MAR 3023 EXAM 1 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Question:
1. What is marketing?
Answer:
Product development to satisfy unmet consumer needs
Question:
2. Great Marketing (3 things)
Answer:
1. Develop products that people want or need
2. Price them at a level that maximizes profits
3. Distribute them to where consumers are
Question:
3. Marketing Defininition
Answer:
The process by which companies determine what products or services may be of interest to customers and
the strategy to use in sales, communications and business development
Question:
4. Simple Trade Era
Answer:
(Pre-1860's) Products were made by hand, grown, or traded in small quantites. It lasted up until the
Industrial Revolution
Question:
5. Production Era
Answer:
(Pre-1920's) Demand exceeded supply. Model T, demand was there so Ford could afford to make one
color. Inward focus, technical development
Question:
6. Sales Era
Answer:
(1920's) Sell what we make. "Changing their minds". Focus on: aggressive promotion (vaccuum). Short
term profit maximization
Question:
7. Marketing Era
Answer:
(1940's-1990's) Customers became the central focus of the organization. Make what we sell
, Question:
8. Relationship Marketing Era
Answer:
(1920's-2010) Long term relations and customer retention. Rewards Cards. Chick fil a and Disney
Question:
9. Societal Marketing Era
Answer:
(1960's-present) Green Marketing. Add society's best interest into the mix. Corporate social repsonsibility.
Firm now serves 3 entities (stockholders, customers, society)
Question:
10. The 4 P's
Answer:
Product: speaks to customers needs Place: makes products avalible in quantities desired Promotion: inform
individuals or groups about the organizaition and its product services (adverstising, public relations,
personal selling, promotions, gorilla marketing, viral marketing) Pricing: decisions and actions associated
with establishing pricing objectives and policies
Question:
11. Popular macro-marketing strategies
Answer:
Creating (value, relationships), segmenting markets, identifying opportunities
Question:
12. Value
Answer:
difference between what you have to pay versus what your getting in return (value meal)
Question:
13. Market opportunity
Answer:
where circumstances and timing meet to create strategic windows
Question:
14. Core competencies
Answer:
things a firm does well
Question:
15. Warren Buffet
Answer:
Berkshire Hathaway
Question:
16. Berkshire Hathaway
CORRECT ANSWERS
Question:
1. What is marketing?
Answer:
Product development to satisfy unmet consumer needs
Question:
2. Great Marketing (3 things)
Answer:
1. Develop products that people want or need
2. Price them at a level that maximizes profits
3. Distribute them to where consumers are
Question:
3. Marketing Defininition
Answer:
The process by which companies determine what products or services may be of interest to customers and
the strategy to use in sales, communications and business development
Question:
4. Simple Trade Era
Answer:
(Pre-1860's) Products were made by hand, grown, or traded in small quantites. It lasted up until the
Industrial Revolution
Question:
5. Production Era
Answer:
(Pre-1920's) Demand exceeded supply. Model T, demand was there so Ford could afford to make one
color. Inward focus, technical development
Question:
6. Sales Era
Answer:
(1920's) Sell what we make. "Changing their minds". Focus on: aggressive promotion (vaccuum). Short
term profit maximization
Question:
7. Marketing Era
Answer:
(1940's-1990's) Customers became the central focus of the organization. Make what we sell
, Question:
8. Relationship Marketing Era
Answer:
(1920's-2010) Long term relations and customer retention. Rewards Cards. Chick fil a and Disney
Question:
9. Societal Marketing Era
Answer:
(1960's-present) Green Marketing. Add society's best interest into the mix. Corporate social repsonsibility.
Firm now serves 3 entities (stockholders, customers, society)
Question:
10. The 4 P's
Answer:
Product: speaks to customers needs Place: makes products avalible in quantities desired Promotion: inform
individuals or groups about the organizaition and its product services (adverstising, public relations,
personal selling, promotions, gorilla marketing, viral marketing) Pricing: decisions and actions associated
with establishing pricing objectives and policies
Question:
11. Popular macro-marketing strategies
Answer:
Creating (value, relationships), segmenting markets, identifying opportunities
Question:
12. Value
Answer:
difference between what you have to pay versus what your getting in return (value meal)
Question:
13. Market opportunity
Answer:
where circumstances and timing meet to create strategic windows
Question:
14. Core competencies
Answer:
things a firm does well
Question:
15. Warren Buffet
Answer:
Berkshire Hathaway
Question:
16. Berkshire Hathaway
