Strayer University MKT 100 Exam 1 (pdf) | 2026/2027 | Principles of
Marketing Q&A | Marketing
1. Which of the following best defines marketing according to the American
Marketing Association?
A) The process of selling and advertising products to consumers
B) The activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
C) The process of manufacturing goods and distributing them to retailers
D) The management of customer relationships through direct sales
Correct Answer: The activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
Rationale: The American Marketing Association defines marketing as the
activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large. This definition emphasizes that marketing is
broader than just selling and advertising; it involves creating value through a
systematic process.
2. Marketing is defined as a social and managerial process by which
individuals and organizations obtain what they need and want through:
A) Research and development
B) Innovation and creativity
C) Value creation and exchange
D) Manufacturing efficiencies
Correct Answer: Value creation and exchange
,Rationale: Marketing is a social and managerial process by which individuals
and organizations obtain what they need and want through value creation
and exchange. The core of marketing lies in creating value for customers and
facilitating exchanges that benefit both parties.
3. What are the four components of marketing?
A) Product, Price, Place, Promotion
B) Creating, Communicating, Delivering, Exchanging
C) Planning, Organizing, Leading, Controlling
D) Research, Development, Production, Distribution
Correct Answer: Creating, Communicating, Delivering, Exchanging
Rationale: The four components of marketing are creating, communicating,
delivering, and exchanging value. While the 4 Ps (Product, Price, Place,
Promotion) are the marketing mix tools, the four components describe the
broader activities involved in the marketing process.
4. The traditional 4 Ps of marketing are:
A) Product, Price, Place, Promotion
B) Product, Price, Place, People
C) Procedure, Price, Place, Promotion
D) Product, Profit, Place, Promotion
Correct Answer: Product, Price, Place, Promotion
Rationale: The traditional 4 Ps of marketing are Product, Price, Place
(Distribution), and Promotion. The 4 Ps represent the key decisions marketers
make to create value for customers and achieve organizational objectives.
,5. Which of the following is NOT one of the 4 Ps of marketing?
A) Promotion
B) Production
C) Place
D) Price
Correct Answer: Production
Rationale: The 4 Ps of marketing are Product, Price, Place, and Promotion.
"Production" is not one of the 4 Ps; it is a business operation function. The
marketing mix focuses on the controllable variables that marketers use to
influence customer response.
6. In the 4 Ps framework, "Place" refers to:
A) The location of the company's headquarters
B) The distribution channels used to make the product available to
customers
C) The physical store where products are sold
D) The geographic market targeted by the company
Correct Answer: The distribution channels used to make the product
available to customers
Rationale: In the marketing mix, "Place" (also called distribution) refers to the
activities that make the product available to customers at the right time and
location. It involves decisions about distribution channels, logistics, and retail
locations.
, 7. The amount of money charged for a product or service is called:
A) Value
B) Cost
C) Price
D) Wage
Correct Answer: Price
Rationale: Price is the amount of money charged for a product or service. It is
the only element of the marketing mix that produces revenue; all other
elements represent costs.
8. Marketing is about:
A) Selling as many products as possible
B) Understanding the needs of the customer
C) Maximizing profit margins
D) Reducing production costs
Correct Answer: Understanding the needs of the customer
Rationale: Marketing is about understanding the needs of the customer and
understanding what is needed to satisfy those needs. The customer is at the
center of all marketing activities.
9. A _______ is the set of actual and potential buyers of a product or service.
A) Control group
B) Market
C) Segment
Marketing Q&A | Marketing
1. Which of the following best defines marketing according to the American
Marketing Association?
A) The process of selling and advertising products to consumers
B) The activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
C) The process of manufacturing goods and distributing them to retailers
D) The management of customer relationships through direct sales
Correct Answer: The activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
Rationale: The American Marketing Association defines marketing as the
activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large. This definition emphasizes that marketing is
broader than just selling and advertising; it involves creating value through a
systematic process.
2. Marketing is defined as a social and managerial process by which
individuals and organizations obtain what they need and want through:
A) Research and development
B) Innovation and creativity
C) Value creation and exchange
D) Manufacturing efficiencies
Correct Answer: Value creation and exchange
,Rationale: Marketing is a social and managerial process by which individuals
and organizations obtain what they need and want through value creation
and exchange. The core of marketing lies in creating value for customers and
facilitating exchanges that benefit both parties.
3. What are the four components of marketing?
A) Product, Price, Place, Promotion
B) Creating, Communicating, Delivering, Exchanging
C) Planning, Organizing, Leading, Controlling
D) Research, Development, Production, Distribution
Correct Answer: Creating, Communicating, Delivering, Exchanging
Rationale: The four components of marketing are creating, communicating,
delivering, and exchanging value. While the 4 Ps (Product, Price, Place,
Promotion) are the marketing mix tools, the four components describe the
broader activities involved in the marketing process.
4. The traditional 4 Ps of marketing are:
A) Product, Price, Place, Promotion
B) Product, Price, Place, People
C) Procedure, Price, Place, Promotion
D) Product, Profit, Place, Promotion
Correct Answer: Product, Price, Place, Promotion
Rationale: The traditional 4 Ps of marketing are Product, Price, Place
(Distribution), and Promotion. The 4 Ps represent the key decisions marketers
make to create value for customers and achieve organizational objectives.
,5. Which of the following is NOT one of the 4 Ps of marketing?
A) Promotion
B) Production
C) Place
D) Price
Correct Answer: Production
Rationale: The 4 Ps of marketing are Product, Price, Place, and Promotion.
"Production" is not one of the 4 Ps; it is a business operation function. The
marketing mix focuses on the controllable variables that marketers use to
influence customer response.
6. In the 4 Ps framework, "Place" refers to:
A) The location of the company's headquarters
B) The distribution channels used to make the product available to
customers
C) The physical store where products are sold
D) The geographic market targeted by the company
Correct Answer: The distribution channels used to make the product
available to customers
Rationale: In the marketing mix, "Place" (also called distribution) refers to the
activities that make the product available to customers at the right time and
location. It involves decisions about distribution channels, logistics, and retail
locations.
, 7. The amount of money charged for a product or service is called:
A) Value
B) Cost
C) Price
D) Wage
Correct Answer: Price
Rationale: Price is the amount of money charged for a product or service. It is
the only element of the marketing mix that produces revenue; all other
elements represent costs.
8. Marketing is about:
A) Selling as many products as possible
B) Understanding the needs of the customer
C) Maximizing profit margins
D) Reducing production costs
Correct Answer: Understanding the needs of the customer
Rationale: Marketing is about understanding the needs of the customer and
understanding what is needed to satisfy those needs. The customer is at the
center of all marketing activities.
9. A _______ is the set of actual and potential buyers of a product or service.
A) Control group
B) Market
C) Segment
