UGA ACTUAL EXAM PAPER QUESTIONS
WITH ANSWERS GRADED A PLUS
>> What is marketing?
Answer: Meeting customers' needs profitably
>> To market, a firm must:
Answer: - decide WHO they're talking to (target market)
>> What are the 4P's of marketing?
Answer: Product, Price, Place, Promotion
>> How does a firm create value?
Answer: Product
>> Product is:
Answer: How a firm creates value of:
>> What do we call everything that a buyer gives up?
Answer: Price
>> Price is:
Answer: Everything a buyer gives up
>> How do firms deliver value?
Answer: Place
>> How do marketers create value through the 4P's (price, product, place, promotion)?
Answer: Through the Marketing Mix
>> Place is:
Answer: How value is delivered
>> How do firms communicate value?
Answer: Promotion
>> T or F: Marketing=Advertising
Answer: FALSE
, >> Promotion is:
Answer: How a firm informs, persuades, and reminds customers
>> What are the 3 types of marketing relationships?
Answer: B2C - Business to Consumer
>> What is an example of a B2C (business to consumer) marketing relationship?
Answer: Nike to you
>> What is an example of a B2B (business to business) marketing relationship?
Answer: Supplier to Kroger
>> What is an example of a C2C (consumer to consumer) marketing relationship?
Answer: Facebook Marketplace, eBay
>> What is Sustainable Competitive Advantage (SCA)?
Answer: An advantage a firm has that is NOT EASILY COPIED
>> What are the 4 types of Sustainable Competitive Advantage?
Answer: 1. Customer Excellence
>> How would a firm have a Sustainable Competitive Advantage through Customer Excellence?
Answer: -great customer service
>> How would a firm have a Sustainable Competitive Advantage through Operational Excellence?
Answer: -strong supply chains
>> How would a firm have a Sustainable Competitive Advantage through Product Excellence?
Answer: -strong branding
>> How would a firm have a Sustainable Competitive Advantage through Locational Excellence?
Answer: -easy access
>> What are the 4 Growth Strategies?
Answer: 1. Market Penetration
>> What are the 4 Growth Strategies based on?
Answer: new vs existing products
>> The growth strategy of Market Penetration involves:
Answer: Getting CURRENT customers to BUY MORE
WITH ANSWERS GRADED A PLUS
>> What is marketing?
Answer: Meeting customers' needs profitably
>> To market, a firm must:
Answer: - decide WHO they're talking to (target market)
>> What are the 4P's of marketing?
Answer: Product, Price, Place, Promotion
>> How does a firm create value?
Answer: Product
>> Product is:
Answer: How a firm creates value of:
>> What do we call everything that a buyer gives up?
Answer: Price
>> Price is:
Answer: Everything a buyer gives up
>> How do firms deliver value?
Answer: Place
>> How do marketers create value through the 4P's (price, product, place, promotion)?
Answer: Through the Marketing Mix
>> Place is:
Answer: How value is delivered
>> How do firms communicate value?
Answer: Promotion
>> T or F: Marketing=Advertising
Answer: FALSE
, >> Promotion is:
Answer: How a firm informs, persuades, and reminds customers
>> What are the 3 types of marketing relationships?
Answer: B2C - Business to Consumer
>> What is an example of a B2C (business to consumer) marketing relationship?
Answer: Nike to you
>> What is an example of a B2B (business to business) marketing relationship?
Answer: Supplier to Kroger
>> What is an example of a C2C (consumer to consumer) marketing relationship?
Answer: Facebook Marketplace, eBay
>> What is Sustainable Competitive Advantage (SCA)?
Answer: An advantage a firm has that is NOT EASILY COPIED
>> What are the 4 types of Sustainable Competitive Advantage?
Answer: 1. Customer Excellence
>> How would a firm have a Sustainable Competitive Advantage through Customer Excellence?
Answer: -great customer service
>> How would a firm have a Sustainable Competitive Advantage through Operational Excellence?
Answer: -strong supply chains
>> How would a firm have a Sustainable Competitive Advantage through Product Excellence?
Answer: -strong branding
>> How would a firm have a Sustainable Competitive Advantage through Locational Excellence?
Answer: -easy access
>> What are the 4 Growth Strategies?
Answer: 1. Market Penetration
>> What are the 4 Growth Strategies based on?
Answer: new vs existing products
>> The growth strategy of Market Penetration involves:
Answer: Getting CURRENT customers to BUY MORE
