performance. a. Competition
b. Standards
c. Challenges
d. Benchmarks
e. Moveable standards
7. The traditional view of marketing is that the firm makes something and then sells it. True_X__ False___ 8. Holistic marketing focuses on the integration of value exploration, value creation, and value delivery as a means to build long-term relationships with consumers. True_X__ False___ CHAPTER THREE

9. The major responsibility for identifying significant marketplace changes falls to the _______. a. U.S. Department of Labor
b. Company’s marketers
c. American Marketing Association
d. Industry lobby groups found in Washington D.C.
e. Marketing research industry

10. The main demographic force that marketers monitor is __e___. a. Suppliers
b. Competitors
c. Communication (such as advertising)
d. Government reports dealing with birth rates
e. Population
11. Today, most firms are rather sophisticated about gathering information. True___ False_X__ 12. Today, customers are still willing to swap personal information for customized products from firms. True_X__ False___

13. _______ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. a. Marketing intelligence
b. MIS (marketing information system)
c. Marketing research
d. Demographics
e. Marketing management

14. The ________ is the set of customers who are buying the company’s product. a. Potential market
b. Available market
c. Target market
d. Penetrated market
e. Repositioned market
True/ False
15. All research must begin with an exploratory research study. True___ False_X__ 16. A set of measures that helps firms to quantify, compare, and interpret their marketing performance is called marketing metrics .True_X__ False___ CHAPTER FIVE

17. __________ are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering. a. Profit-centered companies
b. Customer-centered companies
c. Production-centered companies
d. Sales-centered companies
e. Promotion-centered companies

18. ____c____ is the...
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