MKT 301 EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MKT 301 EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 Marketing - Answers Process of creating value for customers and building strong customer relationships to capture value in return Marketing Process - Answers Understand customer needs → design marketing strategy → construct marketing mix → build relationships → capture value Customer Needs - Answers Basic human requirements such as food, safety, and belonging Customer Wants - Answers Needs shaped by culture and personality Customer Demands - Answers Wants backed by buying power Segmentation - Answers Dividing a market into distinct groups of buyers Targeting - Answers Selecting which market segments to serve Positioning - Answers Designing a company's offering and image to occupy a meaningful place in customers' minds Product - Answers Goods or services offered to satisfy customer needs Price - Answers Amount of money customers must pay to obtain a product Place - Answers Distribution channels that make the product available to customers Promotion - Answers Activities that communicate the product's value to customers Customer Satisfaction - Answers When product performance meets customer expectations Customer Delight - Answers When product performance exceeds customer expectations Product-Oriented Mission - Answers Mission statement that focuses on the product rather than customer needs Market-Oriented Mission - Answers Mission statement that focuses on satisfying customer needs and building relationships Market Share - Answers Company sales divided by total market sales Market Penetration - Answers Increasing sales of existing products in existing markets Product Development - Answers Offering new products to existing markets Market Development - Answers Selling existing products to new markets Diversification - Answers Offering new products to new markets BCG Matrix - Answers Portfolio analysis tool classifying products as Stars, Cash Cows, Question Marks, or Dogs Stars - Answers Products with high market share in high-growth markets Cash Cows - Answers Products with high market share in low-growth markets Question Marks - Answers Products with low market share in high-growth markets Dogs - Answers Products with low market share in low-growth markets Microenvironment - Answers Factors close to the company such as suppliers, competitors, and marketing intermediaries Macroenvironment - Answers Larger societal forces that affect the company including demographic, economic, natural, technological, political, and cultural factors SWOT Analysis - Answers Tool used to evaluate strengths, weaknesses, opportunities, and threats Strengths - Answers Internal positive factors of a company Weaknesses - Answers Internal negative factors of a company Opportunities - Answers External positive factors that a company can take advantage of Threats - Answers External negative factors that could harm a company Marketing Research - Answers Systematic design, collection, analysis, and reporting of data relevant to a marketing situation Marketing Research Process - Answers Define problem and objectives → develop research plan → collect and analyze data → interpret and report findings Exploratory Research - Answers Gathers preliminary information to help define problems and suggest hypotheses Descriptive Research - Answers Describes market characteristics or consumer behavior Causal Research - Answers Tests cause-and-effect relationships Primary Data - Answers Information collected firsthand for a specific research project Secondary Data - Answers Information that already exists and was collected for another purpose Survey - Answers Primary data collection method that asks people questions about attitudes, preferences, or behavior Observation - Answers Collecting data by watching consumer behavior Focus Group - Answers Small group discussion used for exploratory research