MBA 706 DARRAT MARKETING EXAM 1 2026
AND 2027 CHAPTERS 1 THROUGH 7 SELECTED
COMPLETE QUESTIONS WITH VERIFIED
CORRECT ANSWERS.
◎ What is the AMA definition of marketing?. ANSWER:- Marketing 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.
◎ What is Professor Philip Kotler definition of marketing?. ANSWER:- Marketing is:
To create, to communicate, and to deliver value to a target market at a profit
◎ CCDVTP Stands for. ANSWER:- This is Professors Philip Kotler definition of
marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
◎ What is the traditionally Marketing Mix? (ORDER IS IMPOTANT ). ANSWER:- The
4Ps, with product being first and the most important
- Product
- Price
- Place
- Promotion
◎ a set of marketing tools that the firm uses to pursue its marketing objectives in the
target. ANSWER:- Marketing mix
◎ If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition
we would get:. ANSWER:- Product -->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate
◎ _______ are the tools that firms can use/manipulate to achieve their goals and are
the foundation of the marketing framework. ANSWER:- traditional 4ps
◎ list some examples of additional 4ps. ANSWER:- personnel, personality of a
store/brand
, people--> employees
physical evidence --> inside the store
Process Management --) shopping experience
◎ Decisions on the 4Ps affect ___ buys from the firm and _____ they buy, and
ultimately the profitability of the firm.. ANSWER:- who; how many
◎ In a very simple economic model: a retailer's profits =. ANSWER:- sales revenue -
costs
◎ What is the formula for sales revenue?. ANSWER:- Price * Qty for 1 product
◎ determined by consumers. They will consider price (budget), product itself (utilities),
place (physical energy required), promotion (budget), competitor's offerings, & other
factors.. ANSWER:- Quantity
◎ Costs associated with selling goods. ANSWER:- costs
◎ What are the differences between customer needs and wants?. ANSWER:- Needs--
necessities (water)
Wants -- desires (Ferrari)
◎ Marketing entails an exchange of what?. ANSWER:- Money, goods, information
◎ what does the external environment influence ?. ANSWER:- consumer behavior,
firms decisions on P4, and firm's performance and competitors profitability
◎ The marketing mix is influenced by. ANSWER:- the external environment(political,
environment, social and technological), consumers and competitors
◎ Competitors are influenced by. ANSWER:- consumers and external environment
◎ Define "open technology" or "open innovation". ANSWER:- From Philip Kotler: Find
the best ideas, wherever they come from!
◎ What's new about customer management?. ANSWER:- From Philp Kotler: We want
to know the customers--not just have them in a database. We want to co-create our
products and ads with our customers!
◎ What are the 5 stages of the management process?. ANSWER:- •Stage 1: strategic
and marketing analysis(where are we now?)
•Stage 2: strategic direction and strategy formulation(where do we want to be?)
•Stage 3: develop alternatives(how might we get there?)
•Stage 4: evaluation of alternatives(which way is best?)
•Stage 5: strategy implementation, monitoring, and control.(how can we ensure arrival?)
AND 2027 CHAPTERS 1 THROUGH 7 SELECTED
COMPLETE QUESTIONS WITH VERIFIED
CORRECT ANSWERS.
◎ What is the AMA definition of marketing?. ANSWER:- Marketing 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.
◎ What is Professor Philip Kotler definition of marketing?. ANSWER:- Marketing is:
To create, to communicate, and to deliver value to a target market at a profit
◎ CCDVTP Stands for. ANSWER:- This is Professors Philip Kotler definition of
marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
◎ What is the traditionally Marketing Mix? (ORDER IS IMPOTANT ). ANSWER:- The
4Ps, with product being first and the most important
- Product
- Price
- Place
- Promotion
◎ a set of marketing tools that the firm uses to pursue its marketing objectives in the
target. ANSWER:- Marketing mix
◎ If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition
we would get:. ANSWER:- Product -->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate
◎ _______ are the tools that firms can use/manipulate to achieve their goals and are
the foundation of the marketing framework. ANSWER:- traditional 4ps
◎ list some examples of additional 4ps. ANSWER:- personnel, personality of a
store/brand
, people--> employees
physical evidence --> inside the store
Process Management --) shopping experience
◎ Decisions on the 4Ps affect ___ buys from the firm and _____ they buy, and
ultimately the profitability of the firm.. ANSWER:- who; how many
◎ In a very simple economic model: a retailer's profits =. ANSWER:- sales revenue -
costs
◎ What is the formula for sales revenue?. ANSWER:- Price * Qty for 1 product
◎ determined by consumers. They will consider price (budget), product itself (utilities),
place (physical energy required), promotion (budget), competitor's offerings, & other
factors.. ANSWER:- Quantity
◎ Costs associated with selling goods. ANSWER:- costs
◎ What are the differences between customer needs and wants?. ANSWER:- Needs--
necessities (water)
Wants -- desires (Ferrari)
◎ Marketing entails an exchange of what?. ANSWER:- Money, goods, information
◎ what does the external environment influence ?. ANSWER:- consumer behavior,
firms decisions on P4, and firm's performance and competitors profitability
◎ The marketing mix is influenced by. ANSWER:- the external environment(political,
environment, social and technological), consumers and competitors
◎ Competitors are influenced by. ANSWER:- consumers and external environment
◎ Define "open technology" or "open innovation". ANSWER:- From Philip Kotler: Find
the best ideas, wherever they come from!
◎ What's new about customer management?. ANSWER:- From Philp Kotler: We want
to know the customers--not just have them in a database. We want to co-create our
products and ads with our customers!
◎ What are the 5 stages of the management process?. ANSWER:- •Stage 1: strategic
and marketing analysis(where are we now?)
•Stage 2: strategic direction and strategy formulation(where do we want to be?)
•Stage 3: develop alternatives(how might we get there?)
•Stage 4: evaluation of alternatives(which way is best?)
•Stage 5: strategy implementation, monitoring, and control.(how can we ensure arrival?)
