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Mid Term Test 2013

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MARK 101: Mid-Trimester Test

QUESTIONS [TOTAL 45 MARKS]

Please circle the letter corresponding to the best answer and also write this letter in the margin beside the question. Attempt all questions as there is no penalty for guessing.

1. The target market includes:

A. all potential consumers that make up a market
B. all potential consumers that have a desire for a product
C. all potential consumers at which an organisation directs its marketing program
D. all potential consumers that have the desire for a product and the ability to pay
E. Businesses only

2. Customer value is defined as a combination of benefits that includes:

A. price and quality
B. price and convenience
C. quality, price, convenience, on-time delivery and …show more content…

B. Because technological change is the result of research, it is highly predictable.
C. An advantage of technology is that advances can in no way harm an industry’s growth. D. The cost of technology is increasing.
E. Advances in technology have important effects on marketing because they allow marketers to provide value through the development of new products.

15. __________ is a form of competition in which every company has a similar product.

A. pure competition B. cross-market competition C. oligopoly D. monopolistic competition E. monopoly

16. Measures of success are:

A. the specific, measurable goals the decision-maker seeks to achieve in solving a problem
B. criteria used in evaluating proposed solutions to the problem
C. approaches that can be used to collect data or solve the problem
D. very difficult to quantify
E. also called consumer differentiators

17. In developing the market research plan, data must be collected that:

A. will be useful only at a later date since it is expensive to collect data
B. is interesting
C. might be useful
D. helps managers make a clear choice between alternative courses of action

18. Two key elements in determining how to collect the data are:

A. dependent variables and regulations
B. regulations and risk involved
C. risks involved and constraints
D. decision factors and constraints
E. concepts and methods

19. A picture or verbal description of an

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