BA 303 CORRECT FINAL EXAM QUESTIONS AND
ANSWERS SURE A+
✔✔ECONOMIC ENVIRONMENT - ✔✔Markets and thus marketing, require purchasing
power as well as people. This comes as the result of the size and condition of the
economy. Economic conditions help influence an organization's chances of success.
Factors to consider:
Purchasing power of markets
Per capita expenditures
Employment rates
Cost of Capital
Rate of inflation
Growth rate of the economy
✔✔GOVERNMENT & POLITICAL ENVIRONMENT - ✔✔Legal and political decisions
can have a major effect on a variety of products and on the method used to market
these products.
The government passes laws, and then determines the degree of enforcement of these
laws.
Laws are primarily designed for any one of 3 purposes:
1. Protection of business organizations from each other.
,2. Protections of customers from unfair business practices.
3. Protection of society from business interest that may be harmful to that society.
✔✔TECHNOLOGICAL ENVIRONMENT - ✔✔Perhaps the most dynamic of all the
environmental forces effecting business. Changes in technology tends to effect
marketing in a variety of different ways:
1. Effects products that are being marketed
2. Effects the way businesses compete
3. Effects the way organizations conducts their business activities
4. Effects how customers do their buying
✔✔NATURE & NATURAL RESOURCES - ✔✔2 major areas of concern:
1. The weather & climatic conditions
Influence how people do their shopping & what they buy
2. Natural resources
Many products depend on the availability of natural resources that may fit one of the
following categories:
Infinite
Finite renewable
Finite non-renewable
✔✔COMPETITION - ✔✔Every company faces a wide range of potential competitors.
These competitors provide viable alternatives to the company's potential customers.
Competitors and what they are attempting to do...
may have varying degrees of importance to most firms. Important for company to know:
1. the size and composition of the competitive marketplace
2. the type of competitors it faces
EX: walmarts effect on kmart
✔✔TYPES OF COMPETITIVE MARKETS: - ✔✔1. Monopoly - one dominant competitor
2. Oligopoly - a few very large competitive organizations
3. Monopolistic Competition - a large number of competitors that compete by
differentiating their product offering
4. Pure Competition - numerous suppliers and numerous customers with no barriers to
competition
✔✔TYPES OF COMPETITORS: ***exam - ✔✔1. desire - sell completely different and
unrelated products (ex: CD sale down street from ur clothing store)
2. generic - offer different products that satisfy same basic needs (island vacation vs ski
vacation)
3. product form - sell same category of products in different forms (cars)
4. brand form - offer similar products that satisfy identical needs (deodorant)
, ✔✔INTERNAL FACTORS ENVIRONMENTAL FACTORS: - ✔✔CULTURE OF THE
COMPANY
INTERMEDIARIES
SUPPLIERS
✔✔THE COMPANY - ✔✔Refers to the entire organization. Marketing is merely one of
the many disciplines that guides and entire organization. All activities must coordinated
to achieve the overall objectives of the organization.
All disciplines must work together to coordinate their efforts in order to avoid
functionalism within the organization
In addition, the resources available to a company will play a major role in determining
it's marketing program
***ON EXAM: FUNCTIONALISM: when a business suffers from functionalism, a bunch
of diff departments are in conflict w eachother and not working together and effects the
company
✔✔***ON EXAM: FUNCTIONALISM - ✔✔when a business suffers from functionalism, a
bunch of diff departments are in conflict w eachother and not working together and
effects the company
-different departments end up in conflict with eachother (productions and operations can
come into conflict with marketing)
-airlines purposely overbook bc they wanna fly full planes creates unhappy costumers
*SWOT - strength, weaknesses, opertunities, threats
✔✔INTERMEDIARIES *good exam q's - ✔✔Firms and individuals that aid in the
promoting, selling and distributing of goods and services to the firms buyers.
Several types to consider:
-Middlemen - works with firm to find customers and make sales
-Physical Distribution Firms - assist firm in transporting products
- Marketing Services Agencies - help firms target and promote
- Financial Intermediaries - help finance and insure transactions
✔✔SUPPLIERS - ✔✔Business organizations & individuals that provide a firm with
resources needed in order to produce and/or operate the business.
