MARKETING 3000 EXAM 1 JOEL POOR UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. Marketing:
Answer:
"Study of exchange"; academic def: learning about marketing from the
perspectives of the business and the customer; functional def: facilitation of
exchange; long def: the process of planning and executing the conception,
pricing, promotion, and distribution of ideas, goods and services to create
exchanges that satisfy the individual and organizational objectives
Question:
2. Given exchange definition, what are the requirements that
define the scope of marketing?
Answer:
Communication
Question:
3. Marketing's first task
Answer:
Discovering consumer needs
Question:
4. The marketing concept
Answer:
Before you provide an offering, you have to determine where there are unmet
needs. "Make what's desired".
Question:
5. Marketing's second task
Answer:
Satisfying consumer needs with the marketing mix (4 P's).
,Question:
6. 4 P's
Answer:
The marketing mix:
= set of decisions marketing managers need to make. This mix is designed for each
target group
1. Product (play place at McD's)
2. Price (values meals and happy meals)
3. Promotion (ads with kids)
4. Place (put in places with lots of young parents)
Question:
7. Original marketing philosophy
Answer:
Revolved around the product. "If we build it, they will come". Known as product-
orientation philosophy.
Best for situations where demand exceeds supply.
Based on idea: product will sell itself through either a low price or high quality.
Question:
8. Sales orientation philosophy
Answer:
Sell what is made.
Internally driven (just like the previous product-orientation philosophy).
This introduced the concept of communication, ONE-WAY communication to the
customer. "Just sell the damn product"
Question:
9. Marketing orientation philosophy
Characterized by?
Answer:
Requires information about the market (potential customers, trends, competitors)
be collected prior to making decisions that involve the selling process.
Depends on two-way relationship with customer.
Characterized by: customer focus, coordinated marketing effort (all departments
in the firm share in the effort to satisfy customer needs), and long-term success.
, Question:
10. Relationship marketing concept
Why?
Answer:
Emphasizes the creation and maintenance of long-term relationships with all
participants (customers, suppliers, retailers) in the exchange process.
Why? The cost of attracting new customers is much greater than the cost of
keeping customers.
Service after the sale must be a consideration. Customers tend to stick with
products due to this when there is not a large price difference amount
alternatives.
Question:
11. 4 types of benefits you get from products
Answer:
1. Functional: ceiling fan, hammer, car, pen
2. Social: social media, cell phones, bars, restaurants, dandriff shampoo,
deodorant
3. Personal: mountain climbing, exercise, education (college)
4. Experiential: vacation, football games, Truman, concerts, massages, amusement
parks
Soap: functional and social
Question:
12. 4 Types of costs
Answer:
1. Monetary
2. Temporal
3. Psychological
4. Behavioral
Question:
13. Monetary Costs
Answer:
Tuition and book fees... What you pay
Question:
14. Temporal Costs
Answer:
Time spent in class and studying.... The time you spend
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. Marketing:
Answer:
"Study of exchange"; academic def: learning about marketing from the
perspectives of the business and the customer; functional def: facilitation of
exchange; long def: the process of planning and executing the conception,
pricing, promotion, and distribution of ideas, goods and services to create
exchanges that satisfy the individual and organizational objectives
Question:
2. Given exchange definition, what are the requirements that
define the scope of marketing?
Answer:
Communication
Question:
3. Marketing's first task
Answer:
Discovering consumer needs
Question:
4. The marketing concept
Answer:
Before you provide an offering, you have to determine where there are unmet
needs. "Make what's desired".
Question:
5. Marketing's second task
Answer:
Satisfying consumer needs with the marketing mix (4 P's).
,Question:
6. 4 P's
Answer:
The marketing mix:
= set of decisions marketing managers need to make. This mix is designed for each
target group
1. Product (play place at McD's)
2. Price (values meals and happy meals)
3. Promotion (ads with kids)
4. Place (put in places with lots of young parents)
Question:
7. Original marketing philosophy
Answer:
Revolved around the product. "If we build it, they will come". Known as product-
orientation philosophy.
Best for situations where demand exceeds supply.
Based on idea: product will sell itself through either a low price or high quality.
Question:
8. Sales orientation philosophy
Answer:
Sell what is made.
Internally driven (just like the previous product-orientation philosophy).
This introduced the concept of communication, ONE-WAY communication to the
customer. "Just sell the damn product"
Question:
9. Marketing orientation philosophy
Characterized by?
Answer:
Requires information about the market (potential customers, trends, competitors)
be collected prior to making decisions that involve the selling process.
Depends on two-way relationship with customer.
Characterized by: customer focus, coordinated marketing effort (all departments
in the firm share in the effort to satisfy customer needs), and long-term success.
, Question:
10. Relationship marketing concept
Why?
Answer:
Emphasizes the creation and maintenance of long-term relationships with all
participants (customers, suppliers, retailers) in the exchange process.
Why? The cost of attracting new customers is much greater than the cost of
keeping customers.
Service after the sale must be a consideration. Customers tend to stick with
products due to this when there is not a large price difference amount
alternatives.
Question:
11. 4 types of benefits you get from products
Answer:
1. Functional: ceiling fan, hammer, car, pen
2. Social: social media, cell phones, bars, restaurants, dandriff shampoo,
deodorant
3. Personal: mountain climbing, exercise, education (college)
4. Experiential: vacation, football games, Truman, concerts, massages, amusement
parks
Soap: functional and social
Question:
12. 4 Types of costs
Answer:
1. Monetary
2. Temporal
3. Psychological
4. Behavioral
Question:
13. Monetary Costs
Answer:
Tuition and book fees... What you pay
Question:
14. Temporal Costs
Answer:
Time spent in class and studying.... The time you spend
