MKT 300 EATON ASU EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MKT 300 EATON ASU EXAM 1 QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 What is Marketing? - Answers An organizational function and a collection of processes designed to plan for, create, communicate and deliver value to custoemrs and build effective customer relationships in ways that benefit the organization and its stakeholders. Marketing is about: - Answers Creating Exchanges Identity Connections Relationships Solving Customer Problems What are the 4 P's of Marketing - Answers 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? - Answers Two parties Something of value Communication and delivery Freedom to accept or reject Desire to deal with other parties What are Demographics? - Answers Variables that allow us to group people together, an example would be age or gender. What are Psychographics? - Answers They are what makes us different from one another, attitudes, aspirations, causes. What is the Marketing Concept? - Answers A consumer oriented philosophy of fulfilling customer needs above all else. What are the key ideas of the Marketing Production Philosophy - Answers Focus on efficiency of internal operations This technique is very old and outdated it was used by Henry Ford during his era.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 - Answers 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 - Answers 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 - Answers 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 - Answers Understanding your customers needs by, Gathering market intelligence by talking to your customers, and then disseminate the knowledge to your company and then coordinate a response. What are the Key issues in Developing a Competitive Advantage - Answers Creating Customer Value Building Long Term Relationships Maintaining Customer Satisfaction What is the Marketing Environment? - Answers A set of forces, come uncontrollable and some controllable, that influence the ability of a business to create value and attract and serve customers. How has the customers values today changed socially? - Answers In terms of values customers nowadays value achievement and success, efficiency and convenience, material comfort, individualism and freedom, fitness and youthfulness. How has the customers household structure changed? - Answers We now have more delayed marriages, Cohabitation, dual career families, more divorce, and smaller families What has the greatest impact on marketing than any other social change? - Answers The changing roles of women, women now comprise 63% of females in the workplace. Purchasing power from the dual-career families is rising. Women are also living longer. What is generic competition? - Answers Anything that competes for the same consumer disposable dollars. What is Form Competition? - Answers A product that serves the same purpose as others, such as transportation. What is Industry competition? - Answers Competitors who make the same products or class of products but at very different price points What is Brand Competition? - Answers Competitors who offer similar products and service to the same customers at similar prices What are the types of consumers? (Characteristics Demographically) - Answers Kids Tweens Generation Y Generation X Baby Boomers Ethnic Markets What are the types of Baby Boomers? - Answers - Looking for balance - Confident and living well meaning they love to purchase new products - At ease boomers that don't worry and are very home-centric and family oriented -Overwhelmed Boomers that have the least income and health is a concern. How do tweens receive their advertising? - Answers Through TV, they believe TV advertising to be regular advertising What would be the best way to sell to a Generation Y? - Answers Word of mouth advertising because they are very family oriented Why would it be good to sell to Generation X? - Answers Because they are entering their money making years What is Porters Five Forces? - Answers -Bargaining Power of Customers - Bargaining Power of Suppliers - Threat to Substitute Products - Threat of new entrants - These result in competitive rivalry How does Porters Five Forces Relate to Marketing? - Answers All of porters forces relate to rivalry and rivalry is the reason we even have marketing today. What is a Market? - Answers People or organizations with needs or wants and with the ability and the willingness to buy What is Segmenting? - Answers Dividing the Market based on needs/benefits, demographics, lifestyles, behavioral measures. Markets have a variety of product needs and preferences. This results in Marketers being able to better define customer needs. What are the requirements for a group to be segmented? - Answers They must be homogeneous meaning the members must be similar in their attitudes, behaviors, financials etc. They must also be heterogeneous from other groups. Must be substantial in size. Must be identifiable and responsive. What are the bases for segmentation? - Answers The bases are demographics which are age, gender etc. Psychographics which includes what makes us unique and our values. Behavioral bases meaning that we should divide the market by the amount of product bought or consumed. The best 20% of customers generate 80% of the profits. And the bases of needs, The process of grouping customers into market segments according to the benefits they seek from the products. An example would be toothpaste Why are family life cycles important in Marketing? - Answers Because middle aged married people without kids may have unique needs that middle aged married people with kids don't have. What is Segmentation Targeting? - Answers A group of people for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges What are the 4 Targeting Strategies? - Answers Undifferentiated, differentiated, Niche, and Micro What is undifferentiated targeting? - Answers Marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix. What is differentiated targeting? - Answers Chooses two or more well defined market segments and develops a distinct marketing mix for each. This can result in higher costs What is Niche Targeting? - Answers Small but well defined segments for efforts. Advantages would be concentration of resources and small companies can compete. Disadvantages would be that is small and large companies do have the chance to take over. Red bull is a good example. What is Micro Targeting? - Answers Customized towards an individual, information intensive. This 1 on 1 marketing creates loyalty. Internet has made this easier. Whats an example of Cannibalization? - Answers Making new Doritos may just transfer money from a different flavor, not creating any new money. What is Positioning? - Answers The placement of a product or service offering in the minds of a selected target market. Kiwi is an example of this because Kiwi is just a brand name. What is perceptual mapping? - Answers A means of displaying or graphing, in two or more dimensions, the location of products, brands or groups of products in customers' minds What is repositioning? - Answers Changing consumers' perceptions of a brand in relation to competing brands. Example is ASU of New American University or Marlboro used to be targeted toward Luxury High Society Females instead of Cowboys.