Marketing 520 Midterm Exam Essay Example
MARKETING 520 MIDTERM EXAM
CHAPTER ONE 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
Answer_______d_
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___
True/False 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
Answer__d__
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
Answer__d__
True/False 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
CHAPTER ONE 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
Answer_______d_
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___
True/False 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
Answer__d__
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
Answer__d__
True/False 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