Exam MKT #1
MKT 111 IC: Introduction to Marketing Principles
Examination #1
Due Date: Thursday, March 7, 2019 in class. No email or late submissions accepted. Staple multiple pages.
Name: ____________________________
Directions: This examination consists of four sections: I through IV. Unclear or illegible answers will be graded as “incorrect.” The total value is 45 points.
Section I: Please select the best answer to complete each statement or question. Circle your response. Each item is valued at 1 point.
1. Customers typically seek to satisfy a set of needs when evaluating a product or service offering. Using Maslow’s Needs Hierarchy theory as a reference, which of the following is an example of primary or lower level need:
a) Social acceptance c) Autonomy
b) Status d) Hunger and Thirst
2. Which of the following IS NOT part of the marketing mix?
a) Distribution c) Advertising
b) Packaging d) Competitors
3. A marketer’s strategy to make its brand or company “stand out” from competitor’s offerings is
called__________:
a) Positioning c) SWOT Analysis
b) Differentiation d) Situational Analysis
4. The process used to “break down” a large group of potential, different customers into smaller groups having
similar characteristics is called ________________:
a) Perception c) Competitive bidding
b) Segmentation d) Convergence
5. As discussed in class, this business philosophy is focused upon achieving the highest manufacturing output so
the unit cost is low:
a) Sales orientation c) Social marketing concept
b) Production orientation d) Maximization
6. A _______________ is a group of customers/potential customers having similar needs and characteristics:
a) Population c) Culture
b) Reference group d) Segment
7. One of the ways that we filter the stimuli around us is to pay attention to things that are interesting or
important. This is called ________________________:
a) Selective Absorption c) Selective Perception
b) Voluntary Stimuli Reception (VSR) d) Attention-Response Model
8. Which of the following is not an example of a market research survey?
a) Questionnaire
b) Focus group
c) Mall intercept
d) Individual or group observation
9. An ATM (Automated Teller Machine) is an example of how technology is changing marketing strategy. These machines provide various services to customers on a 24/7 basis year round. This best reflects the ________________ marketing mix variable.
a) Price c) Place or Distribution Channel
b) Promotion d) Product
10. When marketers use birth dates to distinguish among various groups of customers, it would be an example of _____________ segmentation.
a) Behavioral
b) Demographic
c) Geography
d) Psychographic
Section II: Please indicate your response as “T” if the statement is correct or “F” if it is incorrect.
Circle your choice. Each statement is valued at 1 point.
1. A key element of the marketing concept is establishing short-term, mutually beneficial customer T or F
relationships.
2. The marketing mix variables are controllable factors within an organization’s marketing strategy. T or F
3. Researchers have described needs as a basic force that motivates a person or group. T or F
4. A market development strategy is used when organizations want to increase purchases from T or F
existing customers.
5. The demand for business products derives from the demand for final consumer products. T or F
6. The marketing process functions whether or not exchange occurs. T or F
7. As discussed in class, when an organization meets the minimum requirements established by law T or F
or customer expectation, this might be described as social responsibility.
8. Primary data is information collected for another purpose that can be used for your research project. T or F
9. When demand changes in relation to a change in price, we describe this as inelasticity. T or F
10. For learning to occur, it must always result from direct experience. T or F
11. Customers, organizational resources and competition represent direct market forces. T or F
12. A marketer is considering changing the formulation of liquid laundry detergent. This represents T or F
the “Product” variable within the marketing mix.
13. “Positioning” is a marketing strategy to make products and brands stand out from others. T or F
14. When all the conditions of exchange are present, an agreement (transaction) is always reached by T or F
the parties.
15. As discussed in class, “The meaning of words lie in people not in the words themselves.” T or F
Section III: Please answer each question or statement using the best selection from the alternatives provided. Each selection should be used once. Each item is valued at 1 point.
Primary Competitive advantage Market Penetration
Market Development Secondary Buying Center
Observation Diversification Experimentation or Experiential Method
Social Responsibility Utility Marketing Concept or Orientation
Product Development New Task Routine (Habitual) Response
1. U.S. Census information used for marketing purposes would be an example of _______________ data.
2. A mechanical traffic counter, when used in a marketing research project, is an example of ___________________.
3. A firm that seeks to develop new products/services for new customers and markets is using a _________________ ______________marketing strategy.
4. New product testing is an example of the _________________________ method of market research.
5. The _________________________ seeks to satisfy customers’ needs and expectations while achieving profitability.
6. Consumers follow the _____________________ decision-making process when purchasing convenience items such as carbonated beverages, snacks, newspapers, chewing gum, etc.
7. A marketing strategy that is focused upon new markets and customers for existing products is called _________________.
8. The value or benefit received through exchange is called ______________.
9. _____________________ is the business decision process typically associated with consumption of products and services that are costly and represent a significant risk to the purchaser.
10. A group of individuals within an organization that is responsible for the purchase of goods or
services is typically described as a ____________________.
Section IV: Please answer each question completely. Use the reverse side of the paper, if necessary. The value of each
question is shown in parentheses ().
1: What is a “SWOT Analysis”? Of what value is it to marketing effort? (3 pts.)
2. Identify and describe one of the three ways and organization “targets” customer groups for marketing purposes? (3 pts.)
3. Define the term “Exchange.” What five conditions are necessary for exchange to happen? (4 pts.)
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