MARKETING 3301 FINAL EXAM REVIEW UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
The aim of marketing is to identify customers' needs and meet those needs so
well that the product almost sells itself.
Answer:
True
Question:
How does a firm provide customer satisfaction?
Answer:
by taking the customer's point of view, the customer value which is the difference
between the benefits a customer sees from a market offering and costs of
obtaining those benefits.
Question:
What is macromarketing?
Answer:
it is a social process that directs an economy's flow of goods and services from
producers to consumers in a way that effectively matches supply and demand and
accomplishes the objectives of society. It is an emphasis on how the whole market
works.
Question:
Effective marketing in an advanced economy is difficult
because producers and consumers are often close in
many ways.
Answer:
FALSE. You have these things called constraints, such as separation in space, time,
information, values, and ownership.
Question:
What are the universal functions of marketing?
Answer:
Buying, Selling, Transporting, Storing, Standardization and grading, financing, risk-
taking, and market information.
Question:
What must occur for marketing to take place?
Answer:
Marketing does not occur unless 2+ parties are willing to exchange something for
something else.
Question:
What is the marketing concept?
, Answer:
It means that an organization aims all of its efforts at satisfying its customers @ a
profit. 3 things matter here being: customer satisfaction, total company effort, and
profit which guide firms in order to be more successful.
Question:
Marketing
Answer:
it is the performance of activities that seek to accomplish an organization's
objectives by anticipating customer or client needs and directing a flow of need-
satisfying goods and services from producer to customer or client.
Question:
What is the triple bottom line?
Answer:
it measures a firm's economic, social, and environmental outcomes- as a measure
of long-term success.
Question:
Discrepancies of Assortment
Answer:
Producers specialize in producing a narrow line of goods and services, while
consumers need a broad assortment.
Question:
The purpose of a macro-marketing system is to
overcome separations and discrepancies
Answer:
True!
Question:
Marketing evolution sequence:
1. Simple Trade Era
2. Production Era
3. Sales Era
4. Marketing Department Era
5. Marketing Company Era
Answer:
This is correct!
Question:
Marketing Management Process
Answer:
1. Planning marketing activities
2. Directing the Implementation
3. Controlling these plans
Question:
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
The aim of marketing is to identify customers' needs and meet those needs so
well that the product almost sells itself.
Answer:
True
Question:
How does a firm provide customer satisfaction?
Answer:
by taking the customer's point of view, the customer value which is the difference
between the benefits a customer sees from a market offering and costs of
obtaining those benefits.
Question:
What is macromarketing?
Answer:
it is a social process that directs an economy's flow of goods and services from
producers to consumers in a way that effectively matches supply and demand and
accomplishes the objectives of society. It is an emphasis on how the whole market
works.
Question:
Effective marketing in an advanced economy is difficult
because producers and consumers are often close in
many ways.
Answer:
FALSE. You have these things called constraints, such as separation in space, time,
information, values, and ownership.
Question:
What are the universal functions of marketing?
Answer:
Buying, Selling, Transporting, Storing, Standardization and grading, financing, risk-
taking, and market information.
Question:
What must occur for marketing to take place?
Answer:
Marketing does not occur unless 2+ parties are willing to exchange something for
something else.
Question:
What is the marketing concept?
, Answer:
It means that an organization aims all of its efforts at satisfying its customers @ a
profit. 3 things matter here being: customer satisfaction, total company effort, and
profit which guide firms in order to be more successful.
Question:
Marketing
Answer:
it is the performance of activities that seek to accomplish an organization's
objectives by anticipating customer or client needs and directing a flow of need-
satisfying goods and services from producer to customer or client.
Question:
What is the triple bottom line?
Answer:
it measures a firm's economic, social, and environmental outcomes- as a measure
of long-term success.
Question:
Discrepancies of Assortment
Answer:
Producers specialize in producing a narrow line of goods and services, while
consumers need a broad assortment.
Question:
The purpose of a macro-marketing system is to
overcome separations and discrepancies
Answer:
True!
Question:
Marketing evolution sequence:
1. Simple Trade Era
2. Production Era
3. Sales Era
4. Marketing Department Era
5. Marketing Company Era
Answer:
This is correct!
Question:
Marketing Management Process
Answer:
1. Planning marketing activities
2. Directing the Implementation
3. Controlling these plans
Question:
