MKTG 361 EXAM 1 STUDY GUIDE UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MKTG 361 EXAM 1 STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS

Question:
1. ___________ is an organizational function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders
Answer:
Marketing

Question:
2. Marketing is about satisfying _______ and _______.
Answer:
Needs and wants

Question:
3. 4 P's (Product, Price, Place, Promotion)
Answer:
4 Components of Mktg Mix

Question:
4. Who can perform mktg?
Answer:
Individuals and organizations

Question:
5. Production, sales, market, and value-based
Answer:
4 eras of marketing

Question:
6. Does providing good value mean selling at low price?
Answer:
No, it's about creating strong products and services

Question:
7. 5 Factors that emphasize the importance of mktg __________.
Answer:
expands global presence, pervasive across supply chain, makes life easier, enriches society, entrepreneurial

Question:
8. A firm doing the right thing emphasizes the importance of mktg to _______.
Answer:
society

, Question:
9. Exchange is _________.
Answer:
is the trade of things of value between the buyer and the seller so that each is better off as a result

Question:
10. Goods are ________.
Answer:
items you can physically touch.

Question:
11. Services are ________.
Answer:
intangible customer benefits that are produced by people or machines and cannot be separated from the
producer.

Question:
12. Ideas __________.
Answer:
include thoughts, opinions, and philosophies, and intellectual concepts which can be marketed.

Question:
13. Supply chain is ________.
Answer:
the group of firms that make and deliver a given set of goods and services

Question:
14. Value ________.
Answer:
reflects the relationship of benefits to costs

Question:
15. The components of a mktg strategy are to:
Answer:
Identify a firm's target market, related marketing mix (their four Ps) and the bases upon which the firm
plans to build a sustainable competitive advantage

Question:
16. Customer excellence, operational excellence, product excellence, locational excellence are the
_______.
Answer:
4 Macro Strategies that help a firm develop sustainable competitive advantage

Question:
17. What are the five steps in creating a marketing plan?