COMMERCE 1MA3 EXAM 2025/2026 QUESTIONS AND CORRECT
ANSWERS CURRENTLY TESTING COMPLETE QUESTIONS WITH
DETAILED VERIFIED ANSWERS /ALREADY GRADED A+
What is marketing? - ANSWER-marketing is a set of business practices designed
to plan for and present an organization's products or services in ways that build
effective customer relationships
What are target markets? - ANSWER-- customer segment to whom the firm is
interested in selling its products and services
What is a market? - ANSWER-- group of people who need or want products or
services AND have the ability and willingness to buy
What are the 4Ps of marketing? - ANSWER-- Product
- Price
- Promotion
- Place
What is the first P of marketing, product? - ANSWER-- product = creating value
= can be through goods, services, ideas, people, places
What is the second P of marketing, promotion? - ANSWER-- ideas = include
thoughts, opinions, philosophies, and intellectual concepts that also can be
marketed
- the communication activities of marketing, used to inform, persuade and remind
potential buyers, used to influence their opinions of elicit a response
1
,What is another P of marketing, price? - ANSWER-- price is everything the buyer
gives up in exchange for the product
= ie money, energy, time
What is another P of marketing, place? - ANSWER-- all activities necessary to get
the product to the right customer when they want it
- supple chain management is the field for this
What are the 3 types of ways marketing can be performed? - ANSWER-- B2B:
wholesaling is often only business to business
- B2C: all retailing is business to consumer selling
- C2C: Swap meets, Ebay, yard sales
What are the 4 orientations of marketing? - ANSWER-- product orientation
- market orientation
- sales orientation
- value based orientation
What is one orientation of marketing, product orientation? - ANSWER-- product
oriented companies focus on developing and distributing innovative products with
little concern about whether the products best satisfy customer's needs
What is another orientation of marketing, sales orientation? - ANSWER-- view
marketing as a selling function where companies try to sell as many of their
products as possible rather than focus on making products consumers really want
2
,What is another orientation of marketing, market orientation? - ANSWER-- market
oriented companies start out by focussing on what consumers want and need
before they design, make or attempt to sell their products and services
What is another orientation of marketing, value-based orientation? - ANSWER--
the tripple bottom line: people (consumer needs and wants), profits (long-term
profitable relationships), planet (social and environmental responsibility)
How do firms become more value driven? - ANSWER-- sharing information
- balancing benefits with costs
- building customer relationships
- connecting with customers via social media
Why is marketing important? - ANSWER-- expands firms global presence
- marketing is pervasive across channel members
- marketing enriches society
- marketing can be entrepreneurial
What is a marketing strategy? - ANSWER-Marketing strategy identifies:
- a firm's target market
- a related marketing mix - the 4P's
- the bases upon which the firm plans to build a sustainable competitive advantage
What are the components of a sustainable competitive advantage? - ANSWER--
strong brand
- innovative capabilities
- extensive distribution network
3
, - loyal customers
What are the 4 components of developing customer value? - ANSWER-- customer
excellence: retain loyal customers, provide outstanding customer services
- operational excellence: efficient operations, supply chain management, supplier
relationships
- product excellence: high perceived value and effective branding and positioning
- locational excellence: LOCATION IS IMPORTANT
What are the 5 steps to develop a marketing plan? - ANSWER-1. define the
business mission and objectives
2. conduct a situation analysis (using swot)
3. Identify and Evaluate opportunities by using STP
4. Implement a marketing mix and allocate resources
5. evaluate performance by using marketing metrics
What are the 4 growth strategies? - ANSWER-- market penetration: existing
marketing mix, existing customers
- product development: new product/service, current target market
- market development: existing marketing offering, new market segmenets
(domestic, international) not currently being served
- diversification: new product/service, new market segment not currently being
served
What are the 3 microenvironmental factors to marketing? (3 C's) - ANSWER--
company
- corporate partners
- competition
4
ANSWERS CURRENTLY TESTING COMPLETE QUESTIONS WITH
DETAILED VERIFIED ANSWERS /ALREADY GRADED A+
What is marketing? - ANSWER-marketing is a set of business practices designed
to plan for and present an organization's products or services in ways that build
effective customer relationships
What are target markets? - ANSWER-- customer segment to whom the firm is
interested in selling its products and services
What is a market? - ANSWER-- group of people who need or want products or
services AND have the ability and willingness to buy
What are the 4Ps of marketing? - ANSWER-- Product
- Price
- Promotion
- Place
What is the first P of marketing, product? - ANSWER-- product = creating value
= can be through goods, services, ideas, people, places
What is the second P of marketing, promotion? - ANSWER-- ideas = include
thoughts, opinions, philosophies, and intellectual concepts that also can be
marketed
- the communication activities of marketing, used to inform, persuade and remind
potential buyers, used to influence their opinions of elicit a response
1
,What is another P of marketing, price? - ANSWER-- price is everything the buyer
gives up in exchange for the product
= ie money, energy, time
What is another P of marketing, place? - ANSWER-- all activities necessary to get
the product to the right customer when they want it
- supple chain management is the field for this
What are the 3 types of ways marketing can be performed? - ANSWER-- B2B:
wholesaling is often only business to business
- B2C: all retailing is business to consumer selling
- C2C: Swap meets, Ebay, yard sales
What are the 4 orientations of marketing? - ANSWER-- product orientation
- market orientation
- sales orientation
- value based orientation
What is one orientation of marketing, product orientation? - ANSWER-- product
oriented companies focus on developing and distributing innovative products with
little concern about whether the products best satisfy customer's needs
What is another orientation of marketing, sales orientation? - ANSWER-- view
marketing as a selling function where companies try to sell as many of their
products as possible rather than focus on making products consumers really want
2
,What is another orientation of marketing, market orientation? - ANSWER-- market
oriented companies start out by focussing on what consumers want and need
before they design, make or attempt to sell their products and services
What is another orientation of marketing, value-based orientation? - ANSWER--
the tripple bottom line: people (consumer needs and wants), profits (long-term
profitable relationships), planet (social and environmental responsibility)
How do firms become more value driven? - ANSWER-- sharing information
- balancing benefits with costs
- building customer relationships
- connecting with customers via social media
Why is marketing important? - ANSWER-- expands firms global presence
- marketing is pervasive across channel members
- marketing enriches society
- marketing can be entrepreneurial
What is a marketing strategy? - ANSWER-Marketing strategy identifies:
- a firm's target market
- a related marketing mix - the 4P's
- the bases upon which the firm plans to build a sustainable competitive advantage
What are the components of a sustainable competitive advantage? - ANSWER--
strong brand
- innovative capabilities
- extensive distribution network
3
, - loyal customers
What are the 4 components of developing customer value? - ANSWER-- customer
excellence: retain loyal customers, provide outstanding customer services
- operational excellence: efficient operations, supply chain management, supplier
relationships
- product excellence: high perceived value and effective branding and positioning
- locational excellence: LOCATION IS IMPORTANT
What are the 5 steps to develop a marketing plan? - ANSWER-1. define the
business mission and objectives
2. conduct a situation analysis (using swot)
3. Identify and Evaluate opportunities by using STP
4. Implement a marketing mix and allocate resources
5. evaluate performance by using marketing metrics
What are the 4 growth strategies? - ANSWER-- market penetration: existing
marketing mix, existing customers
- product development: new product/service, current target market
- market development: existing marketing offering, new market segmenets
(domestic, international) not currently being served
- diversification: new product/service, new market segment not currently being
served
What are the 3 microenvironmental factors to marketing? (3 C's) - ANSWER--
company
- corporate partners
- competition
4
