Marketing Mid Term Q and A

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School

Keiser University *

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Course

MAR1011

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

6

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Review Test Submission: Midterm Exam Instruction s This exam consists of 25 multiple-choice questions from chapters 1 - 7.  You have two hours to complete the exam.  Once you begin the exam, you may save it, exit, and come back to complete it later.  You must complete it within one session.  Good luck! Results Displayed Submitted Answers, Correct Answers, Feedback Question 1 4 out of 4 points According to the five-step model of the marketing process, the first step in marketing is ________. Selected Answer: understanding the marketplace and customer needs and wants Correct Answer: understanding the marketplace and customer needs and wants Question 2 4 out of 4 points Which of the following is a difference between the marketing concept and the selling concept? Selected Answer: The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products. Correct Answer: The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products. Question 3 4 out of 4 points ________ refers to working closely with people inside and outside the company to jointly bring more value to customers. Selected Answer: Partner relationship management Correct Answer: Partner relationship management Question 4 4 out of 4 points A customer who is both loyal and profitable is referred to as a ________. Selected Answer: true friends Correct Answer: true friends Question 5 4 out of 4 points
According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________. Selected Answer: stars Correct Answer: stars Question 6 4 out of 4 points A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________. Selected Answer: market penetration Correct Answer: market penetration Question 7 4 out of 4 points Which of the following best describes market segmentation? Selected Answer: dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors Correct Answer: dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors Question 8 4 out of 4 points When viewing the market from a buyer's point of view, "communication" corresponds to the ________ component of the marketing mix. Selected Answer: promotion Correct Answer: promotion Question 9 4 out of 4 points Which of the following has the primary function of helping a company target and promote its products to the right markets? Selected Answer: Marketing services agencies Correct Answer: Marketing services agencies
Question 10 0 out of 4 points Which of the following is most likely categorized as a business market? Correct Answer: firms that buy goods and services for further processing Question 11 4 out of 4 points Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company. Selected Answer: economic Correct Answer: economic Question 12 0 out of 4 points Which of the following is true of a good marketing information system? Correct Answer: It balances the information that a firm would like to have against what they really need. Question 13 4 out of 4 points Which of the following is an advantage of primary data? Selected Answer: They are more relevant than secondary data. Correct Answer: They are more relevant than secondary data. Question 14 4 out of 4 points Which of the following is true of focus group discussions? Selected Answer: Consumers are not always honest and open about their opinions. Correct Answer: Consumers are not always honest and open about their opinions. Question 15 4 out of 4 points
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