Important factors:
-Availability of supply
-Availability of alternative sources of supply
- Terms and prices of suppliers
- Distribution policies of suppliers
*Not intermediaries (know diff between two)
ANSWERS SURE A+
✔✔ECONOMIC ENVIRONMENT - ✔✔Markets and thus marketing, require purchasing
power as well as people. This comes as the result of the size and condition of the
economy. Economic conditions help influence an organization's chances of success.
Factors to consider:
Purchasing power of markets
Per capita expenditures
Employment rates
Cost of Capital
Rate of inflation
Growth rate of the economy
✔✔GOVERNMENT & POLITICAL ENVIRONMENT - ✔✔Legal and political decisions
can have a major effect on a variety of products and on the method used to market
these products.
The government passes laws, and then determines the degree of enforcement of these
laws.
Laws are primarily designed for any one of 3 purposes:
1. Protection of business organizations from each other.
,2. Protections of customers from unfair business practices.
3. Protection of society from business interest that may be harmful to that society.
✔✔TECHNOLOGICAL ENVIRONMENT - ✔✔Perhaps the most dynamic of all the
environmental forces effecting business. Changes in technology tends to effect
marketing in a variety of different ways:
1. Effects products that are being marketed
2. Effects the way businesses compete
3. Effects the way organizations conducts their business activities
4. Effects how customers do their buying
✔✔NATURE & NATURAL RESOURCES - ✔✔2 major areas of concern:
1. The weather & climatic conditions
Influence how people do their shopping & what they buy
2. Natural resources
Many products depend on the availability of natural resources that may fit one of the
following categories:
Infinite
Finite renewable
Finite non-renewable
✔✔COMPETITION - ✔✔Every company faces a wide range of potential competitors.
These competitors provide viable alternatives to the company's potential customers.
Competitors and what they are attempting to do...
may have varying degrees of importance to most firms. Important for company to know:
1. the size and composition of the competitive marketplace
2. the type of competitors it faces
EX: walmarts effect on kmart
✔✔TYPES OF COMPETITIVE MARKETS: - ✔✔1. Monopoly - one dominant competitor
2. Oligopoly - a few very large competitive organizations
3. Monopolistic Competition - a large number of competitors that compete by
differentiating their product offering
4. Pure Competition - numerous suppliers and numerous customers with no barriers to
competition
✔✔TYPES OF COMPETITORS: ***exam - ✔✔1. desire - sell completely different and
unrelated products (ex: CD sale down street from ur clothing store)
2. generic - offer different products that satisfy same basic needs (island vacation vs ski
vacation)
3. product form - sell same category of products in different forms (cars)
4. brand form - offer similar products that satisfy identical needs (deodorant)
, ✔✔INTERNAL FACTORS ENVIRONMENTAL FACTORS: - ✔✔CULTURE OF THE
COMPANY
INTERMEDIARIES
SUPPLIERS
✔✔THE COMPANY - ✔✔Refers to the entire organization. Marketing is merely one of
the many disciplines that guides and entire organization. All activities must coordinated
to achieve the overall objectives of the organization.
All disciplines must work together to coordinate their efforts in order to avoid
functionalism within the organization
In addition, the resources available to a company will play a major role in determining
it's marketing program
***ON EXAM: FUNCTIONALISM: when a business suffers from functionalism, a bunch
of diff departments are in conflict w eachother and not working together and effects the
company
✔✔***ON EXAM: FUNCTIONALISM - ✔✔when a business suffers from functionalism, a
bunch of diff departments are in conflict w eachother and not working together and
effects the company
-different departments end up in conflict with eachother (productions and operations can
come into conflict with marketing)
-airlines purposely overbook bc they wanna fly full planes creates unhappy costumers
*SWOT - strength, weaknesses, opertunities, threats
✔✔INTERMEDIARIES *good exam q's - ✔✔Firms and individuals that aid in the
promoting, selling and distributing of goods and services to the firms buyers.
Several types to consider:
-Middlemen - works with firm to find customers and make sales
-Physical Distribution Firms - assist firm in transporting products
- Marketing Services Agencies - help firms target and promote
- Financial Intermediaries - help finance and insure transactions
✔✔SUPPLIERS - ✔✔Business organizations & individuals that provide a firm with
resources needed in order to produce and/or operate the business.
Important factors:
-Availability of supply
-Availability of alternative sources of supply
- Terms and prices of suppliers
- Distribution policies of suppliers
*Not intermediaries (know diff between two)
