MGT 6201 - MARKETING W1 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
Marketing - Answers The creation and satisfaction of demand for a product or service
Strategy - Answers A set of ideas that outline how a product line or brand will achieve its objectives
Tactic - Answers A specific action or method that contributes to achieving a goal
8 Universal Marketing Functions - Answers Buying, Selling, Transporting, Storing, Sandardization &
Grading, Financing, Risk Taking, Market Information
5 C's - Answers Context, Competitors, Company, Collaborators, Customers
Marketing Mix - Answers Controllable variables the company uses to satisfy the target group
Target market - Answers Group of customers a company wishes to reach
Demographic profiling - Answers Age, Gender, Marital Status, Education
Geographic Variables - Answers State, Population, Climate
Psychographic Profiling - Answers Lifestyle, Values, Attitudes, Personality
Behavioral Variables - Answers Usage Rate, Brand Loyalty, Benefit Sought
RFM - Answers Recency, Frequency, Monetary
Marketing planning - Answers set objectives, evaluate opportunities, create strategies, prepare plans
& program
4 P's of Target Market - Answers Product, Place, Price, Promotion
Direct Marketing Environment - Answers Firm Resources & Objectives, Customers, Competitive
Environment
Target Marketing - Answers Seeing everyone as different (marketing-oriented manager)
Mass marketing - Answers sees everyone as basically similar (production-oriented manager)
Market Penetration - Answers Drive increased sales of current product in existing markets, enhance
ystomer relationship (lifetime value - LTV)
Product Development - Answers new/unique benefits, create NEW markets
Customer Lifetime Value (LTV) - Answers Relationships that develop satisfied customer + Time =
Return Business (like amazon prime)
Considering international opportunities - Answers smaller world, risks involved, competitive
advantage, better trends, early start
Product Element of Marketing Mix - Answers physical characteristics, warranties, application benefits
Place Element of Marketing Mix - Answers get product to consumer at place in time in correct
quantity and condition
Promotion Element of Marketing Mix - Answers Personal selling (direct to consumer, customer
service), Mass selling (advertising (paid), publicity (unpaid)), Sales promotion (stimulate interest,
encourage trial or purchases)
Price Element of Marketing Mix - Answers price objectives, flexibility, price over life cycle, discounts
and allowances, geographic pricing terms, competition
Company - Marketing Strategy Planning - Answers Objectives and resources
Competitors - Marketing Strategy Planning - Answers Current and prospective
External Market Environment - Marketing Strategy Planning - Answers Economic, Technological,
Political & Legal, Cultural & Social
Evaluating Opportunities - Marketing Strategy Planning - Answers Screening criteria, Planning grids,
Planning for multiple products
Company Resources - Answers Financial strength, production flexibility, R&D, channel relationships,
loyal customer base, new product capability
Market situations - Answers Monopoly, Monopolistic competition, Oligopoly, Pure competition
Key Economic Forces - Answers Global Economy, Rapid Change, Interest Rates
Political Environment - Answers Political stability, Labor law, Trade Policy
Changes in Cultural and Social Environment - Answers Health consciousness, Demographic data
Industry Attractiveness & Business Strengths growth heatmap - Answers Growth occurs at high
industry attractiveness and high business strengths
Improved Product Cost trend - Answers Total cost only increases slowly with sales
Me-too Product cost trends - Answers Total cost increases proportionally with sales
Segmentation & Targeting - Answers Defining markets, dimensions to use, identifying segments and
which to target, segmentation approaches
Generic vs Product market definition - Answers Generic market = customer needs, customer types,
geographic area. Product market def also has Product type (good or service)
Marketing - Answers The creation and satisfaction of demand for a product or service
Strategy - Answers A set of ideas that outline how a product line or brand will achieve its objectives
Tactic - Answers A specific action or method that contributes to achieving a goal
8 Universal Marketing Functions - Answers Buying, Selling, Transporting, Storing, Sandardization &
Grading, Financing, Risk Taking, Market Information
5 C's - Answers Context, Competitors, Company, Collaborators, Customers
Marketing Mix - Answers Controllable variables the company uses to satisfy the target group
Target market - Answers Group of customers a company wishes to reach
Demographic profiling - Answers Age, Gender, Marital Status, Education
Geographic Variables - Answers State, Population, Climate
Psychographic Profiling - Answers Lifestyle, Values, Attitudes, Personality
Behavioral Variables - Answers Usage Rate, Brand Loyalty, Benefit Sought
RFM - Answers Recency, Frequency, Monetary
Marketing planning - Answers set objectives, evaluate opportunities, create strategies, prepare plans
& program
4 P's of Target Market - Answers Product, Place, Price, Promotion
Direct Marketing Environment - Answers Firm Resources & Objectives, Customers, Competitive
Environment
Target Marketing - Answers Seeing everyone as different (marketing-oriented manager)
Mass marketing - Answers sees everyone as basically similar (production-oriented manager)
Market Penetration - Answers Drive increased sales of current product in existing markets, enhance
ystomer relationship (lifetime value - LTV)
Product Development - Answers new/unique benefits, create NEW markets
Customer Lifetime Value (LTV) - Answers Relationships that develop satisfied customer + Time =
Return Business (like amazon prime)
Considering international opportunities - Answers smaller world, risks involved, competitive
advantage, better trends, early start
Product Element of Marketing Mix - Answers physical characteristics, warranties, application benefits
Place Element of Marketing Mix - Answers get product to consumer at place in time in correct
quantity and condition
Promotion Element of Marketing Mix - Answers Personal selling (direct to consumer, customer
service), Mass selling (advertising (paid), publicity (unpaid)), Sales promotion (stimulate interest,
encourage trial or purchases)
Price Element of Marketing Mix - Answers price objectives, flexibility, price over life cycle, discounts
and allowances, geographic pricing terms, competition
Company - Marketing Strategy Planning - Answers Objectives and resources
Competitors - Marketing Strategy Planning - Answers Current and prospective
External Market Environment - Marketing Strategy Planning - Answers Economic, Technological,
Political & Legal, Cultural & Social
Evaluating Opportunities - Marketing Strategy Planning - Answers Screening criteria, Planning grids,
Planning for multiple products
Company Resources - Answers Financial strength, production flexibility, R&D, channel relationships,
loyal customer base, new product capability
Market situations - Answers Monopoly, Monopolistic competition, Oligopoly, Pure competition
Key Economic Forces - Answers Global Economy, Rapid Change, Interest Rates
Political Environment - Answers Political stability, Labor law, Trade Policy
Changes in Cultural and Social Environment - Answers Health consciousness, Demographic data
Industry Attractiveness & Business Strengths growth heatmap - Answers Growth occurs at high
industry attractiveness and high business strengths
Improved Product Cost trend - Answers Total cost only increases slowly with sales
Me-too Product cost trends - Answers Total cost increases proportionally with sales
Segmentation & Targeting - Answers Defining markets, dimensions to use, identifying segments and
which to target, segmentation approaches
Generic vs Product market definition - Answers Generic market = customer needs, customer types,
geographic area. Product market def also has Product type (good or service)
