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MKT 3401 MIDTERM EXAM QUESTIONS AND CORRECT ANSWERS!! 1. The concept of exchange is important to marketing because: - ANSWER c. marketing activities help to create exchange 2. All of the following are marketing management philosophies EXCEPT: - ANSWER d. profitability orientation Toyota found that consumers wanted cars to last longer and be more environmentally friendly. GM, however, enjoyed being the top U.S. car producer and focused more on how many cars and trucks it could manufacture, not on what customers wanted froma vehicle. GM had more ofa___ orientation. - ANSWER b. Production 4. is defined as the relationship between benefits and the sacrifice necessary to obtain those benefits. - ANSWER e. Customer value . As a customer entered the Hornady store, which sells muzzleloading rifles, a salesperson approached her and said, "Hornady lead round balls are the musket balls you ought to buy. They are the most uniform in size and shape, and they are made of pure lead. Our shot is used by the Muzzle Loading World Champion." The salesperson was describing Hornady's: - ANSWER competitive advantage 2. A statement of the firm's business based on a careful analysis of benefits sought by present and potential customers and an analysis of existing and anticipated environmental conditions is known as a(n): - ANSWER c. mission statement 3.A is a study conducted by an organization to identify its internal strengths and weaknesses and also examine external opportunities and threats. - ANSWER a. situation analysis 4. Walmart realizes a using its relationships with suppliers to give customers low prices and good customer service. - ANSWER c. cost competitive advantage