FNU MAR1011 2022 October Week 4 Midterm Exam Latest

MAR1011 Principles of Marketing

Week 4 Midterm Exam

Question 1________ are human needs that are shaped by culture and individual personality.

Necessities

Wants

Demands

Values

Question 2When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia.

True

False

Question 3Amazon.com and GEICO approach customers via Web sites or mobile apps. This is an example of ________ marketing.

mass

niche

individual

direct

Question 4Direct marketing is an expensive way of reaching target markets.

True

False

Question 5A company's broad mission leads it to develop all of the following EXCEPT ________.

budget objectives

business objectives

sales objectives

marketing objectives

Question 6The major activity in strategic planning is business portfolio analysis, whereby management evaluates the products and businesses that make up the company.

True

False

Question 7The market researchers at HoneyCamp Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at HoneyCamp Foods that generate actionable marketing insights represents a(n) ________.

enterprise planning system

product mix

strategic planning system

marketing information system

Question 8Competitor intelligence can be collected from people inside the company, such as executives, engineers, purchasing agents, and the sales force, as well as customers.

True

False

Question 9Green Bees, a popular American heavy-metal band, will perform in Berlin during Christmas. There is a high demand for concert tickets among fans worldwide who are looking forward to the much-awaited performance. In this instance, the high demand for tickets for the Green Bees concert is representative of ________ demand.

primary

negative

derived

elastic

Question 10The main differences between business and consumer markets are in market structure and demand, the nature of the buying unit, and the types of decisions and the decision process involved.

True

False

Question 11________ consists of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Positioning

Mass customization

Market targeting

Market segmentation

Question 12Demographic segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses concerning a product.

True

False

Question 13Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________.

new product development

acquisition

joint venture

licensing contract

Question 14The product life cycle presents challenges. Which of the following is LEAST likely to require a company to adapt its marketing strategies?

developments in technology

decreased manufacturing costs

competition

changing tastes of consumers

Question 15Companies seldom solicit ideas from customers during the idea generation stage of product development.

True

False