MKTG 3340 - FINAL EXAM UPDATED
Study Guide QUESTIONS AND
CORRECT ANSWERS
______________ is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large. - CORRECT ANSWERS
Marketing
What are the 4 core aspects of marketing? - CORRECT ANSWERS -
Creating
- Communicating
- Delivering
- Exchanging
What is placed at the center of the 4 core aspects of marketing? - CORRECT
ANSWERS Value
What are the 4 key components of marketing (the 4 P's)? - CORRECT
ANSWERS - Product
- Price
- Promotion
- Place
______________________ (the 4 Ps) are the balance of product, price,
promotion, and place decisions that makes up a marketing plan. - CORRECT
ANSWERS Marketing Mix
How do the 4 Ps connect to the 4 core aspects of marketing? - CORRECT
ANSWERS Communicating = Promotion
,Creating = Product
Exchanging = Price
Delivering = Place
What is the Personal Value equation? - CORRECT ANSWERS Value =
Benefits Received - (Price + Hassle)
____________ = the benefits buyers receive that meet their needs. - CORRECT
ANSWERS Value
Value is ultimately determined by the ________________. - CORRECT
ANSWERS Customer
_______________ = what the customer gets by purchasing and consuming a
company's offering. - CORRECT ANSWERS Value
_______________ = the time and effort the consumer puts into the shopping
process. - CORRECT ANSWERS Hassle
When a company's website is hard to navigate (aka, hassle increases), does
value increase or decrease? - CORRECT ANSWERS Decrease
_____________ = the entire bundle of a tangible good, intangible service, and
price that composes what a company offers to customers. - CORRECT
ANSWERS Offering
What 3 things compose what a company's "offering" is to customers? -
CORRECT ANSWERS - tangible good
- intangible service
,- price
What is an example of an intangible service? - CORRECT ANSWERS
Loyalty program, how good the customer service is, etc.
What is an example of a tangible good? - CORRECT ANSWERS The
actual product
What are the 2 primary goals of marketing? - CORRECT ANSWERS 1.
Discover needs and wants of customer
2. Satisfy them
What do we call a thirty-second "elevator speech" that states the specific
benefits a product or service offering provides a buyer? - CORRECT
ANSWERS The Value Proposition
_________________ shows why the good is superior to competing goods. -
CORRECT ANSWERS The Value Proposition
What 2 questions does The Value Proposition answer? - CORRECT ANSWERS
- Why should I buy from you?
- Why should I hire you?
What are three things you should remember about the value proposition? -
CORRECT ANSWERS - firms identify their target markets (groups of
customers)
- it can be different for different groups
- it feeds your strategy
, A situation analysis involves analyzing _____________ factors and
_____________ environments and factors. - CORRECT ANSWERS
External; Internal
_________________ factors = macro and micro factors outside the
organization. - CORRECT ANSWERS External
What's an example of an external factor? - CORRECT ANSWERS
COVID-19 pandemic issues such as supply chain and business closures
What are examples of internal factors? - CORRECT ANSWERS -
financial resources
- technological resources
- employee capabilities
A ___________________ involves taking stock of where the firm or product
has been recently, where it is now, and where it is headed in terms of the
organization's marketing plans and the external forces and trends affecting it. -
CORRECT ANSWERS Situation analysis
What is the structure used for situation analysis? - CORRECT ANSWERS
SWOT
What are the 4 SWOT analysis quadrants? - CORRECT ANSWERS -
Strengths
- Weaknesses
- Opportunities
- Threats
Study Guide QUESTIONS AND
CORRECT ANSWERS
______________ is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large. - CORRECT ANSWERS
Marketing
What are the 4 core aspects of marketing? - CORRECT ANSWERS -
Creating
- Communicating
- Delivering
- Exchanging
What is placed at the center of the 4 core aspects of marketing? - CORRECT
ANSWERS Value
What are the 4 key components of marketing (the 4 P's)? - CORRECT
ANSWERS - Product
- Price
- Promotion
- Place
______________________ (the 4 Ps) are the balance of product, price,
promotion, and place decisions that makes up a marketing plan. - CORRECT
ANSWERS Marketing Mix
How do the 4 Ps connect to the 4 core aspects of marketing? - CORRECT
ANSWERS Communicating = Promotion
,Creating = Product
Exchanging = Price
Delivering = Place
What is the Personal Value equation? - CORRECT ANSWERS Value =
Benefits Received - (Price + Hassle)
____________ = the benefits buyers receive that meet their needs. - CORRECT
ANSWERS Value
Value is ultimately determined by the ________________. - CORRECT
ANSWERS Customer
_______________ = what the customer gets by purchasing and consuming a
company's offering. - CORRECT ANSWERS Value
_______________ = the time and effort the consumer puts into the shopping
process. - CORRECT ANSWERS Hassle
When a company's website is hard to navigate (aka, hassle increases), does
value increase or decrease? - CORRECT ANSWERS Decrease
_____________ = the entire bundle of a tangible good, intangible service, and
price that composes what a company offers to customers. - CORRECT
ANSWERS Offering
What 3 things compose what a company's "offering" is to customers? -
CORRECT ANSWERS - tangible good
- intangible service
,- price
What is an example of an intangible service? - CORRECT ANSWERS
Loyalty program, how good the customer service is, etc.
What is an example of a tangible good? - CORRECT ANSWERS The
actual product
What are the 2 primary goals of marketing? - CORRECT ANSWERS 1.
Discover needs and wants of customer
2. Satisfy them
What do we call a thirty-second "elevator speech" that states the specific
benefits a product or service offering provides a buyer? - CORRECT
ANSWERS The Value Proposition
_________________ shows why the good is superior to competing goods. -
CORRECT ANSWERS The Value Proposition
What 2 questions does The Value Proposition answer? - CORRECT ANSWERS
- Why should I buy from you?
- Why should I hire you?
What are three things you should remember about the value proposition? -
CORRECT ANSWERS - firms identify their target markets (groups of
customers)
- it can be different for different groups
- it feeds your strategy
, A situation analysis involves analyzing _____________ factors and
_____________ environments and factors. - CORRECT ANSWERS
External; Internal
_________________ factors = macro and micro factors outside the
organization. - CORRECT ANSWERS External
What's an example of an external factor? - CORRECT ANSWERS
COVID-19 pandemic issues such as supply chain and business closures
What are examples of internal factors? - CORRECT ANSWERS -
financial resources
- technological resources
- employee capabilities
A ___________________ involves taking stock of where the firm or product
has been recently, where it is now, and where it is headed in terms of the
organization's marketing plans and the external forces and trends affecting it. -
CORRECT ANSWERS Situation analysis
What is the structure used for situation analysis? - CORRECT ANSWERS
SWOT
What are the 4 SWOT analysis quadrants? - CORRECT ANSWERS -
Strengths
- Weaknesses
- Opportunities
- Threats
