MKT 305 Exam questions and
answers graded 100%
marketing mix - ANS✅✅The marketing manager's controllable factors, product, price, promotion,
and place, that can be used to solve a marketing problem
market segmentation - ANS✅✅The relatively homogeneous groups of prospective buyers that (1)
have common needs and (2) will respond similaly to a marketing action. P12
mission statement - ANS✅✅Broad core value of the company
target market - ANS✅✅One or more specific groups of potential consumers toward which an
organization directs its marketing program.
market - ANS✅✅People with both the desire and the ability to buy a specific offering.
marketing - ANS✅✅Activity for creating, communicating, delivering, and exchanging offerings that
benefits its customers, the organization, its stakeholders, and society at large.
marketing exchange - ANS✅✅the trade of things of value between a buyer and seller so that each
is better off after the trade
needs/wants - ANS✅✅Marketing tries to satisfy both consumer needs and consumer wants
functional level of organization - ANS✅✅where groups of specialists actually create value for the
organization, generally refers to as a department (marketing, finance, HR, etc). at functional level,
organization's strategic directions becomes its most specific and focused.
code of ethics - ANS✅✅formal statement of ethical principles and rules of conduct. typically
address contribution to government officials and political parties, consumer and suppliers relations,
conflict of interest, and accurate recordkeeping.
Four P's - ANS✅✅Ways for marketing managers to reach their target market by using a
combination of 4 elements; Product, Price, Promotion and Place
, market share - ANS✅✅The ratio of sales revenue of the firm to the total sales revenue of all firms
in the industry, including the firm itself.
profit - ANS✅✅The money left over after a for-profit organization subtracts its total expenses from
its total revenues and is the reward for the risk it undertakes in marketing its offerings
sales revenue - ANS✅✅Average price of a firm's product*Quantity sold
dollar market share (%)= - ANS✅✅Companies sales($)/Total industry sales($)
competitive advantage - ANS✅✅Unique strength relative to competitors that provide superior
returns, often based on quality, time, cost or innovation
BCG business portfolio analysis matrix - ANS✅✅A technique that managers use to quantify
performance measures and growth targets to analyze their firms' strategic business units (SBUs) as
though they were a collection of separate investments.
cash cow - ANS✅✅SBUs that generate large amounts of cash, far more than they can use. They
have dominant share of slow-growth market and
star - ANS✅✅SBUs with high share of high-growth markets that may need extra cash to finance
their own rapid future growth. When growth slows, likely to become cash cows.
dog - ANS✅✅SBUs with low share of slow-growth markets. they may generate enough cash to
sustain itself but may not become real winners(stars,cash cows)
product development - ANS✅✅Marketing strategy of selling new products to current markets. Ex:
Ben & Jerry could leverage its brand by selling children's clothes.
diversification - ANS✅✅Marketing strategy of developing new products and selling them in new
markets. Potentially high-risk strategy.
market saturation - ANS✅✅A situation that arises when the volume of a product or service in a
marketplace has been maximized in its current state. At the point of saturation, a company can only
answers graded 100%
marketing mix - ANS✅✅The marketing manager's controllable factors, product, price, promotion,
and place, that can be used to solve a marketing problem
market segmentation - ANS✅✅The relatively homogeneous groups of prospective buyers that (1)
have common needs and (2) will respond similaly to a marketing action. P12
mission statement - ANS✅✅Broad core value of the company
target market - ANS✅✅One or more specific groups of potential consumers toward which an
organization directs its marketing program.
market - ANS✅✅People with both the desire and the ability to buy a specific offering.
marketing - ANS✅✅Activity for creating, communicating, delivering, and exchanging offerings that
benefits its customers, the organization, its stakeholders, and society at large.
marketing exchange - ANS✅✅the trade of things of value between a buyer and seller so that each
is better off after the trade
needs/wants - ANS✅✅Marketing tries to satisfy both consumer needs and consumer wants
functional level of organization - ANS✅✅where groups of specialists actually create value for the
organization, generally refers to as a department (marketing, finance, HR, etc). at functional level,
organization's strategic directions becomes its most specific and focused.
code of ethics - ANS✅✅formal statement of ethical principles and rules of conduct. typically
address contribution to government officials and political parties, consumer and suppliers relations,
conflict of interest, and accurate recordkeeping.
Four P's - ANS✅✅Ways for marketing managers to reach their target market by using a
combination of 4 elements; Product, Price, Promotion and Place
, market share - ANS✅✅The ratio of sales revenue of the firm to the total sales revenue of all firms
in the industry, including the firm itself.
profit - ANS✅✅The money left over after a for-profit organization subtracts its total expenses from
its total revenues and is the reward for the risk it undertakes in marketing its offerings
sales revenue - ANS✅✅Average price of a firm's product*Quantity sold
dollar market share (%)= - ANS✅✅Companies sales($)/Total industry sales($)
competitive advantage - ANS✅✅Unique strength relative to competitors that provide superior
returns, often based on quality, time, cost or innovation
BCG business portfolio analysis matrix - ANS✅✅A technique that managers use to quantify
performance measures and growth targets to analyze their firms' strategic business units (SBUs) as
though they were a collection of separate investments.
cash cow - ANS✅✅SBUs that generate large amounts of cash, far more than they can use. They
have dominant share of slow-growth market and
star - ANS✅✅SBUs with high share of high-growth markets that may need extra cash to finance
their own rapid future growth. When growth slows, likely to become cash cows.
dog - ANS✅✅SBUs with low share of slow-growth markets. they may generate enough cash to
sustain itself but may not become real winners(stars,cash cows)
product development - ANS✅✅Marketing strategy of selling new products to current markets. Ex:
Ben & Jerry could leverage its brand by selling children's clothes.
diversification - ANS✅✅Marketing strategy of developing new products and selling them in new
markets. Potentially high-risk strategy.
market saturation - ANS✅✅A situation that arises when the volume of a product or service in a
marketplace has been maximized in its current state. At the point of saturation, a company can only
