MKT 305 Final Exam Questions with Correct Answers Latest Update 2025/2026
Elements of the Marketing Mix - Answers Product, Place, Promotion, Price
Product - Answers - physical good
- services
- features
- benefits
- quality level
- accessories
- installation
- instructions
- warranty
- product lines
- packaging
- branding
Place - Answers - objectives
- channel type
- market exposure
- kinds of intermediaries
- kinds/locations of stores
- how to handle transporting and storing
- service levels
- recruiting intermediaries
- managing channels
Promotion - Answers - objectives
- promotion blend
, - salespeople (kind, number, selection, training, motivation)
- advertising (targets, kinds of ads, media type, copy thrust, prepared by whom)
- publicity
- sales promotion
Price - Answers - objectives
- flexibility
- level over product life cycle
- geographic terms
- discounts
- allowances
3 approaches to market-oriented strategic planning - Answers 1. Single Target Market Approach
2. Multiple target market approach
3. A Combiner
Single Target Market Approach - Answers 1 segment, 1 strategy
Multiple target market Approach - Answers multiple segments, specific strategies for each
segment
Combiner - Answers aims at 2+ segments, with 1 marketing mix
Elements of the External Market Environment - Answers 1. Economic
2. Social and Cultural
3. Technology
4. Political and Legal
Influences on Consumer Behavior - Answers 1. Economic Needs
2. Psychological Variables
3. Social Influences
4. Culture & Ethnicity
5. Purchase Situation
Elements of the Marketing Mix - Answers Product, Place, Promotion, Price
Product - Answers - physical good
- services
- features
- benefits
- quality level
- accessories
- installation
- instructions
- warranty
- product lines
- packaging
- branding
Place - Answers - objectives
- channel type
- market exposure
- kinds of intermediaries
- kinds/locations of stores
- how to handle transporting and storing
- service levels
- recruiting intermediaries
- managing channels
Promotion - Answers - objectives
- promotion blend
, - salespeople (kind, number, selection, training, motivation)
- advertising (targets, kinds of ads, media type, copy thrust, prepared by whom)
- publicity
- sales promotion
Price - Answers - objectives
- flexibility
- level over product life cycle
- geographic terms
- discounts
- allowances
3 approaches to market-oriented strategic planning - Answers 1. Single Target Market Approach
2. Multiple target market approach
3. A Combiner
Single Target Market Approach - Answers 1 segment, 1 strategy
Multiple target market Approach - Answers multiple segments, specific strategies for each
segment
Combiner - Answers aims at 2+ segments, with 1 marketing mix
Elements of the External Market Environment - Answers 1. Economic
2. Social and Cultural
3. Technology
4. Political and Legal
Influences on Consumer Behavior - Answers 1. Economic Needs
2. Psychological Variables
3. Social Influences
4. Culture & Ethnicity
5. Purchase Situation
