MGCR 352 Final Exam Review
Question and answers correctly
solved 2025/2026
Marketing - correct answer ✔An organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholder
What is the ultimate goal of marketing? - correct answer ✔To facilitate exchange.
What is the marketing mix? - correct answer ✔Marketing tool that is used to pursue marketing
objective
True or False: we have control over the marketing mix - correct answer ✔True
what are the 4 requirements for successful marketing to take place - correct answer ✔1) Two or more
parties (individuals or organizations) with unsatisfied needs and wants.
2) The parties must have a desire and ability to be satisfied.
3) There must be a way for the parties to communicate.
4) There must be something to exchange
Provide an example for the 4 requirements for Successful marketing to occur - correct answer ✔1.
customer: needs to be hungry and wants to eat
Store: has to have the food and wants to sell it
2. customer: shouldn't be on a diet, and should be able to eat
Store: has to have space for the customer to eat
,3. Customer: has to know about it
4. Money to exchange
What is a market? - correct answer ✔people with the desire to satisfy their needs
Who markets? - correct answer ✔Everyone
ex: organization, individuals, locations
What can be marketed - correct answer ✔Products, Ideas, services, experiences
What is a consumer need - correct answer ✔State of felt deprivation.
What are Consumer Wants? - correct answer ✔Needs shaped by culture, knowledge, and personality.
What does effective marketing do? - correct answer ✔Converts needs to wants.
What are the Departments within an Organization? - correct answer ✔Research and Development
Human Resources
Manufacturing
Information Systems
Finance
Marketing
,How does marketing discover consumer needs? - correct answer ✔1) Look carefully at potential
consumers (the market).
a) Gather information about needs.
2) Scrutinize customers carefully and discover consumer needs.
a) by scrutinizing, the organization's marketing
department Discovers consumer needs
How does marketing satisfy consumer needs? - correct answer ✔1) Identify Target Market
2) Develop Marketing Program
What must the Marketing department account for when developing their marketing program - correct
answer ✔1)Controllable Marketing Mix factors
2)Uncontrollable Environmental Factors
Sum up how Marketing Discovers and Satisfies consumer needs. - correct answer ✔1) Establish the
potential consumers: the market
2) Gather information about their needs so they can discover their needs
3) Develop concepts for the products
4) satisfy consumer needs by designing a marketing program
5) Release products, services, and ideas to potential consumers (the market) to satisfy their needs
True or false: consumers always know their needs - correct answer ✔False
Marketing Mix/4P's (Controllable Factors) - correct answer ✔Product
Price
Promotion
, Place
External Factors that Influence Marketing Activities (Uncontrollable Factors) - correct answer ✔Social
(Demographic shifts, cultural changes)
Economic (Macroeconomic conditions, consumer income)
Technoloigcal (Impact on marketers, impact on consumers)
Competetive (Alternative forms of competition, components of competition like entry barriers, power of
buyers and suppliers, existing competitors)
Regulatory (Laws protecting competition, self-regulation, consumerism)
What are the eras describing when marketing became important. (6) - correct answer ✔1. Production
era
2. Sales Era
3. Marketing concept era
4. Market orientation era
5. Customer experience management era
6. Socia media marketing era
Describe the Production era - correct answer ✔A good product will sell itself.
Describe the Sales era - correct answer ✔Production was greater than the demand so there were
salespeople to find buyers
- Produced products simply because they could
- then they convinced cx to buy
Describe the Marketing concept era - correct answer ✔The consumer rules
- sellers had to find a need and fill it
Question and answers correctly
solved 2025/2026
Marketing - correct answer ✔An organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholder
What is the ultimate goal of marketing? - correct answer ✔To facilitate exchange.
What is the marketing mix? - correct answer ✔Marketing tool that is used to pursue marketing
objective
True or False: we have control over the marketing mix - correct answer ✔True
what are the 4 requirements for successful marketing to take place - correct answer ✔1) Two or more
parties (individuals or organizations) with unsatisfied needs and wants.
2) The parties must have a desire and ability to be satisfied.
3) There must be a way for the parties to communicate.
4) There must be something to exchange
Provide an example for the 4 requirements for Successful marketing to occur - correct answer ✔1.
customer: needs to be hungry and wants to eat
Store: has to have the food and wants to sell it
2. customer: shouldn't be on a diet, and should be able to eat
Store: has to have space for the customer to eat
,3. Customer: has to know about it
4. Money to exchange
What is a market? - correct answer ✔people with the desire to satisfy their needs
Who markets? - correct answer ✔Everyone
ex: organization, individuals, locations
What can be marketed - correct answer ✔Products, Ideas, services, experiences
What is a consumer need - correct answer ✔State of felt deprivation.
What are Consumer Wants? - correct answer ✔Needs shaped by culture, knowledge, and personality.
What does effective marketing do? - correct answer ✔Converts needs to wants.
What are the Departments within an Organization? - correct answer ✔Research and Development
Human Resources
Manufacturing
Information Systems
Finance
Marketing
,How does marketing discover consumer needs? - correct answer ✔1) Look carefully at potential
consumers (the market).
a) Gather information about needs.
2) Scrutinize customers carefully and discover consumer needs.
a) by scrutinizing, the organization's marketing
department Discovers consumer needs
How does marketing satisfy consumer needs? - correct answer ✔1) Identify Target Market
2) Develop Marketing Program
What must the Marketing department account for when developing their marketing program - correct
answer ✔1)Controllable Marketing Mix factors
2)Uncontrollable Environmental Factors
Sum up how Marketing Discovers and Satisfies consumer needs. - correct answer ✔1) Establish the
potential consumers: the market
2) Gather information about their needs so they can discover their needs
3) Develop concepts for the products
4) satisfy consumer needs by designing a marketing program
5) Release products, services, and ideas to potential consumers (the market) to satisfy their needs
True or false: consumers always know their needs - correct answer ✔False
Marketing Mix/4P's (Controllable Factors) - correct answer ✔Product
Price
Promotion
, Place
External Factors that Influence Marketing Activities (Uncontrollable Factors) - correct answer ✔Social
(Demographic shifts, cultural changes)
Economic (Macroeconomic conditions, consumer income)
Technoloigcal (Impact on marketers, impact on consumers)
Competetive (Alternative forms of competition, components of competition like entry barriers, power of
buyers and suppliers, existing competitors)
Regulatory (Laws protecting competition, self-regulation, consumerism)
What are the eras describing when marketing became important. (6) - correct answer ✔1. Production
era
2. Sales Era
3. Marketing concept era
4. Market orientation era
5. Customer experience management era
6. Socia media marketing era
Describe the Production era - correct answer ✔A good product will sell itself.
Describe the Sales era - correct answer ✔Production was greater than the demand so there were
salespeople to find buyers
- Produced products simply because they could
- then they convinced cx to buy
Describe the Marketing concept era - correct answer ✔The consumer rules
- sellers had to find a need and fill it
