MKT 315 EXAM 1 UPDATED ACTUAL
QUESTIONS AND VERIFIED ANSWERS
●● Marketing is about:
Answer: Creating Exchanges
Identity
Connections
Relationships
Solving Customer Problems
●● What are the 4 P's of Marketing
Answer: Product
Price
Promotion
Place (Distribtuion)
- A combination of factors that can be controlled by a company to
influence consumers to purchase its products
●● What are the Conditions for Exchange?
Answer: Two parties
Something of value
,Communication and delivery
Freedom to accept or reject
Desire to deal with other parties
●● What are Demographics?
Answer: Variables that allow us to group people together, an example
would be age or gender.
●● What are Psychographics?
Answer: They are what makes us different from one another, attitudes,
aspirations, causes.
●● What is the Marketing Concept?
Answer: A consumer oriented philosophy of fulfilling customer needs
above all else.
●● What are the key ideas of the Marketing Production Philosophy
Answer: Focus on efficiency of internal operations
This technique is very old and outdated it was used by Henry Ford
during his era.
●● What are the key ideas of the Marketing Market Philosophy
, Answer: Focus on satisfying customer needs and wants
Began in the 1980s due to the size of the global market. Companies
began getting more and more competitive especially with the emerging
computers and the internet. Companies began focusing on the customer.
●● What are the key ideas of the Marketing Sales Philosophy
Answer: Focus on aggressive techniques for overcoming customer
resistance
This started in the Great Depression due to lack of customers, companies
needed to begin advertising to create demand.
●● What are the key ideas of the Marketing Societal Philosophy
Answer: Focus on satisfying needs and wants while enhancing
individual and societal well-being
Ethical and environmentally friendly, Companies are now starting to
realize the benefits of becoming environmentally aware. Companies
such as General Mills and Toyota have taken this strategy.
●● What is Market Orientation
QUESTIONS AND VERIFIED ANSWERS
●● Marketing is about:
Answer: Creating Exchanges
Identity
Connections
Relationships
Solving Customer Problems
●● What are the 4 P's of Marketing
Answer: Product
Price
Promotion
Place (Distribtuion)
- A combination of factors that can be controlled by a company to
influence consumers to purchase its products
●● What are the Conditions for Exchange?
Answer: Two parties
Something of value
,Communication and delivery
Freedom to accept or reject
Desire to deal with other parties
●● What are Demographics?
Answer: Variables that allow us to group people together, an example
would be age or gender.
●● What are Psychographics?
Answer: They are what makes us different from one another, attitudes,
aspirations, causes.
●● What is the Marketing Concept?
Answer: A consumer oriented philosophy of fulfilling customer needs
above all else.
●● What are the key ideas of the Marketing Production Philosophy
Answer: Focus on efficiency of internal operations
This technique is very old and outdated it was used by Henry Ford
during his era.
●● What are the key ideas of the Marketing Market Philosophy
, Answer: Focus on satisfying customer needs and wants
Began in the 1980s due to the size of the global market. Companies
began getting more and more competitive especially with the emerging
computers and the internet. Companies began focusing on the customer.
●● What are the key ideas of the Marketing Sales Philosophy
Answer: Focus on aggressive techniques for overcoming customer
resistance
This started in the Great Depression due to lack of customers, companies
needed to begin advertising to create demand.
●● What are the key ideas of the Marketing Societal Philosophy
Answer: Focus on satisfying needs and wants while enhancing
individual and societal well-being
Ethical and environmentally friendly, Companies are now starting to
realize the benefits of becoming environmentally aware. Companies
such as General Mills and Toyota have taken this strategy.
●● What is Market Orientation
