Marketing MKT 300 Holly Hapke Exam 1 Practice Questions and Study
Guide
Marketing - correct answer ✔✔ the process of creating, distributing, promoting, and pricing
goods, services, and ideas to facilitate satisfying exchange relationships with customers and to
develop and maintain favorable relationships with stakeholders in a dynamic environment
Marketing Mix - correct answer ✔✔ marketers combine and balance 4 elements when
determining how to satisfy needs for a products
The 4 elements of the Marketing Mix - correct answer ✔✔ 1. Product
2. Distribution
3. Promotion
4. Price
Value-Driven Market - correct answer ✔✔ a customer's subjective assessment of benefits
relative to costs in determining the worth of a product
Exchange - correct answer ✔✔ the provision or transfer of goods, services, or ideas in return for
something of value
Marketing Environment - correct answer ✔✔ 6 forces that surround the customer and affect
the marketing mix
Marketing Environment 6 forces - correct answer ✔✔ 1. Competitive Forces
2. Economic Forces
3. Legal and Regulatory Forces
4. Technological Forces
,5. Sociocultural Forces
6. Political Forces
Marketing Concept - correct answer ✔✔ a management philosophy that an organization should
try to provide products that satisfy customer's needs through a coordinated set of activities that
also allows the organization to achieve its goals (all efforts of the organization)
Evolution of the Marketing Concept - correct answer ✔✔ had 3 different orientations
3 Different Orientations of the Evolutions with the Marketing Concept - correct answer ✔✔
Production Orientation
Sales Orientation
Market Orientation
Production Orientation - correct answer ✔✔ 1850s-1920s
Industrial Revolution improved speed and efficiency
Large increases in available products
Sales Orientation - correct answer ✔✔ 1920s-1960s
Many products with not enough demand
Businesses viewed sales and selling as the main means of increasing profits
Market Orientation - correct answer ✔✔ 1960s-current
An organization-wide commitment to researching and responding to customer needs
Determine what customers want and produce those products
, Relationship Marketing - correct answer ✔✔ establishing long term mutually satisfying,
buyer/seller relationships
6 Global Impacts of Marketing - correct answer ✔✔ 1. Marketing costs consume a sizable
portion of buyers money
2. Marketing helps produce profits essential to the survival of individual businesses
3. Marketing is used in nonprofit organizations
4. Marketing fuels our global economy
5. Marketing knowledge enhances consumer awareness
6. Marketing connects people through technology
Strategic Planning - correct answer ✔✔ ● process of establishing an organizational mission and
formulating goods, corporate strategy, marketing objectives, marketing strategy, and a
marketing plan
● should be guided by a market orientation
Mission Statement - correct answer ✔✔ a long term vision of what the organization wants to
become
● who are our customers?
● what is core competency?
Corporate Identity - correct answer ✔✔ should support all corporate activities
● unique symbols
● personalities
● philosophies
Growth Share Matrix - correct answer ✔✔ ● Stars - dominate market share and good growth
prospects
Guide
Marketing - correct answer ✔✔ the process of creating, distributing, promoting, and pricing
goods, services, and ideas to facilitate satisfying exchange relationships with customers and to
develop and maintain favorable relationships with stakeholders in a dynamic environment
Marketing Mix - correct answer ✔✔ marketers combine and balance 4 elements when
determining how to satisfy needs for a products
The 4 elements of the Marketing Mix - correct answer ✔✔ 1. Product
2. Distribution
3. Promotion
4. Price
Value-Driven Market - correct answer ✔✔ a customer's subjective assessment of benefits
relative to costs in determining the worth of a product
Exchange - correct answer ✔✔ the provision or transfer of goods, services, or ideas in return for
something of value
Marketing Environment - correct answer ✔✔ 6 forces that surround the customer and affect
the marketing mix
Marketing Environment 6 forces - correct answer ✔✔ 1. Competitive Forces
2. Economic Forces
3. Legal and Regulatory Forces
4. Technological Forces
,5. Sociocultural Forces
6. Political Forces
Marketing Concept - correct answer ✔✔ a management philosophy that an organization should
try to provide products that satisfy customer's needs through a coordinated set of activities that
also allows the organization to achieve its goals (all efforts of the organization)
Evolution of the Marketing Concept - correct answer ✔✔ had 3 different orientations
3 Different Orientations of the Evolutions with the Marketing Concept - correct answer ✔✔
Production Orientation
Sales Orientation
Market Orientation
Production Orientation - correct answer ✔✔ 1850s-1920s
Industrial Revolution improved speed and efficiency
Large increases in available products
Sales Orientation - correct answer ✔✔ 1920s-1960s
Many products with not enough demand
Businesses viewed sales and selling as the main means of increasing profits
Market Orientation - correct answer ✔✔ 1960s-current
An organization-wide commitment to researching and responding to customer needs
Determine what customers want and produce those products
, Relationship Marketing - correct answer ✔✔ establishing long term mutually satisfying,
buyer/seller relationships
6 Global Impacts of Marketing - correct answer ✔✔ 1. Marketing costs consume a sizable
portion of buyers money
2. Marketing helps produce profits essential to the survival of individual businesses
3. Marketing is used in nonprofit organizations
4. Marketing fuels our global economy
5. Marketing knowledge enhances consumer awareness
6. Marketing connects people through technology
Strategic Planning - correct answer ✔✔ ● process of establishing an organizational mission and
formulating goods, corporate strategy, marketing objectives, marketing strategy, and a
marketing plan
● should be guided by a market orientation
Mission Statement - correct answer ✔✔ a long term vision of what the organization wants to
become
● who are our customers?
● what is core competency?
Corporate Identity - correct answer ✔✔ should support all corporate activities
● unique symbols
● personalities
● philosophies
Growth Share Matrix - correct answer ✔✔ ● Stars - dominate market share and good growth
prospects
