$1.$Marketing is a process by which companies $\_\_\_\_\_\_\_\_\_\_$ and build strong customer relationships in order to capture value from customers in return.

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A$.$sell tangible products to customers

B$.$create value for customers

C$.$exploit limited internal resources

D$.$advertise and promote product

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$\_\_\_\_\_\_\_2.$The $\_\_\_\_\_\_\_\_\_\_$ suggests that marketers know the needs and wants of the target markets and deliver the desired satisfactions better than competitors.

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A$.$the production concept

B$.$the product concept

C$.$the selling concept

D$.$marketing concept

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$\_\_\_\_\_\_3.$Which$$of the following is not an element of the marketing mix?

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A$.$product

B$.$presentation

C$.$price

D$.$place

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volume$\_$up

Here are the answers to your marketing questions:

B$.$ create value for customers

Marketing is all about understanding customer needs and wants, and then developing products and services that fulfill those needs. By creating value for customers, companies build strong relationships and loyalty, which ultimately leads to them capturing value $($revenue$,$ profit$)$ from those customers.

D$.$ marketing concept

The marketing concept is a customer$-$centric approach that emphasizes understanding and meeting the needs of the target market better than competitors. This concept focuses on creating value propositions that resonate with customers and drive sales.

B$.$ presentation

The marketing mix, also known as the $4$Ps of marketing, consists of:

Product: The good, service, or idea being offered.

Price: The amount customers pay for the product.

Place: How the product gets to the customer $($distribution channels$).$

Promotion: Communication activities that inform and persuade customers about the product.

"Presentation" is not one of the traditional $4$Ps$.$ It might be related to aspects of place $($how the product is displayed in a store$)$ or promotion $($advertising visuals$)$ but isn't a distinct element itself.

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MKTG $406$

Marketing Strategy: Theory & Practice $$

Final Exam

May $3,2024$Name:$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

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For each of the following, type the letter of the correct answer in front of the question.$$You may use your notes, the book or content contained in the PowerPoint presentations.$$Be sure to answer all questions.$$Completed final exam should be sent to the instructor as an attachment to an email message no later than $5$:$00$ PM on Friday, May $3,2024.$

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$\_\_\_\_\_\_1.$Marketing is a process by which companies $\_\_\_\_\_\_\_\_\_\_$ and build strong customer relationships in order to capture value from customers in return.

$$

A$.$sell tangible products to customers

B$.$create value for customers

C$.$exploit limited internal resources

D$.$advertise and promote product

$$

$\_\_\_\_\_\_\_2.$The $\_\_\_\_\_\_\_\_\_\_$ suggests that marketers know the needs and wants of the target markets and deliver the desired satisfactions better than competitors.

$$

A$.$the production concept

B$.$the product concept

C$.$the selling concept

D$.$marketing concept

$$

$\_\_\_\_\_\_3.$Which$$of the following is not an element of the marketing mix?

$$

A$.$product

B$.$presentation

C$.$price

D$.$place

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$\_\_\_\_\_\_4.$A $\_\_\_\_\_\_\_\_\_\_$is a group of consumers who respond in a similar way to a given set of marketing efforts.

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A$.$product portfolio

B$.$market segment

C$.$small business unit $($SBU$)$

D$.$preferred population

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$\_\_\_\_\_\_5.\_\_\_\_\_\_\_\_\_\_$ takes place when a company makes arrangements for a product to occupy a clear, distinctive, and desirable place in the minds of consumers.

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A$.$Market segmentation

B$.$Market sensing

C$.$Market quantification

D$.$Market positioning

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MKTG $406$

Marketing Strategy: Theory & Practice $$

Final Exam $($page $2)$

May $3,2024$

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$\_\_\_\_\_\_6.\_\_\_\_\_\_\_\_\_\_$ is the overall study of human populations $($size$,$ age, race, etc.$).$

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A$.$Anthropology

B$.$Psychology

C$.$Sociology

D$.$Demography

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$\_\_\_\_\_\_7.$Consumer markets are made up of all the individuals that buy goods and services $\_\_\_\_\_\_\_\_\_\_.$

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A$.$for personal consumption

B$.$for purpose of resale

C$.$for use in the manufacture of other goods

D$.$for the benefit of nonprofits

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$\_\_\_\_\_\_8.$Maslow suggests that $\_\_\_\_\_\_\_\_\_\_$ needs are the most basic of human needs.

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A$.$physiological

B$.$safety

C$.$social

D$.$esteem

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$\_\_\_\_\_\_9.\_\_\_\_\_\_\_\_\_\_$ is the first step in the traditional buyer decision process.

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A$.$Need recognition

B$.$Information search

C$.$Evaluation of alternatives

D$.$Discovery

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$\_\_\_\_\_\_10.$Cognitive dissonance is:

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A$.$the journey buyers experience throughout the buying cycle.

B$.$the difference between buyer satisfaction and remorse.

C$.$buyer discomfort caused by postpurchase conflict.

D$.$a clinically significant increase in a person$$s gastric acid.

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MKTG $406$

Marketing Strategy: Theory & Practice $$

Final Exam $($page $3)$

May $3,2024$

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$\_\_\_\_\_\_11.\_\_\_\_\_\_\_\_\_\_$ is the process by which marketers divid