Marketing MKT 300 Exam 1 Study Guide and Practice Questions
marketing is... - correct answer ✔✔ an organizational function and a collection of processes
designed to plan for "creating, communicating, and delivering value" to customers and to build
effective customer relationships in ways that benefit the organization and its stakeholders.
marketing is about.. - correct answer ✔✔ creating exchanges, identity, connections,
relationships, solving customer problems
the concept of exchange - correct answer ✔✔ necessary conditions for exchange: at least 2
parties, something of value, communication and delivery, freedom to accept or reject, desire to
deal with other party
pizza hut video - correct answer ✔✔ how can advertisement convey a company's marketing
fundamentals
the marketing mix - correct answer ✔✔ product, price, promotion, place(distribution)
promotion - (looking at different techniques on how consumers process information)
marketing concept - correct answer ✔✔ a consumer oriented philosophy that suggests that
"satisfaction" of consumer needs provides the focus for product development and marketing
strategy to enable the firm to meet its own goals
(value->customer relationship->customer loyalty)
"why buy x when you have other options?"
consumer vs. customer
demographics vs. psychographics - correct answer ✔✔ consumer - end user
customer - person making the purchase
,demographics - categorical variables to put people into groups, necessary but not always the
ideal way to the end result/ not sufficient to make connections (just similarities)
psychographics - deeper into group, similarities and differences
applying the marketing concept - correct answer ✔✔ (customer orientation, coordinated effort,
value driven, goal oriented) -> (marketing concept) -> (marketing strategy)
marketing management philosophies - correct answer ✔✔ production: focus on efficiency of
internal operations
sales: focus on aggressive techniques for overcoming customer resistance
market: focus on satisfying customer needs & wants (Nike ID)
society: focus on satisfying customer needs and wants while enhancing individual and societal
well being
marketing management philosophies review - correct answer ✔✔ production - what can we
make or do best?
sales - how can we sell more aggressively?
marketing - what do customers want and need?
societal - what do customers want and need, and how can we benefit society?
market orientation - correct answer ✔✔ an organizational perspective - (puts the philosophy of
the marketing concept into practice)
1. gathering market intelligence (collecting info)
2. disseminating knowledge (share info with other employees)
coordinated response (come up with best product to solve problems)
market orientation in detail - correct answer ✔✔ obtain info about customers, competitors, &
markets
, determine how to deliver superior "customer value"
implement actions to provide value to customers
establish & maintain mutually rewarding customer relationships
(understanding the customer in detail by talking to consumers, sharing info, and doing it better
than others)
stake holder orientation - correct answer ✔✔ stakeholder orientation: develop a sufficient
understanding of relational partners to be able to create superior value for them
(part of market orientation)
competitor orientation - correct answer ✔✔ understand strengths, weaknesses, & capabilities
of both key current and key potential competitors
(part of market orientation)
interfunctional coordination - correct answer ✔✔ the coordinated utilization of company
resources to create value
organizations focus - correct answer ✔✔ key issues in developing a competitive edge:
(create customer value, build long-term relationships, maintain customer satisfaction)
value is combination of price & quality
importance of marketing - correct answer ✔✔ "business enterprise has only 2 basic functions:
marketing & innovation, these 2 produce results, all the rest are costs."
key to successful marketing - correct answer ✔✔ STP
segmenting
targeting positioning
marketing is... - correct answer ✔✔ an organizational function and a collection of processes
designed to plan for "creating, communicating, and delivering value" to customers and to build
effective customer relationships in ways that benefit the organization and its stakeholders.
marketing is about.. - correct answer ✔✔ creating exchanges, identity, connections,
relationships, solving customer problems
the concept of exchange - correct answer ✔✔ necessary conditions for exchange: at least 2
parties, something of value, communication and delivery, freedom to accept or reject, desire to
deal with other party
pizza hut video - correct answer ✔✔ how can advertisement convey a company's marketing
fundamentals
the marketing mix - correct answer ✔✔ product, price, promotion, place(distribution)
promotion - (looking at different techniques on how consumers process information)
marketing concept - correct answer ✔✔ a consumer oriented philosophy that suggests that
"satisfaction" of consumer needs provides the focus for product development and marketing
strategy to enable the firm to meet its own goals
(value->customer relationship->customer loyalty)
"why buy x when you have other options?"
consumer vs. customer
demographics vs. psychographics - correct answer ✔✔ consumer - end user
customer - person making the purchase
,demographics - categorical variables to put people into groups, necessary but not always the
ideal way to the end result/ not sufficient to make connections (just similarities)
psychographics - deeper into group, similarities and differences
applying the marketing concept - correct answer ✔✔ (customer orientation, coordinated effort,
value driven, goal oriented) -> (marketing concept) -> (marketing strategy)
marketing management philosophies - correct answer ✔✔ production: focus on efficiency of
internal operations
sales: focus on aggressive techniques for overcoming customer resistance
market: focus on satisfying customer needs & wants (Nike ID)
society: focus on satisfying customer needs and wants while enhancing individual and societal
well being
marketing management philosophies review - correct answer ✔✔ production - what can we
make or do best?
sales - how can we sell more aggressively?
marketing - what do customers want and need?
societal - what do customers want and need, and how can we benefit society?
market orientation - correct answer ✔✔ an organizational perspective - (puts the philosophy of
the marketing concept into practice)
1. gathering market intelligence (collecting info)
2. disseminating knowledge (share info with other employees)
coordinated response (come up with best product to solve problems)
market orientation in detail - correct answer ✔✔ obtain info about customers, competitors, &
markets
, determine how to deliver superior "customer value"
implement actions to provide value to customers
establish & maintain mutually rewarding customer relationships
(understanding the customer in detail by talking to consumers, sharing info, and doing it better
than others)
stake holder orientation - correct answer ✔✔ stakeholder orientation: develop a sufficient
understanding of relational partners to be able to create superior value for them
(part of market orientation)
competitor orientation - correct answer ✔✔ understand strengths, weaknesses, & capabilities
of both key current and key potential competitors
(part of market orientation)
interfunctional coordination - correct answer ✔✔ the coordinated utilization of company
resources to create value
organizations focus - correct answer ✔✔ key issues in developing a competitive edge:
(create customer value, build long-term relationships, maintain customer satisfaction)
value is combination of price & quality
importance of marketing - correct answer ✔✔ "business enterprise has only 2 basic functions:
marketing & innovation, these 2 produce results, all the rest are costs."
key to successful marketing - correct answer ✔✔ STP
segmenting
targeting positioning
