MARKETING 101 TEST 1 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Definition of
Marketing
Answer:
An orgazinational function that consists of 3 functions:
Creating Value
Communicating Value
Delivering Value
Question:
2. Key to creating value
Answer:
Providing consumers with benefits that meet their needs and wants
Question:
3. % of new products that fail
Answer:
80%
Question:
4. Members of the supply chain
Answer:
Manufacturers, wholesalers, retailers, shipping companies
Question:
5. Stages in the evolution of marketing
Answer:
Production orientation -> sales orientation-> Marketing Concept -> Relationship
orientation
Question:
6. Marketing concept
Answer:
The idea that a firm's long term success must include a company wide effort to
satisfy customer needs.
, Question:
7. Most basic concept in marketing
Answer:
Understanding the difference between needs and wants
Question:
8. 1st point of discussion relative to the marketing mix
Answer:
Product
Question:
9. Global marketing
Answer:
Marketing strategy that consciously addresses customers, markets, and
competition throughout the world.
Question:
10. Brand
Answer:
Name, term symbol, design or combination of these that identifies and
differentiates a firm's products
Question:
11. Corporate social responsibility
Answer:
A firm's obligation to maximize positive impact on society (charities, supporting
minorities, demanding responsible business practices, etc.) and minimize negative
impact on society.
Question:
12. Primary strategic planning tool
Answer:
Marketing plan
Question:
13. Key components of the marketing plan
Answer:
Executive summary
situation analysis
Marketing strategy
Financials
Controls
QUESTIONS AND CORRECT ANSWERS
Question:
1. Definition of
Marketing
Answer:
An orgazinational function that consists of 3 functions:
Creating Value
Communicating Value
Delivering Value
Question:
2. Key to creating value
Answer:
Providing consumers with benefits that meet their needs and wants
Question:
3. % of new products that fail
Answer:
80%
Question:
4. Members of the supply chain
Answer:
Manufacturers, wholesalers, retailers, shipping companies
Question:
5. Stages in the evolution of marketing
Answer:
Production orientation -> sales orientation-> Marketing Concept -> Relationship
orientation
Question:
6. Marketing concept
Answer:
The idea that a firm's long term success must include a company wide effort to
satisfy customer needs.
, Question:
7. Most basic concept in marketing
Answer:
Understanding the difference between needs and wants
Question:
8. 1st point of discussion relative to the marketing mix
Answer:
Product
Question:
9. Global marketing
Answer:
Marketing strategy that consciously addresses customers, markets, and
competition throughout the world.
Question:
10. Brand
Answer:
Name, term symbol, design or combination of these that identifies and
differentiates a firm's products
Question:
11. Corporate social responsibility
Answer:
A firm's obligation to maximize positive impact on society (charities, supporting
minorities, demanding responsible business practices, etc.) and minimize negative
impact on society.
Question:
12. Primary strategic planning tool
Answer:
Marketing plan
Question:
13. Key components of the marketing plan
Answer:
Executive summary
situation analysis
Marketing strategy
Financials
Controls
