Midterm 1 Practice

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Chapter 1: Introduction
1. Value is the customer's perception of all of the benefits of a product or service weighed against all the costs of acquiring and consuming it. The mileage of a car would be considered as a(n):
ANSWER: FUNCTIONAL BENEFITS
Value is the customer's perception of all of the benefits of a product or service weighed against all the costs of acquiring and consuming it. Benefits can be functional (the performance of the product), experiential (what it feels like to use the product), and/or psychological (feelings such as self-esteem or status that result from owning a particular brand).

2. How did integrated marketing communications (IMC) revolutionize the role of marketing?
ANSWER: IT LEF TO THE RAPID GROWTH AND
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10. The external analysis (done for the creation of the marketing plan) of the situational analysis would examine:
ANSWER: THE CHARACTERISTICS AND BUYING PATTERNS OF THE FIRM’S CUSTOMERS
An important part of the external analysis is a detailed consideration of customers' characteristics and buying patterns, their decision processes, and factors influencing their purchase decisions.

Chapter 2: IMC

1. In recent years many states and cities in the United States have imposed restrictions on smoking in public areas and inside business premises, and increased public awareness advertising of the health risks associated with smoking. In China, smoking is growing and few government restrictions have been imposed. For tobacco companies, China represents a:
ANSWER: MARKET OPPORTUNITY
Market opportunitiesare areas where there are favorable demand trends,where the company believes customer needs and opportunitiesare not being satisfied, and where it can competeeffectively.

2. Shiseido is a Japanese manufacturer of cosmetics and toiletries. It has a solid reputation for quality, which is backed by the company's strong research and development capabilities. This reputation gives Shiseido ______ over other companies trying to sell similar products to the same markets.
ANSWER: A COMPETITVE ADVANTAGE
An important aspect of marketing strategy development is the search for a competitive
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