MAR 3023 EXAM 1 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
1. What is Marketing?
Answer:
Really just about products and customers
Question:
2. Is the right price always the low price?
Answer:
No, the right price is not always the low price
Question:
3. What are the 4 Ps of Marketing?
Answer:
Product, Price, Place, Promotion
Question:
4. Who coined Marketing Myopia and when?
Answer:
Theodore Levitt in 1960
Question:
5. What does Marketing Myopia mean?
Answer:
Lacking imagination; focusing on selling products/services instead of solving customer problems
Question:
6. What are the 3 steps in marketing strategy?
Answer:
1) Develop products people want/need 2) Price them at a level that maximizes profits 3) Distribute (place)
them to where consumers are
Question:
7. What is the Simple Trade Era?
Answer:
Pre-1860s; products made by hand, grown, or traded in small amounts until the Industrial Revolution
Question:
8. What is the Production Era?
Answer:
Pre-1920s; inward focus, technical developments, efficiency, sellers' market (demand > supply)
, Question:
9. What is the Sales Era?
Answer:
1920s; "sell what we make," changing minds, aggressive promotion, short-term profit focus
Question:
10. What is the Marketing Era?
Answer:
1940s-1990s; customer focus, marketing orientation, creating products/services to satisfy needs, "make
what we sell"
Question:
11. What is the Relationship Marketing Era?
Answer:
1990s-2010; focus on long-term relationships & retention, 5% retention increase = up to 95% profitability,
repeat customers > 2x revenue of new customers, engaged customers generate 1.7x more revenue
Question:
12. What is the Societal Marketing Era?
Answer:
1960s-Present; "green marketing," focus on society's best interest, corporate social responsibility, firm
serves company, customers, society
Question:
13. What is the Marketing Mix?
Answer:
The 4 Ps: Product, Price, Place, Promotion
Question:
14. What is a Product?
Answer:
Goods, services, or ideas a company offers; includes features, design, packaging, branding
Question:
15. What is Place (Distribution)?
Answer:
Method and channels a company uses to make products available to customers
Question:
16. What is Promotion?
Answer:
Methods to communicate with and persuade customers (advertising, PR, personal selling, sales promotion,
guerrilla, viral, experimental marketing)
Question:
17. What is Pricing?
CORRECT ANSWERS
Question:
1. What is Marketing?
Answer:
Really just about products and customers
Question:
2. Is the right price always the low price?
Answer:
No, the right price is not always the low price
Question:
3. What are the 4 Ps of Marketing?
Answer:
Product, Price, Place, Promotion
Question:
4. Who coined Marketing Myopia and when?
Answer:
Theodore Levitt in 1960
Question:
5. What does Marketing Myopia mean?
Answer:
Lacking imagination; focusing on selling products/services instead of solving customer problems
Question:
6. What are the 3 steps in marketing strategy?
Answer:
1) Develop products people want/need 2) Price them at a level that maximizes profits 3) Distribute (place)
them to where consumers are
Question:
7. What is the Simple Trade Era?
Answer:
Pre-1860s; products made by hand, grown, or traded in small amounts until the Industrial Revolution
Question:
8. What is the Production Era?
Answer:
Pre-1920s; inward focus, technical developments, efficiency, sellers' market (demand > supply)
, Question:
9. What is the Sales Era?
Answer:
1920s; "sell what we make," changing minds, aggressive promotion, short-term profit focus
Question:
10. What is the Marketing Era?
Answer:
1940s-1990s; customer focus, marketing orientation, creating products/services to satisfy needs, "make
what we sell"
Question:
11. What is the Relationship Marketing Era?
Answer:
1990s-2010; focus on long-term relationships & retention, 5% retention increase = up to 95% profitability,
repeat customers > 2x revenue of new customers, engaged customers generate 1.7x more revenue
Question:
12. What is the Societal Marketing Era?
Answer:
1960s-Present; "green marketing," focus on society's best interest, corporate social responsibility, firm
serves company, customers, society
Question:
13. What is the Marketing Mix?
Answer:
The 4 Ps: Product, Price, Place, Promotion
Question:
14. What is a Product?
Answer:
Goods, services, or ideas a company offers; includes features, design, packaging, branding
Question:
15. What is Place (Distribution)?
Answer:
Method and channels a company uses to make products available to customers
Question:
16. What is Promotion?
Answer:
Methods to communicate with and persuade customers (advertising, PR, personal selling, sales promotion,
guerrilla, viral, experimental marketing)
Question:
17. What is Pricing?
