MKT 100 FINAL PAPER EXAM SCRIPT
PRACTICE SOLUTION 2026 GUARANTEED TO
PASS
◍ Four components of marketing. Answer: 1. Creating
2. Communicating
3. Delivering
4. Exchanging
◍ Creating Value. Answer: The process of collaborating with
suppliers and customers to create offerings that have value
◍ Communicating Value. Answer: Broadly, describing those
offerings, as well as learning from customers.
◍ Delivering Value. Answer: Getting those offerings to the consumer
in a way that optimizes value
◍ Exchanging Value. Answer: Trading value for offerings.
◍ Value. Answer: - Everything the customer gets for what they give
up
- The relationship between the benefits a customer gets for what they
give up in return for those benefits
- Always considered from the customer perspective
,- Formed by customers based on expectations that are built up or
developed by the brand/ company
◍ Brand Positioning. Answer: A marketing strategy that created a
distinct and memorable identity for a brand in the mind of the target
consumer, relative to competitors
◍ Brand Equity. Answer: The value customers assign to a business
based on their perceptions of its quality.
◍ Personal Value Equation. Answer: value = benefits received - [price
+ non-financial costs]
◍ Non- Financial Costs. Answer: the time and effort the consumer
puts into the shopping process
◍ Marketing Mix/ 4 P's. Answer: Product: Goods and services
(creating offerings)
Promotion: How a business communicates with their target audience
(communicating)
Place/Distribution: Getting the product to a point at which the
customer can purchase it (delivering)
Price: The monetary amount charged for the prodcut (exchanging)
◍ Three Additional P's that correspond to services. Answer: - People:
The people there
,- Process: The process of the service
- Physical Evidence: What the service looks like, the physical store,
the website, the social media, and the reviews
◍ Product/Service Strategy. Answer: - Creating goods and services
that the company offers to its customers or clients (includes features,
quality, design, packaging, and warranties)
- Marketing people do not create the offering alone, however, they
ensure that what is delivered is valuable, profitable, and delivered
when the customer wants it.
◍ Pricing Strategy. Answer: - The exchange that has to occur when
offering something of value
- Does not have to be money can be flier miles, points, etc
◍ Promotion Strategy. Answer: - Describing the offering and its value
to your potential and current customers
- Covers advertising, sales promotions, public relations, personal
selling, special events, and digital marketing.
- Sometimes it involves educating potential customers about the value
of an offering and sometimes it means simply making customers
aware of where they can find a product.
◍ Place (Distribution) Strategy:. Answer: - Refers to how and where
the product is distributed and made available. Includes distribution
channels (stores, online platforms, wholesalers, direct-to consumer)
and logistics
, - Also making sure that the user understands how to get the most out
of the product and is taken care of if he or she requires service later.
◍ Product Life Cycle. Answer: 1. Introduction: When the product is
developed. Product is released into the market for the very first time
2. Growth: Consumers start to take action. They buy the product, and
the product begins to increase in sales
3. Maturity: In this stage, the sales slow down, indicating that the
market has begun to reach saturation
4. Decline: The sales drip at this stage due to change in consumer
behaviour and demand.
◍ Marketing Concept. Answer: - Focus on consumer wants and needs
to distinguish its offerings from those of its competitors
- Integrate all the organization's activities, including production, to
satisfy customer wants
- Achieve long-term goals for the organization by satisfying
customers wants and needs legally and responsibly
◍ Production Orientation. Answer: - Beginning in the late 1800s
- Best way to compete was reducing production costs. Companies
thought that good products would sell themselves to customers who
wanted them.
- Ex: Henry Ford's Model A automobile. His production line made the
automobile cheap and affordable for everyone
- Lasted until the 1920s
PRACTICE SOLUTION 2026 GUARANTEED TO
PASS
◍ Four components of marketing. Answer: 1. Creating
2. Communicating
3. Delivering
4. Exchanging
◍ Creating Value. Answer: The process of collaborating with
suppliers and customers to create offerings that have value
◍ Communicating Value. Answer: Broadly, describing those
offerings, as well as learning from customers.
◍ Delivering Value. Answer: Getting those offerings to the consumer
in a way that optimizes value
◍ Exchanging Value. Answer: Trading value for offerings.
◍ Value. Answer: - Everything the customer gets for what they give
up
- The relationship between the benefits a customer gets for what they
give up in return for those benefits
- Always considered from the customer perspective
,- Formed by customers based on expectations that are built up or
developed by the brand/ company
◍ Brand Positioning. Answer: A marketing strategy that created a
distinct and memorable identity for a brand in the mind of the target
consumer, relative to competitors
◍ Brand Equity. Answer: The value customers assign to a business
based on their perceptions of its quality.
◍ Personal Value Equation. Answer: value = benefits received - [price
+ non-financial costs]
◍ Non- Financial Costs. Answer: the time and effort the consumer
puts into the shopping process
◍ Marketing Mix/ 4 P's. Answer: Product: Goods and services
(creating offerings)
Promotion: How a business communicates with their target audience
(communicating)
Place/Distribution: Getting the product to a point at which the
customer can purchase it (delivering)
Price: The monetary amount charged for the prodcut (exchanging)
◍ Three Additional P's that correspond to services. Answer: - People:
The people there
,- Process: The process of the service
- Physical Evidence: What the service looks like, the physical store,
the website, the social media, and the reviews
◍ Product/Service Strategy. Answer: - Creating goods and services
that the company offers to its customers or clients (includes features,
quality, design, packaging, and warranties)
- Marketing people do not create the offering alone, however, they
ensure that what is delivered is valuable, profitable, and delivered
when the customer wants it.
◍ Pricing Strategy. Answer: - The exchange that has to occur when
offering something of value
- Does not have to be money can be flier miles, points, etc
◍ Promotion Strategy. Answer: - Describing the offering and its value
to your potential and current customers
- Covers advertising, sales promotions, public relations, personal
selling, special events, and digital marketing.
- Sometimes it involves educating potential customers about the value
of an offering and sometimes it means simply making customers
aware of where they can find a product.
◍ Place (Distribution) Strategy:. Answer: - Refers to how and where
the product is distributed and made available. Includes distribution
channels (stores, online platforms, wholesalers, direct-to consumer)
and logistics
, - Also making sure that the user understands how to get the most out
of the product and is taken care of if he or she requires service later.
◍ Product Life Cycle. Answer: 1. Introduction: When the product is
developed. Product is released into the market for the very first time
2. Growth: Consumers start to take action. They buy the product, and
the product begins to increase in sales
3. Maturity: In this stage, the sales slow down, indicating that the
market has begun to reach saturation
4. Decline: The sales drip at this stage due to change in consumer
behaviour and demand.
◍ Marketing Concept. Answer: - Focus on consumer wants and needs
to distinguish its offerings from those of its competitors
- Integrate all the organization's activities, including production, to
satisfy customer wants
- Achieve long-term goals for the organization by satisfying
customers wants and needs legally and responsibly
◍ Production Orientation. Answer: - Beginning in the late 1800s
- Best way to compete was reducing production costs. Companies
thought that good products would sell themselves to customers who
wanted them.
- Ex: Henry Ford's Model A automobile. His production line made the
automobile cheap and affordable for everyone
- Lasted until the 1920s
