University of North Carolina at Chapel Hill 2026/2027 BUSI 406
Exam 1 || All Answers are Valid.
3Cs correct answers Customers, competitors, company
marketing strategy planning correct answers finding opportunities and developing profitable
marketing strategies that the company can use to capitalize on them
marketing strategy correct answers specifics a target market and a related marketing mix
"big picture"
target market correct answers fairly homogenous group of customers to whom a company wishes
to appeal
marketing mix is tailored to fit some specific customers
not limited to small market segments, just homogenous
understanding target market leads to good strategies
NOT MASS MARKETING
marketing mix correct answers controllable variables the company puts together to satisfy the
target market
composed of 4 Ps
customer NOT part of the marketing mix, but rather surrounded by it
,4 Ps correct answers product, place, price, promotion
pro forma budget correct answers a plan without a budget is not a plan, show me the numbers,
expected revenues against expected expenses, plus outcome metrics
marketing correct answers centered around the consumer!!!
organizational function and a set of processes for creating, communicating, and delivering value
to customers and for managing customer relationships in a way that benefits the organization and
its stake holders
MORE THAN SELLING AND ADVERTISING
BRIDGES GAP BETWEEN PRODUCERS AND CONSUMERS
goal of marketing correct answers provide value by exceeding expectations, satisfy their needs
and wants
satisfied customers are... correct answers loyal and less price sensitive, this is critical
migrate to competitors at 5%
tell an average of 3 people about good experiences
often willing to pay more
lifetime value of a customer correct answers losing a customer is expensive
consider they could have been a customer for 25 years
why is marketing important correct answers important to everyone - affects everyday life
important to future career and economic growth
impacts quality of life
micro marketing correct answers done by a firm or organization
,anticipates customer's needs
direct flow of goods and services
INDIVIDUAL ORGANIZATIONS
macro marketing correct answers how an economy allocates resources and organizes production
when the process is done by the economy or larger political economy
accomplishes objectives of society
matches producers and consumers
emphasis on a WHOLE SYSTEM
helps to match supply and demand
must match consumers and producers
starting point of marketing correct answers the product, finding a need, provide a need or
capability that's real authentic and appreciated
I.E. bicycles - brands, types, prices, etc. bc everyone has different NEEDS
firms should... correct answers analyze needs
determine wants
identify competition
predict designs
determine where
decide promotion
estimate price
provide service
production vs marketing correct answers both fundamental economic activities
, production - making goods and performing services
but products don't feel themselves so
marketing - makes sure right goods and service are produced and creates customer satisfaction
exchange correct answers marketing involves exchange
all economies need a macro marketing system
pure subsistence economies correct answers no marketing/exchange
every family produces all it needs
standard of living is generally low
central markets correct answers helps to facilitate exchange
ten exchanges required without a central market
only 5 when a middle man used
i.e. walmart, target, eBay, amazon
command economy (planned economy) correct answers government officials decide what and
how much is to be produced and distributed by whom, to whom, when, and why
works well with simple economy, little variety, adverse conditions
i.e. china, russia
producers have little choice over what they produce
prices are usually rigid and don't change to supply and demand
Exam 1 || All Answers are Valid.
3Cs correct answers Customers, competitors, company
marketing strategy planning correct answers finding opportunities and developing profitable
marketing strategies that the company can use to capitalize on them
marketing strategy correct answers specifics a target market and a related marketing mix
"big picture"
target market correct answers fairly homogenous group of customers to whom a company wishes
to appeal
marketing mix is tailored to fit some specific customers
not limited to small market segments, just homogenous
understanding target market leads to good strategies
NOT MASS MARKETING
marketing mix correct answers controllable variables the company puts together to satisfy the
target market
composed of 4 Ps
customer NOT part of the marketing mix, but rather surrounded by it
,4 Ps correct answers product, place, price, promotion
pro forma budget correct answers a plan without a budget is not a plan, show me the numbers,
expected revenues against expected expenses, plus outcome metrics
marketing correct answers centered around the consumer!!!
organizational function and a set of processes for creating, communicating, and delivering value
to customers and for managing customer relationships in a way that benefits the organization and
its stake holders
MORE THAN SELLING AND ADVERTISING
BRIDGES GAP BETWEEN PRODUCERS AND CONSUMERS
goal of marketing correct answers provide value by exceeding expectations, satisfy their needs
and wants
satisfied customers are... correct answers loyal and less price sensitive, this is critical
migrate to competitors at 5%
tell an average of 3 people about good experiences
often willing to pay more
lifetime value of a customer correct answers losing a customer is expensive
consider they could have been a customer for 25 years
why is marketing important correct answers important to everyone - affects everyday life
important to future career and economic growth
impacts quality of life
micro marketing correct answers done by a firm or organization
,anticipates customer's needs
direct flow of goods and services
INDIVIDUAL ORGANIZATIONS
macro marketing correct answers how an economy allocates resources and organizes production
when the process is done by the economy or larger political economy
accomplishes objectives of society
matches producers and consumers
emphasis on a WHOLE SYSTEM
helps to match supply and demand
must match consumers and producers
starting point of marketing correct answers the product, finding a need, provide a need or
capability that's real authentic and appreciated
I.E. bicycles - brands, types, prices, etc. bc everyone has different NEEDS
firms should... correct answers analyze needs
determine wants
identify competition
predict designs
determine where
decide promotion
estimate price
provide service
production vs marketing correct answers both fundamental economic activities
, production - making goods and performing services
but products don't feel themselves so
marketing - makes sure right goods and service are produced and creates customer satisfaction
exchange correct answers marketing involves exchange
all economies need a macro marketing system
pure subsistence economies correct answers no marketing/exchange
every family produces all it needs
standard of living is generally low
central markets correct answers helps to facilitate exchange
ten exchanges required without a central market
only 5 when a middle man used
i.e. walmart, target, eBay, amazon
command economy (planned economy) correct answers government officials decide what and
how much is to be produced and distributed by whom, to whom, when, and why
works well with simple economy, little variety, adverse conditions
i.e. china, russia
producers have little choice over what they produce
prices are usually rigid and don't change to supply and demand
