Marketing 3000 Exam 1 Joel Poor UPDATED ACTUAL Questions and
CORRECT Answers
Question: Marketing
Correct Answer: "Study of exchange"; academic def: learning about marketing from the perspectives of
the business and the customer; functional def: facilitation of exchange; long def: the process of planning
and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create
exchanges that satisfy the individual and organizational objectives 2. Given exchange definition, what are
the requirements that define the scope of marketing? Communication 3. Marketing's first task Discovering
consumer needs 4. The marketing concept Before you provide an offering, you have to determine where
there are unmet needs. "Make what's desired". 5. Marketing's second task Satisfying consumer needs with
the marketing mix (4 P's). 6. 4 P's The marketing mix: = set of decisions marketing managers need to make.
This mix is designed for each target group 1. Product (play place at McD's) 2. Price (values meals and
happy meals) 3. Promotion (ads with kids) 4. Place (put in places with lots of young parents) 7. Original
marketing philosophy Revolved around the product. "If we build it, they will come". Known as
product-orientation philosophy. Best for situations where demand exceeds supply. Based on idea: product
will sell itself through either a low price or high quality. 8. Sales orientation philosophy Sell what is made.
Internally driven (just like the previous product-orientation philosophy). This introduced the concept of
communication, ONE-WAY communication to the customer. "Just sell the damn product" 9. Marketing
orientation philosophy Characterized by? Requires information about the market (potential customers,
trends, competitors) be collected prior to making decisions that involve the selling process. Depends on
two-way relationship with customer. Characterized by: customer focus, coordinated marketing effort (all
departments in the firm share in the effort to satisfy customer needs), and long-term success. 10.
Relationship marketing concept Why? Emphasizes the creation and maintenance of long-term relationships
with all participants (customers, suppliers, retailers) in the exchange process. Why? The cost of attracting
new customers is much greater than the cost of keeping customers. Service after the sale must be a
consideration. Customers tend to stick with products due to this when there is not a large price difference
amount alternatives. 11. 4 types of benefits you get from products 1. Functional: ceiling fan, hammer, car,
pen
Question: Social
Correct Answer: social media, cell phones, bars, restaurants, dandriff shampoo, deodorant
Question: Personal
Correct Answer: mountain climbing, exercise, education (college)
Question: Experiential
Correct Answer: vacation, football games, Truman, concerts, massages, amusement parks Soap:
functional and social 12. 4 Types of costs 1. Monetary 2. Temporal 3. Psychological 4. Behavioral 13.
Monetary Costs Tuition and book fees... What you pay 14. Temporal Costs Time spent in class and
studying.... The time you spend 15. Psychological costs Stress studying for exams... The toll is takes on
your mental state 16. Behavioral Costs Expending energy walking to class or getting sick from lectures 17.
Porter's Five Forces Model Decides in which industries we want to compete. Industry profitability depends
on: -industry competitiveness -availability of substitute products -potential entrants (threat of new comp)
-supplier power -buyer power 18. Industry Competitiveness Intensity of current competitors -Low
intensity=high profitability -industry has low intensity when: few firms competing -Ex: commercial aircraft
CORRECT Answers
Question: Marketing
Correct Answer: "Study of exchange"; academic def: learning about marketing from the perspectives of
the business and the customer; functional def: facilitation of exchange; long def: the process of planning
and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create
exchanges that satisfy the individual and organizational objectives 2. Given exchange definition, what are
the requirements that define the scope of marketing? Communication 3. Marketing's first task Discovering
consumer needs 4. The marketing concept Before you provide an offering, you have to determine where
there are unmet needs. "Make what's desired". 5. Marketing's second task Satisfying consumer needs with
the marketing mix (4 P's). 6. 4 P's The marketing mix: = set of decisions marketing managers need to make.
This mix is designed for each target group 1. Product (play place at McD's) 2. Price (values meals and
happy meals) 3. Promotion (ads with kids) 4. Place (put in places with lots of young parents) 7. Original
marketing philosophy Revolved around the product. "If we build it, they will come". Known as
product-orientation philosophy. Best for situations where demand exceeds supply. Based on idea: product
will sell itself through either a low price or high quality. 8. Sales orientation philosophy Sell what is made.
Internally driven (just like the previous product-orientation philosophy). This introduced the concept of
communication, ONE-WAY communication to the customer. "Just sell the damn product" 9. Marketing
orientation philosophy Characterized by? Requires information about the market (potential customers,
trends, competitors) be collected prior to making decisions that involve the selling process. Depends on
two-way relationship with customer. Characterized by: customer focus, coordinated marketing effort (all
departments in the firm share in the effort to satisfy customer needs), and long-term success. 10.
Relationship marketing concept Why? Emphasizes the creation and maintenance of long-term relationships
with all participants (customers, suppliers, retailers) in the exchange process. Why? The cost of attracting
new customers is much greater than the cost of keeping customers. Service after the sale must be a
consideration. Customers tend to stick with products due to this when there is not a large price difference
amount alternatives. 11. 4 types of benefits you get from products 1. Functional: ceiling fan, hammer, car,
pen
Question: Social
Correct Answer: social media, cell phones, bars, restaurants, dandriff shampoo, deodorant
Question: Personal
Correct Answer: mountain climbing, exercise, education (college)
Question: Experiential
Correct Answer: vacation, football games, Truman, concerts, massages, amusement parks Soap:
functional and social 12. 4 Types of costs 1. Monetary 2. Temporal 3. Psychological 4. Behavioral 13.
Monetary Costs Tuition and book fees... What you pay 14. Temporal Costs Time spent in class and
studying.... The time you spend 15. Psychological costs Stress studying for exams... The toll is takes on
your mental state 16. Behavioral Costs Expending energy walking to class or getting sick from lectures 17.
Porter's Five Forces Model Decides in which industries we want to compete. Industry profitability depends
on: -industry competitiveness -availability of substitute products -potential entrants (threat of new comp)
-supplier power -buyer power 18. Industry Competitiveness Intensity of current competitors -Low
intensity=high profitability -industry has low intensity when: few firms competing -Ex: commercial aircraft
