MAR 3023 Exam 1 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
What is marketing - CORRECT ANSWER process by which companies determine what
products or services may be of interest to costumers
Marketing is about - CORRECT ANSWER - products and customers
- why you buy a product
Tha aim of marketing - CORRECT ANSWER to know and understand costumers so well that
the product or service fits them and sells itself.
Great products - CORRECT ANSWER identify unmet consumer needs and then develop
products that fill those needs
Great marketers - CORRECT ANSWER 1. Develop products that people want or need
2. Price then at a level that maximized profit
3. Distribute them everywhere consumers are
Why is marketing misunderstood - CORRECT ANSWER most people think of marketing as
advertising
Why is the visible side of marketing needed - CORRECT ANSWER 1. Time/reality
2. Its powerful
3. Works well
History of marketing - CORRECT ANSWER 1. Simple trade era
2. Production era
3. Sales era
4. The marketing era
5. Relationship marketing era
, 6. Societal marketing era
Simple trade era (pre- 1860s) - CORRECT ANSWER Products were made by hand, grown, or
traded in small quantities
Production era (1860s-1920s) - CORRECT ANSWER - inward focus, technical development.
- sellers market, demand exceeded supply
- cheap and efficient
Sales era (1920s-1940s) - CORRECT ANSWER "Changing their minds"
Focus on:
Sell what we make
Aggressive promotion
Short-term profit maximization
The marketing era (1940s - 1990s) - CORRECT ANSWER The "great awakening" where
customers became the central focus of the organization
Began with the development of marketing departments (1940-1960) and then transferred to the rest of
the firm (1960-1990)
Focus on:
Customer is the key — "delight"
Make what we sell
Relationship marketing era (1990s- 2010) - CORRECT ANSWER Focus is on long-term
relationships & customer retention.
Societal marketing era (2010- present) - CORRECT ANSWER "Green Marketing"
Focus on:
QUESTIONS AND CORRECT ANSWERS
What is marketing - CORRECT ANSWER process by which companies determine what
products or services may be of interest to costumers
Marketing is about - CORRECT ANSWER - products and customers
- why you buy a product
Tha aim of marketing - CORRECT ANSWER to know and understand costumers so well that
the product or service fits them and sells itself.
Great products - CORRECT ANSWER identify unmet consumer needs and then develop
products that fill those needs
Great marketers - CORRECT ANSWER 1. Develop products that people want or need
2. Price then at a level that maximized profit
3. Distribute them everywhere consumers are
Why is marketing misunderstood - CORRECT ANSWER most people think of marketing as
advertising
Why is the visible side of marketing needed - CORRECT ANSWER 1. Time/reality
2. Its powerful
3. Works well
History of marketing - CORRECT ANSWER 1. Simple trade era
2. Production era
3. Sales era
4. The marketing era
5. Relationship marketing era
, 6. Societal marketing era
Simple trade era (pre- 1860s) - CORRECT ANSWER Products were made by hand, grown, or
traded in small quantities
Production era (1860s-1920s) - CORRECT ANSWER - inward focus, technical development.
- sellers market, demand exceeded supply
- cheap and efficient
Sales era (1920s-1940s) - CORRECT ANSWER "Changing their minds"
Focus on:
Sell what we make
Aggressive promotion
Short-term profit maximization
The marketing era (1940s - 1990s) - CORRECT ANSWER The "great awakening" where
customers became the central focus of the organization
Began with the development of marketing departments (1940-1960) and then transferred to the rest of
the firm (1960-1990)
Focus on:
Customer is the key — "delight"
Make what we sell
Relationship marketing era (1990s- 2010) - CORRECT ANSWER Focus is on long-term
relationships & customer retention.
Societal marketing era (2010- present) - CORRECT ANSWER "Green Marketing"
Focus on:
