Principles of Marketing 3300 Exam 1 Study Guide and Practice
Questions
1. Two or more parties (Individuals or Organizations) with unsatisfied needs,
2. A desire and ability on their part to be satisfied.
3. A way for the parties to communicate,
4. Something to exchange - correct answer ✔✔ 4 Requirements for marketing to occusr
Product, Price, Promotion, Place - correct answer ✔✔ The 4 P's
Social Factors, Economic Factors, Technological Factors, Competitive Factors, Regulatory Factors
- correct answer ✔✔ What are the Environmental Factors
1st task of Marketing, Discovering Consumer Needs
2nd task of Marketing, Satisfying Consumer Needs - correct answer ✔✔ 2 Major tasks of
Marketing
One or more specific groups of potential consumers toward which an organization directs its
marketing program - correct answer ✔✔ Target Market
A plan that integrates the marketing mix to provide a good, service, or ida to prospective buyers
- correct answer ✔✔ Marketing Program:
The unique combination of benefits received by target buyers that includes quality, price,
convenience, on time delivery, & after-sale service. - correct answer ✔✔ Customer Value:
Tailoring goods or services to the tastes of individual customers in high volumes at a relatively
low cost - correct answer ✔✔ Mass Customization:
, Linking the organization to its individual customers, Employees, suppliers, and other partners
for their mutual long term benefits. - correct answer ✔✔ Relationship Marketing:
Vision, Corporate Goals, Philosophy and Culture - correct answer ✔✔ Corporate Strategy
Mission, Business goals, competencies - correct answer ✔✔ Business Unit Strategy
Information Systems, Fiance, Research & development, Marketing, Manufacturing, Human
Resources - correct answer ✔✔ Functional Strategy
Identify trends in the organization's industry, Analyze the organization's competitors, Assess the
organization itself, Research the organization's present and perspective customers. - correct
answer ✔✔ SWOT
Planning, Implementation, Control - correct answer ✔✔ 3 Phases of Strategic marketing
Situation (SWOT) Analysis, Market-product focus and goal setting, Marketing program. - correct
answer ✔✔ Planning Phases
Implementation Phase - correct answer ✔✔ Marketing Plan
Control phase - correct answer ✔✔ Results
Move toward natural and healthful products and lifestyles (ads), Low carb diets, Growing
number and Importance of older Americans, Population shifts- huge Hispanic market, Greater
desire for product simplicity and honesty in advertising. - correct answer ✔✔ Environmental
Scan of the United states social trends
Questions
1. Two or more parties (Individuals or Organizations) with unsatisfied needs,
2. A desire and ability on their part to be satisfied.
3. A way for the parties to communicate,
4. Something to exchange - correct answer ✔✔ 4 Requirements for marketing to occusr
Product, Price, Promotion, Place - correct answer ✔✔ The 4 P's
Social Factors, Economic Factors, Technological Factors, Competitive Factors, Regulatory Factors
- correct answer ✔✔ What are the Environmental Factors
1st task of Marketing, Discovering Consumer Needs
2nd task of Marketing, Satisfying Consumer Needs - correct answer ✔✔ 2 Major tasks of
Marketing
One or more specific groups of potential consumers toward which an organization directs its
marketing program - correct answer ✔✔ Target Market
A plan that integrates the marketing mix to provide a good, service, or ida to prospective buyers
- correct answer ✔✔ Marketing Program:
The unique combination of benefits received by target buyers that includes quality, price,
convenience, on time delivery, & after-sale service. - correct answer ✔✔ Customer Value:
Tailoring goods or services to the tastes of individual customers in high volumes at a relatively
low cost - correct answer ✔✔ Mass Customization:
, Linking the organization to its individual customers, Employees, suppliers, and other partners
for their mutual long term benefits. - correct answer ✔✔ Relationship Marketing:
Vision, Corporate Goals, Philosophy and Culture - correct answer ✔✔ Corporate Strategy
Mission, Business goals, competencies - correct answer ✔✔ Business Unit Strategy
Information Systems, Fiance, Research & development, Marketing, Manufacturing, Human
Resources - correct answer ✔✔ Functional Strategy
Identify trends in the organization's industry, Analyze the organization's competitors, Assess the
organization itself, Research the organization's present and perspective customers. - correct
answer ✔✔ SWOT
Planning, Implementation, Control - correct answer ✔✔ 3 Phases of Strategic marketing
Situation (SWOT) Analysis, Market-product focus and goal setting, Marketing program. - correct
answer ✔✔ Planning Phases
Implementation Phase - correct answer ✔✔ Marketing Plan
Control phase - correct answer ✔✔ Results
Move toward natural and healthful products and lifestyles (ads), Low carb diets, Growing
number and Importance of older Americans, Population shifts- huge Hispanic market, Greater
desire for product simplicity and honesty in advertising. - correct answer ✔✔ Environmental
Scan of the United states social trends
