BA 370 McHenry Exam 1 Question and
answers correctly solved 2025/2026
Chapter 1 - correct answer ✔
marketing - correct answer ✔-about satisfying customer needs + wants
-entails exchange
-creates value through product, price, place and promotion decisions
-can be performed by individuals and organizations
- affects various stakeholders
marketing mix - correct answer ✔Product, price, place, and promotion—the controllable set of
activities that a firm uses to respond to the wants of its target markets. Also called the four Ps.
Product - correct answer ✔create value by developing a variety of offerings, including goods, services,
and ideas, to satisfy customer needs
ideas - correct answer ✔Intellectual concepts—thoughts, opinions, and philosophies.
price - correct answer ✔everything the buyer gives up- money, time and/or energy- in exchange for the
product
place - correct answer ✔all activities necessary to get the product to the right customer when that
customer wants it
ex) Starbucks expanding storefronts constantly to its easy for caffeine junkies to find their fix
, encompasses both supply chain and marketing channel management
promotion - correct answer ✔communication by a market that informs, persuades, and reminds buyers
about a product or service to influence their opinions and elicit a response
chapter 2 - correct answer ✔
marketing strategy - correct answer ✔identifies a firm's target markets, a related marketing mix, and
the bases upon which the firm plans to build a sustainable competitive advantage.
Purpose is to build long-term competitive advantage
sustainable competitive advantage - correct answer ✔Something the firm can persistently do better
than its competitors.
macro strategies for developing customer value - correct answer ✔1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
customer excellence - correct answer ✔involves a focus on retaining loyal customers and excellent
customer service
operational excellence - correct answer ✔Involves a firm's focus on efficient operations, excellent
supply chain management, and strong relationships with its suppliers.
product excellence - correct answer ✔Involves a focus on achieving high-quality products; effective
branding and positioning is key.
answers correctly solved 2025/2026
Chapter 1 - correct answer ✔
marketing - correct answer ✔-about satisfying customer needs + wants
-entails exchange
-creates value through product, price, place and promotion decisions
-can be performed by individuals and organizations
- affects various stakeholders
marketing mix - correct answer ✔Product, price, place, and promotion—the controllable set of
activities that a firm uses to respond to the wants of its target markets. Also called the four Ps.
Product - correct answer ✔create value by developing a variety of offerings, including goods, services,
and ideas, to satisfy customer needs
ideas - correct answer ✔Intellectual concepts—thoughts, opinions, and philosophies.
price - correct answer ✔everything the buyer gives up- money, time and/or energy- in exchange for the
product
place - correct answer ✔all activities necessary to get the product to the right customer when that
customer wants it
ex) Starbucks expanding storefronts constantly to its easy for caffeine junkies to find their fix
, encompasses both supply chain and marketing channel management
promotion - correct answer ✔communication by a market that informs, persuades, and reminds buyers
about a product or service to influence their opinions and elicit a response
chapter 2 - correct answer ✔
marketing strategy - correct answer ✔identifies a firm's target markets, a related marketing mix, and
the bases upon which the firm plans to build a sustainable competitive advantage.
Purpose is to build long-term competitive advantage
sustainable competitive advantage - correct answer ✔Something the firm can persistently do better
than its competitors.
macro strategies for developing customer value - correct answer ✔1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
customer excellence - correct answer ✔involves a focus on retaining loyal customers and excellent
customer service
operational excellence - correct answer ✔Involves a firm's focus on efficient operations, excellent
supply chain management, and strong relationships with its suppliers.
product excellence - correct answer ✔Involves a focus on achieving high-quality products; effective
branding and positioning is key.
