Marketing MKT 3300 UTD Exam 1 Study Guide and Practice
Questions
4 requirements for MKT to occur - correct answer ✔✔ - 2+ parties with need
- desire & ability to satisfy
- a way for communication
- something to exchange (money, anything with value)
Marketing Mix: 4 P's - correct answer ✔✔ - product
- price
- promotion
- place (distribution)
5 uncontrollable environmental factors - correct answer ✔✔ - social (demographic & cultural
changes ex gen z, gen x, etc)
- economic (macroeconomic conditions & consumer income)
- technological (tech changes and its impacts)
- competitive (diff forms of competition & small businesses)
- regulatory (laws that protect competition and affect the mkt mix, self-regulations. ex: sherman
antitrust, clayton, robinson-patman acts that prevent monopolies)
2 major tasks of marketing - correct answer ✔✔ discovering consumer needs:
- using surveys, concept testing, crosswording websites to solicit & evaluate ideas, marketing
research
satisfying:
- find right combination of 4 P's
,- create goods, services, & ideas that go into market
- some challenges: 40% of products fail & it takes about 3k raw ideas to generate 1 commercial
mass customization vs relationship marketing (give examples) - correct answer ✔✔ mass
customization
- tailoring goods/services to the tastes of individual customers in high volumes at low cost
- ex: Subway's options
relationship marketing
- linking organization to its individual customers, employees, suppliers, & other partners for
their mutual long-term benefits
- ex: reward points such as dunkin/starbucks
3 levels of strategies in mkt - correct answer ✔✔ corporate strategy
- top mngmnt directs over a strategy for entire organization
- includes corporate vision, goals, philosophy culture
business unit strategy (SBV)
- includes mission statement
- business goals
- competencies
- multi market & product firm (manage portfolio of group of businesses)
functional strategy
- SBV being implemented at the functional level
-includes info systems, research & development, manufacturing, finance, marketing, HR
, What is the BCG Matrix - correct answer ✔✔ - analyzes a firm's business units (SBUs) as though
they are a collection of separate investments.
- technique locates SBUs on a market growth relative market share matrix.
4 cells in BCG - correct answer ✔✔ ?
- SBU w/ low market share in high market growth industry
star
- SBU w/ high market share in high market growth industry
cash cows
- SBU w/ high market share in low market growth industry
dog
- SBU w/ low market share in low market growth industry
growth matrix - correct answer ✔✔ market-product analysis (types of strategies applied)(look at
notes and table)
market penetration
- increase sales of current products
product development
- selling new product to current market
market development
- current product into new market
Questions
4 requirements for MKT to occur - correct answer ✔✔ - 2+ parties with need
- desire & ability to satisfy
- a way for communication
- something to exchange (money, anything with value)
Marketing Mix: 4 P's - correct answer ✔✔ - product
- price
- promotion
- place (distribution)
5 uncontrollable environmental factors - correct answer ✔✔ - social (demographic & cultural
changes ex gen z, gen x, etc)
- economic (macroeconomic conditions & consumer income)
- technological (tech changes and its impacts)
- competitive (diff forms of competition & small businesses)
- regulatory (laws that protect competition and affect the mkt mix, self-regulations. ex: sherman
antitrust, clayton, robinson-patman acts that prevent monopolies)
2 major tasks of marketing - correct answer ✔✔ discovering consumer needs:
- using surveys, concept testing, crosswording websites to solicit & evaluate ideas, marketing
research
satisfying:
- find right combination of 4 P's
,- create goods, services, & ideas that go into market
- some challenges: 40% of products fail & it takes about 3k raw ideas to generate 1 commercial
mass customization vs relationship marketing (give examples) - correct answer ✔✔ mass
customization
- tailoring goods/services to the tastes of individual customers in high volumes at low cost
- ex: Subway's options
relationship marketing
- linking organization to its individual customers, employees, suppliers, & other partners for
their mutual long-term benefits
- ex: reward points such as dunkin/starbucks
3 levels of strategies in mkt - correct answer ✔✔ corporate strategy
- top mngmnt directs over a strategy for entire organization
- includes corporate vision, goals, philosophy culture
business unit strategy (SBV)
- includes mission statement
- business goals
- competencies
- multi market & product firm (manage portfolio of group of businesses)
functional strategy
- SBV being implemented at the functional level
-includes info systems, research & development, manufacturing, finance, marketing, HR
, What is the BCG Matrix - correct answer ✔✔ - analyzes a firm's business units (SBUs) as though
they are a collection of separate investments.
- technique locates SBUs on a market growth relative market share matrix.
4 cells in BCG - correct answer ✔✔ ?
- SBU w/ low market share in high market growth industry
star
- SBU w/ high market share in high market growth industry
cash cows
- SBU w/ high market share in low market growth industry
dog
- SBU w/ low market share in low market growth industry
growth matrix - correct answer ✔✔ market-product analysis (types of strategies applied)(look at
notes and table)
market penetration
- increase sales of current products
product development
- selling new product to current market
market development
- current product into new market
