MKTG 311 Exam 1 Study Guide
Updated Questions And Answers With
100% Correct Answers Graded A+
QUESTIONS AND ANSWERS
Definition of marketing. ANSWER - the process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
Marketing intermediaries. ANSWER - firms that help the company to promote, sell, and
distribute its goods to final buyers; example includes advertising agency
Evolution of Marketing. ANSWER - 1. Simple Trade Era (pre-Industrial revolution)
2. Production Era (1860s-1920s)
3. Sales Era (1920s-1940s)
4. Marketing Dept Era (1940s-1960s)
5. Marketing Company Era (1960s-1990s)
6. Relationship Marketing Era (1990s-2010)
7. Social Marketing Era (2010-present)
Marketing Management. ANSWER - the art and science of choosing target markets and
building profitable relationships with them
Value proposition. ANSWER - the set of benefits or values it promises to deliver to
consumers to satisfy their needs
What are the 5 Marketing Management Orientations?. ANSWER - 1. Product Concept
2. Societal Concept
3. Marketing Concept
4. Production Concept
5. Selling Concept
,Production Concept Marketing. ANSWER - assumes that customers want affordable
products, so focuses on availability and cheapness
- Fits well with mass production
- Does not consider customer needs/wants
Product Concept Marketing. ANSWER - assumes customers want quality, not cheap
- Doesn't take customers' wants/needs into account
Sales Concept Marketing. ANSWER - aggressively taking existing products and pushing
the customers to buy them
- Doesn't consider what the customer WANTS
Marketing Orientation Concept. ANSWER - learn what the target demographic wants and
work to satisfy those wants better than the competition
- Focuses on marketing strategy
- Keeps customer in mind
Societal Orientation Concept. ANSWER - puts human welfare on top before profits and
satisfying the wants
- emphasizes on social responsibilities and suggests that to sustain long term success, the
company should develop a marketing strategy to provide value to the customers to
maintain/improve both the customers and society's well being better than the competitors
What are the steps to the marketing process?. ANSWER - 1. Marketing Strategy
Formation
2. Marketing Planning
3. Programming, Allocating, and Budgeting
4. Implementation
5. Analysis and Research (done before the first four steps)
6. Monitoring and Auditing
Marketing strategy formation. ANSWER - - Long term goals (mission
statement/corporate objects)
- approach to marketplace
- What customer groups? Define target audience and their wants
- Value creation
, - Industry opportunities (5C analysis, SWOT analysis, PEST analysis)
Marketing PLanning. ANSWER - - time horizon
- how often to rework plan?
Programming, Allocating, and Budgeting. ANSWER - - Set measurable goals
- Detailed Plans
- Yearly time frame
- Resource allocation and develop budget
Implementation. ANSWER - Program execution
Analysis and Research. ANSWER - - Gather internal and external data to support the first
four steps
- Prepare before the first four steps
- Ongoing
Monitoring and Auditing. ANSWER - - Evaluate results
- Develop corrective actions plans as needed
Strategic planning. ANSWER - the process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing opportunities
Steps in Company Wide Strategic Planning. ANSWER - 1. Corporate Level
1a. Define company mission
1b. Set company objective and goals
1c. Design the business portfolio
2. Business unit, product, and market level
2a. Plan marketing and other functional strategies
-Company-wide strategic planning guides marketing strategy and planning
Mission statement. ANSWER - organization's purpose; what it wants to accomplish in the
larger environment
Updated Questions And Answers With
100% Correct Answers Graded A+
QUESTIONS AND ANSWERS
Definition of marketing. ANSWER - the process by which companies create value for
customers and build strong customer relationships in order to capture value from
customers in return
Marketing intermediaries. ANSWER - firms that help the company to promote, sell, and
distribute its goods to final buyers; example includes advertising agency
Evolution of Marketing. ANSWER - 1. Simple Trade Era (pre-Industrial revolution)
2. Production Era (1860s-1920s)
3. Sales Era (1920s-1940s)
4. Marketing Dept Era (1940s-1960s)
5. Marketing Company Era (1960s-1990s)
6. Relationship Marketing Era (1990s-2010)
7. Social Marketing Era (2010-present)
Marketing Management. ANSWER - the art and science of choosing target markets and
building profitable relationships with them
Value proposition. ANSWER - the set of benefits or values it promises to deliver to
consumers to satisfy their needs
What are the 5 Marketing Management Orientations?. ANSWER - 1. Product Concept
2. Societal Concept
3. Marketing Concept
4. Production Concept
5. Selling Concept
,Production Concept Marketing. ANSWER - assumes that customers want affordable
products, so focuses on availability and cheapness
- Fits well with mass production
- Does not consider customer needs/wants
Product Concept Marketing. ANSWER - assumes customers want quality, not cheap
- Doesn't take customers' wants/needs into account
Sales Concept Marketing. ANSWER - aggressively taking existing products and pushing
the customers to buy them
- Doesn't consider what the customer WANTS
Marketing Orientation Concept. ANSWER - learn what the target demographic wants and
work to satisfy those wants better than the competition
- Focuses on marketing strategy
- Keeps customer in mind
Societal Orientation Concept. ANSWER - puts human welfare on top before profits and
satisfying the wants
- emphasizes on social responsibilities and suggests that to sustain long term success, the
company should develop a marketing strategy to provide value to the customers to
maintain/improve both the customers and society's well being better than the competitors
What are the steps to the marketing process?. ANSWER - 1. Marketing Strategy
Formation
2. Marketing Planning
3. Programming, Allocating, and Budgeting
4. Implementation
5. Analysis and Research (done before the first four steps)
6. Monitoring and Auditing
Marketing strategy formation. ANSWER - - Long term goals (mission
statement/corporate objects)
- approach to marketplace
- What customer groups? Define target audience and their wants
- Value creation
, - Industry opportunities (5C analysis, SWOT analysis, PEST analysis)
Marketing PLanning. ANSWER - - time horizon
- how often to rework plan?
Programming, Allocating, and Budgeting. ANSWER - - Set measurable goals
- Detailed Plans
- Yearly time frame
- Resource allocation and develop budget
Implementation. ANSWER - Program execution
Analysis and Research. ANSWER - - Gather internal and external data to support the first
four steps
- Prepare before the first four steps
- Ongoing
Monitoring and Auditing. ANSWER - - Evaluate results
- Develop corrective actions plans as needed
Strategic planning. ANSWER - the process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing opportunities
Steps in Company Wide Strategic Planning. ANSWER - 1. Corporate Level
1a. Define company mission
1b. Set company objective and goals
1c. Design the business portfolio
2. Business unit, product, and market level
2a. Plan marketing and other functional strategies
-Company-wide strategic planning guides marketing strategy and planning
Mission statement. ANSWER - organization's purpose; what it wants to accomplish in the
larger environment
