MKT 301 Exam 1
Comprehensive Questions with
Verified Answers Graded A+
Marketing: - Answer: the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large
To serve both buyers and sellers, marketing seeks - Answer: 1) to discover the needs and wants
of prospective customers
2) to satisfy them
The key to achieving these two objectives is the idea of _______, which is the trade of things of
value between a buyer and a seller so that each is better off after the trade. - Answer: exchange
for marketing to occur, at least four factors are required - Answer: (1) two or more parties
(individuals or organizations) with unsatisfied needs,
(2) a desire and ability on their part to have their needs satisfied,
(3) a way for the parties to communicate, and (4) something to exchange.
Although an organization's marketing activity focuses on _______ and _______ consumer needs
- Answer: assessing, satisfying
The first objective in marketing is _______ _______
, _______ _______ _______ _______ Marketers often use customers surveys, concept tests, and
other forms of marketing research (discussed in detail in Chapter 8) to better understand
customer ideas - Answer: discovering the needs of prospective customers
Should marketing try to satisfy consumer needs or consumer wants? - Answer: Marketing tries
to do both
market: - Answer: is people with both the desire and the ability to buy a specific offering
_______ _______ make up a market, which is people with both the desire and the ability to buy
a specific offering. All markets ultimately are people. Even when we say a firm bought a Xerox
copier, we mean one or several people in the firm decided to buy it. - Answer: potential
consumers
Because the organization obviously can't satisfy all consumer needs, it must concentrate its
efforts on certain needs of a specific group of potential consumers. This is the _______ _______
—one or more specific groups of potential consumers toward which an organization directs its
marketing program. - Answer: target market
The Four Ps: Controllable Marketing Mix Factors - Answer: 1.. Product. A good, service, or idea
to satisfy the consumer's needs.
2. Price. What is exchanged for the product.
3. Promotion. A means of communication between the seller and buyer.
4. Place. A means of getting the product to the consumer.
Marketing mix - Answer: The controllable factors - product, price, promotion, and place - that
can be used by the marketing managers to solve a marketing problem.
Comprehensive Questions with
Verified Answers Graded A+
Marketing: - Answer: the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society
at large
To serve both buyers and sellers, marketing seeks - Answer: 1) to discover the needs and wants
of prospective customers
2) to satisfy them
The key to achieving these two objectives is the idea of _______, which is the trade of things of
value between a buyer and a seller so that each is better off after the trade. - Answer: exchange
for marketing to occur, at least four factors are required - Answer: (1) two or more parties
(individuals or organizations) with unsatisfied needs,
(2) a desire and ability on their part to have their needs satisfied,
(3) a way for the parties to communicate, and (4) something to exchange.
Although an organization's marketing activity focuses on _______ and _______ consumer needs
- Answer: assessing, satisfying
The first objective in marketing is _______ _______
, _______ _______ _______ _______ Marketers often use customers surveys, concept tests, and
other forms of marketing research (discussed in detail in Chapter 8) to better understand
customer ideas - Answer: discovering the needs of prospective customers
Should marketing try to satisfy consumer needs or consumer wants? - Answer: Marketing tries
to do both
market: - Answer: is people with both the desire and the ability to buy a specific offering
_______ _______ make up a market, which is people with both the desire and the ability to buy
a specific offering. All markets ultimately are people. Even when we say a firm bought a Xerox
copier, we mean one or several people in the firm decided to buy it. - Answer: potential
consumers
Because the organization obviously can't satisfy all consumer needs, it must concentrate its
efforts on certain needs of a specific group of potential consumers. This is the _______ _______
—one or more specific groups of potential consumers toward which an organization directs its
marketing program. - Answer: target market
The Four Ps: Controllable Marketing Mix Factors - Answer: 1.. Product. A good, service, or idea
to satisfy the consumer's needs.
2. Price. What is exchanged for the product.
3. Promotion. A means of communication between the seller and buyer.
4. Place. A means of getting the product to the consumer.
Marketing mix - Answer: The controllable factors - product, price, promotion, and place - that
can be used by the marketing managers to solve a marketing problem.
