MGT301 Midterm File by ZB

Q1. What is marketing?

1. Selling and advertising
2. Creating, communicating, delivering, and exchanging offerings
3. Producing and distributing products

Answer: B) Creating, communicating, delivering, and exchanging offerings

Q2. Which of the following is the first step in the marketing process?

1. Creating customer value
2. Understanding customer needs
3. Designing a marketing strategy

Answer: B) Understanding customer needs

Q3. What is the goal of marketing?

1. To sell more products
2. To maximize customer satisfaction
3. To attract, retain, and grow customers

Answer: C) To attract, retain, and grow customers

Q4. What is a 'market'?

1. A physical place where goods are sold
2. A group of customers with similar needs and wants
3. A collection of products offered by a company

Answer: B) A group of customers with similar needs and wants

Q5. Which of the following best describes the marketing mix?

1. Price, Place, People, Promotion
2. Product, Price, Place, Promotion
3. Product, Packaging, Price, Promotion

Answer: B) Product, Price, Place, Promotion

Q6. What is a 'target market'?

1. Everyone who sees a company’s advertisements
2. A specific group of consumers a company aims to serve
3. The cheapest market to operate in

Answer: B) A specific group of consumers a company aims to serve

Q7. Which concept focuses on improving production efficiency?

1. Production concept
2. Marketing concept
3. Societal marketing concept

Answer: A) Production concept

Q8. The practice of building and maintaining profitable customer relationships by delivering value is called:

1. Customer equity
2. Relationship marketing
3. Customer engagement

Answer: B) Relationship marketing

Q9. What is customer lifetime value?

1. The cost of acquiring a customer
2. The total revenue a customer generates during their lifetime
3. The number of years a customer remains loyal

Answer: B) The total revenue a customer generates during their lifetime

Q10. What is segmentation?

1. Dividing a market into smaller groups
2. Creating unique products for every customer
3. Focusing only on profitable markets

Answer: A) Dividing a market into smaller groups

Q11. What is a SWOT analysis?

1. Study of competitors' weaknesses
2. Assessment of Strengths, Weaknesses, Opportunities, Threats
3. Strategy for overcoming threats

Answer: B) Assessment of Strengths, Weaknesses, Opportunities, Threats

Q12. Which of the following is NOT part of the microenvironment?

1. Suppliers
2. Competitors
3. Political forces

Answer: C) Political forces