MKT 100 EXAM PREP QUESTIONS AND
SOLUTIONS 2026 FULL SOLUTION GRADED
A+
◍ Demand. Answer: Sum of wants and buying power
◍ Maslow's Hierarchy of Needs. Answer: physiological (food, water,
rest), safety (safety, security), love/belonging (friends, intimate
relationships), esteem (prestige and feeling of accomplishment), self-
actualization (achieving one's full potential)
◍ Corporate Social Responsibility. Answer: a self-regulating business
model that helps a company be socially accountable—to itself, its
stakeholders, and the public.
◍ Sustainability. Answer: An example of social responsibility and
involves engaging in practices that do not diminish the earth's
resources.
◍ Three Pillars of Sustainability. Answer: Social (people), Economic
(Profit), Environmental (Planet)
◍ Three Pillars of Business. Answer: Sales & Marketing, Finance,
Operations
,◍ Non-Profit Marketing. Answer: Marketing activities conducted to
achieve some goal other than ordinary business goals such as profit,
market share, or return on investment
- Involves spreading awareness and connecting with your audience to
raise funds, secure volunteers & partners, and grab people's attention.
◍ Criticisms of Marketing. Answer: - Creates greater demand and
wants among consumers for products and services that aren't always
needed
- Deceptive prices
- High pressure selling harmful unsafe products
- Planned Obsolescence
- Poor service to disadvantaged
◍ Week 1 Marketing Recap. Answer: Marketing creates value but
must be ethical, sustainable, and global human skills like creativity
and critical thinking are key in the age of AI
◍ Most critical function of any business. Answer: To make profits
◍ Variable Costs. Answer: -costs that vary directly with the level of
production and sales volume
- also referred to as costs of goods sold
- Raw materials, direct labour, shipping charges, commission
,◍ Fixed Costs. Answer: costs that do not vary with production or
sales level (ex. purchase of factory location)
◍ Fixed Operating Costs. Answer: -The type of fixed cost that is
incurred and the benefit received applies over a span of less than one
year
- Rent (often pain monthly), Insurance (often paid yearly),
Wages/Salaries (monthly or bi-monthly), Advertisement (monthly or
yearly
- Operating cost as long as the benefits received from the expense
applies over span of a year or less
◍ Fixed Capital Cost. Answer: -Refers to the type of fixed cost that is
incurred and the benefits received applies over a span of multiple
years
- Purchase of machinery and equipment, purchase of store/factory,
renovations.
◍ Strategy. Answer: Is the art and science of building a consistent
course of action to bring about a desired future
◍ Why is strategy important. Answer: Because it is at the heart of the
job of the Top Executive
◍ Strategic Planning. Answer: -A process that helps an organization
allocate its resources to capitalize on opportunities in the marketplace.
, - A long process that guides how an organization uses its resources to
seize market opportunities
◍ Strategic Planning Process. Answer: A process that includes
conducting a situation analysis and developing the organization's
mission statement, objectives, and strategies. This is then followed by
the development of segmentation, targeting, and positioning strategy
and the implementation of the marketing mix
◍ Steps/Phases of Strategic Planning Process. Answer: 1. Planning
Phase: conduct situational analysis, gather data about the external and
internal environment and how it impacts your business decisions.
Based on this info develop mission statement and objectives
2. Implementation Phase (Marketing Strategy): Introduce STP and
once your target market is secure implement your marketing mix
3. Control Phase: Evaluate performance using marketing metrics.
◍ Situation Analysis. Answer: Involves analyzing the environment in
which the business operates. This includes both external (macro-
factors outside of the organization) and the internal (micro-company)
environments.
◍ Micro Environment. Answer: The company's internal environment:
- Company resources (financial, technological, etc)
- Capabilities (such as personnel, and processes)
- Corporate Partners (distribution and suppliers)
SOLUTIONS 2026 FULL SOLUTION GRADED
A+
◍ Demand. Answer: Sum of wants and buying power
◍ Maslow's Hierarchy of Needs. Answer: physiological (food, water,
rest), safety (safety, security), love/belonging (friends, intimate
relationships), esteem (prestige and feeling of accomplishment), self-
actualization (achieving one's full potential)
◍ Corporate Social Responsibility. Answer: a self-regulating business
model that helps a company be socially accountable—to itself, its
stakeholders, and the public.
◍ Sustainability. Answer: An example of social responsibility and
involves engaging in practices that do not diminish the earth's
resources.
◍ Three Pillars of Sustainability. Answer: Social (people), Economic
(Profit), Environmental (Planet)
◍ Three Pillars of Business. Answer: Sales & Marketing, Finance,
Operations
,◍ Non-Profit Marketing. Answer: Marketing activities conducted to
achieve some goal other than ordinary business goals such as profit,
market share, or return on investment
- Involves spreading awareness and connecting with your audience to
raise funds, secure volunteers & partners, and grab people's attention.
◍ Criticisms of Marketing. Answer: - Creates greater demand and
wants among consumers for products and services that aren't always
needed
- Deceptive prices
- High pressure selling harmful unsafe products
- Planned Obsolescence
- Poor service to disadvantaged
◍ Week 1 Marketing Recap. Answer: Marketing creates value but
must be ethical, sustainable, and global human skills like creativity
and critical thinking are key in the age of AI
◍ Most critical function of any business. Answer: To make profits
◍ Variable Costs. Answer: -costs that vary directly with the level of
production and sales volume
- also referred to as costs of goods sold
- Raw materials, direct labour, shipping charges, commission
,◍ Fixed Costs. Answer: costs that do not vary with production or
sales level (ex. purchase of factory location)
◍ Fixed Operating Costs. Answer: -The type of fixed cost that is
incurred and the benefit received applies over a span of less than one
year
- Rent (often pain monthly), Insurance (often paid yearly),
Wages/Salaries (monthly or bi-monthly), Advertisement (monthly or
yearly
- Operating cost as long as the benefits received from the expense
applies over span of a year or less
◍ Fixed Capital Cost. Answer: -Refers to the type of fixed cost that is
incurred and the benefits received applies over a span of multiple
years
- Purchase of machinery and equipment, purchase of store/factory,
renovations.
◍ Strategy. Answer: Is the art and science of building a consistent
course of action to bring about a desired future
◍ Why is strategy important. Answer: Because it is at the heart of the
job of the Top Executive
◍ Strategic Planning. Answer: -A process that helps an organization
allocate its resources to capitalize on opportunities in the marketplace.
, - A long process that guides how an organization uses its resources to
seize market opportunities
◍ Strategic Planning Process. Answer: A process that includes
conducting a situation analysis and developing the organization's
mission statement, objectives, and strategies. This is then followed by
the development of segmentation, targeting, and positioning strategy
and the implementation of the marketing mix
◍ Steps/Phases of Strategic Planning Process. Answer: 1. Planning
Phase: conduct situational analysis, gather data about the external and
internal environment and how it impacts your business decisions.
Based on this info develop mission statement and objectives
2. Implementation Phase (Marketing Strategy): Introduce STP and
once your target market is secure implement your marketing mix
3. Control Phase: Evaluate performance using marketing metrics.
◍ Situation Analysis. Answer: Involves analyzing the environment in
which the business operates. This includes both external (macro-
factors outside of the organization) and the internal (micro-company)
environments.
◍ Micro Environment. Answer: The company's internal environment:
- Company resources (financial, technological, etc)
- Capabilities (such as personnel, and processes)
- Corporate Partners (distribution and suppliers)
