PRINCIPLES OF MARKETING MARK
3000 LOOMER UNIVERSITY OF
GEORGIA PRACTICE SET TEST 2
2026 TESTED QUESTIONS AND
CORRECT SOLUTIONS
◉ To market, a firm must: Answer: - decide WHO they're talking to
(target market)
-Offer the RIGHT PRODUCT/SERVICE
-Make it available at the RIGHT PLACE and TIME
-Communicate so customers KNOW IT EXISTS
◉ What are the 4P's of marketing? Answer: Product, Price, Place,
Promotion
◉ How does a firm create value? Answer: Product
◉ Product is: Answer: How a firm creates value of:
-a good
-a service
-an idea
◉ What do we call everything that a buyer gives up? Answer: Price
,◉ Prices is: Answer: Everything a buyer gives up
-money
-time
-effort
-comfort
◉ How do firms deliver value? Answer: Place
◉ How do marketers create value through the 4P's (price, product, place,
promotion)? Answer: Through the Marketing Mix
◉ Place is: Answer: How value is delivered
How a product gets to the customer
ex. Coke is sold in stores, gas stations, vending machines, etc
◉ How do firms communicate value? Answer: Promotion
◉ T or F: Marketing=Advertising Answer: FALSE
◉ Promotion is: Answer: How a firm informs, persuades, and reminds
customers
ex. ads, sales promotions, social media, PR
, ◉ What are the 3 types of marketing relationships? Answer: B2C -
Business to Consumer
B2B - Business to Business
C2C - Consumer to Consumer
◉ What is an example of a B2C (business to consumer) marketing
relationship? Answer: Nike to you
◉ What is an example of a B2B (business to business) marketing
relationship? Answer: Supplier to Kroger
◉ What is an example of a C2C (consumer to consumer) marketing
relationship? Answer: Facebook Marketplace, eBay
◉ What is Sustainable Competitive Advantage (SCA)? Answer: An
advantage a firm has that is NOT EASILY COPIED
-can be maintained over time
◉ What are the 4 types of Sustainable Competitive Advantage? Answer:
1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
3000 LOOMER UNIVERSITY OF
GEORGIA PRACTICE SET TEST 2
2026 TESTED QUESTIONS AND
CORRECT SOLUTIONS
◉ To market, a firm must: Answer: - decide WHO they're talking to
(target market)
-Offer the RIGHT PRODUCT/SERVICE
-Make it available at the RIGHT PLACE and TIME
-Communicate so customers KNOW IT EXISTS
◉ What are the 4P's of marketing? Answer: Product, Price, Place,
Promotion
◉ How does a firm create value? Answer: Product
◉ Product is: Answer: How a firm creates value of:
-a good
-a service
-an idea
◉ What do we call everything that a buyer gives up? Answer: Price
,◉ Prices is: Answer: Everything a buyer gives up
-money
-time
-effort
-comfort
◉ How do firms deliver value? Answer: Place
◉ How do marketers create value through the 4P's (price, product, place,
promotion)? Answer: Through the Marketing Mix
◉ Place is: Answer: How value is delivered
How a product gets to the customer
ex. Coke is sold in stores, gas stations, vending machines, etc
◉ How do firms communicate value? Answer: Promotion
◉ T or F: Marketing=Advertising Answer: FALSE
◉ Promotion is: Answer: How a firm informs, persuades, and reminds
customers
ex. ads, sales promotions, social media, PR
, ◉ What are the 3 types of marketing relationships? Answer: B2C -
Business to Consumer
B2B - Business to Business
C2C - Consumer to Consumer
◉ What is an example of a B2C (business to consumer) marketing
relationship? Answer: Nike to you
◉ What is an example of a B2B (business to business) marketing
relationship? Answer: Supplier to Kroger
◉ What is an example of a C2C (consumer to consumer) marketing
relationship? Answer: Facebook Marketplace, eBay
◉ What is Sustainable Competitive Advantage (SCA)? Answer: An
advantage a firm has that is NOT EASILY COPIED
-can be maintained over time
◉ What are the 4 types of Sustainable Competitive Advantage? Answer:
1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
