MKTG 301 Principles of
Marketing Exam 1
Comprehensive Questions with
Verified Answers Graded A+
Marketing - Answer: The process by which companies create value for customers and build
strong customer relationships in order to capture value for customers in return.
Four P's of Marketing - Answer: Price, Product, Place and Promotion
The Marketing Concept - Answer: Market, consumer needs, integrated marketing and profits
through consumer satisfaction.
Amazon obsessed over customers. Trying to anticipate customer needs before you even know it.
Outward-focusing - Answer: Looking out at the market
What are "customers"? - Answer: Companies, competitors, ad agencies, end consumer plus
everyone else in the supply chain.
Production concept - Answer: Consumers will prefer products that are widely available and
inexpensive. Managers focusing on this concept concentrate on achieving high production
efficiency, low costs, and mass distribution.
,Product concept - Answer: Consumers will favor those products that offer the most quality,
performance, or innovative features. Managers focusing on this concept concentrate on making
superior products and improving them over time.
The Selling concept - Answer: Factory, existing products, selling and promoting and profits
through high volume.
Beware of marketing myopia
Coupons-profiting through sales volume
Girl Scout going door to door trying to sell as many cookies as they can- not trying to get to
know customer
Marketing myopia - Answer: Being too narrowly focused
Bic- failed making perfume, no need for it (just focusing on profits)
Societal Marketing Concept - Answer: Society (human welfare)
🔼
Consumers. Company
(Want (Profits)
Satisfaction)
McDonalds- family atmosphere, not just about fast food. Films came out like supersize me...
McDonalds adjusts menu to include more salads, wraps and smoothies
, The marketing process - Answer: 1. Understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
The Marketing Mix - Answer: How marketers implement marketing strategies. Product, price,
place and promotion with consumer "touch points" in the center.
Consumer "touch points"
- Penn State sweatshirt
- ad on jumbo tron
- Starbucks cup
Loyalty - Answer: Means you are profitable and believe in the company
Wait until you go home to get hair cut
Retention - Answer: Keep going back to brand and buying
Maybe just because you have a coupon, wouldn't buy campus food without a discount
Customer equity - Answer: Customer lifetime value added up
Customer lifetime value - Answer: Total revenue customer generates for your company minus
customer acquisition cost minus customer retention costs
Marketing Exam 1
Comprehensive Questions with
Verified Answers Graded A+
Marketing - Answer: The process by which companies create value for customers and build
strong customer relationships in order to capture value for customers in return.
Four P's of Marketing - Answer: Price, Product, Place and Promotion
The Marketing Concept - Answer: Market, consumer needs, integrated marketing and profits
through consumer satisfaction.
Amazon obsessed over customers. Trying to anticipate customer needs before you even know it.
Outward-focusing - Answer: Looking out at the market
What are "customers"? - Answer: Companies, competitors, ad agencies, end consumer plus
everyone else in the supply chain.
Production concept - Answer: Consumers will prefer products that are widely available and
inexpensive. Managers focusing on this concept concentrate on achieving high production
efficiency, low costs, and mass distribution.
,Product concept - Answer: Consumers will favor those products that offer the most quality,
performance, or innovative features. Managers focusing on this concept concentrate on making
superior products and improving them over time.
The Selling concept - Answer: Factory, existing products, selling and promoting and profits
through high volume.
Beware of marketing myopia
Coupons-profiting through sales volume
Girl Scout going door to door trying to sell as many cookies as they can- not trying to get to
know customer
Marketing myopia - Answer: Being too narrowly focused
Bic- failed making perfume, no need for it (just focusing on profits)
Societal Marketing Concept - Answer: Society (human welfare)
🔼
Consumers. Company
(Want (Profits)
Satisfaction)
McDonalds- family atmosphere, not just about fast food. Films came out like supersize me...
McDonalds adjusts menu to include more salads, wraps and smoothies
, The marketing process - Answer: 1. Understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
The Marketing Mix - Answer: How marketers implement marketing strategies. Product, price,
place and promotion with consumer "touch points" in the center.
Consumer "touch points"
- Penn State sweatshirt
- ad on jumbo tron
- Starbucks cup
Loyalty - Answer: Means you are profitable and believe in the company
Wait until you go home to get hair cut
Retention - Answer: Keep going back to brand and buying
Maybe just because you have a coupon, wouldn't buy campus food without a discount
Customer equity - Answer: Customer lifetime value added up
Customer lifetime value - Answer: Total revenue customer generates for your company minus
customer acquisition cost minus customer retention costs
