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MKT 320F Final Exam-Questions with Correct Answers/ Verified/ latest Version (2024/2025)
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MKT 320F Final Exam-Questions with Correct Answers/ Verified/ latest Version (2024/2025)
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MKT 320F Final Exam-Questions with Correct Answers/ Verified/latest Version (2024/2025)
Which marketing management philosophy focuses on the question, "What do customers
want and need?"
A. Sales
B. Market
C. Product
D. Internal
E. Production - ✔✔B
A company that wants to implement a market orientation would need to:
A. do research on its customers, competitors, and markets.
B. do all of the activities listed.
C. establish and maintain mutually satisfying relationships with customers.
D. determine how to deliver superior customer value.
E. implement actions that provide value to customers. - ✔✔B
_____ is defined as the relationship between benefits and the sacrifice necessary to obtain
those benefits.
A Satisfaction percentage
B Marketing utility
C Market quality
D Customer value
E Opportunity cost - ✔✔D
_____ is a strategy that focuses on keeping and improving relationships with current
customers.
A Organization-customer synergy
B Market engineering
C Relationship marketing
,D Transactional marketing
E Commitment selling - ✔✔C
A business is concerned with many day-to-day activities. Some of the most important of
these activities are the planning and development of a product, its ability to communicate
value, its pricing policy, and the distribution strategy. These activities are all a part of:
A human resources.
B a control system.
C accounting.
D marketing.
E production. - ✔✔D
Earl is starting a new bank. Before the opening day, Earl had a meeting with all employees.
He discussed their mission, defined objectives for the bank for the coming years, and shared
who their target market is. He talked about their product offerings and where their future
branches would be located. Earl is sharing the bank's:
A hierarchical restructuring.
B reengineering.
C financial analysis.
D marketing plan.
E strategic contingency. - ✔✔D
A firm that wants to develop a deeper understanding of its customers may optimize
profitability, revenue, and customer satisfaction by focusing on highly defined and precise
customer groups. This is _____:
A sales orientation.
B customer relationship management.
C social orientation.
D customer optimization.
E sales maximization. - ✔✔B
, A _____ is a study conducted by an organization to identify its internal strengths and
weaknesses and also examine external opportunities and threats.
A competitive advantage audit
B situation analysis
C trend analysis
D marketing audit
E strategic alternative selection - ✔✔B
Coca-Cola vending machines are found all over the world. The newest machines have an
interactive screen that runs advertisements and allows users to obtain free photos of
themselves and ringtones after they have bought a drink. Critics of these new vending
machines are concerned that entertaining technology is being used to market sugary
products. In terms of a SWOT analysis, this concern would be an example of a(n):
A weakness.
B strength.
C threat.
D opportunity.
E advantage. - ✔✔C
Walmart realizes a _____ using its relationships with suppliers to give customers low prices
and good customer service.
A cost competitive advantage
B marketing competitive advantage
C niche competitive advantage
D brand name strategy
E synergistic competitive advantage - ✔✔A
Arizona Tea is marketed by Vultaggio & Sons. Vultaggio & Sons took a basic drink and put it
into unusual bottles with elaborate designs. The wide-mouthed, long-necked bottles are
now considered to be trendsetters in the new age beverage industry, and customers often
buy the tea just for the bottle. The success of Arizona Tea is based on:
A a product differentiation competitive advantage.
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