MAR 3023 EXAM 1- HOPKINS UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MAR 3023 EXAM 1- HOPKINS UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS

Question:
1. What is the aim of marketing?
Answer:
-To make selling unnecessary
-To know and understand customers so well the product or service fits them and sells itself

Question:
2. Hopkins view of marketing.
Answer:
-Marketing is the answer to the question of why you buy a product
-Marketing is the foundation of every business

Question:
3. What is the key foundation of marketing?
Answer:
The product

Question:
4. What are the 4 P's?
Answer:
-Product
-Price
-Place
-Promotion

Question:
5. Great marketers...
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:
6. "Game changer" products
Answer:
-iPhone
-Tablet
-Kindle
-Spanx
-Red Box

, Question:
7. Companies that do little, if any, advertising
Answer:
-Siracha
-LuLu Lemon
-Krispy Kreme

Question:
8. Most decorated mass produced light beer from the U.S.?
Answer:
Old Milwaukee

Question:
9. Simple Trade Era
Answer:
-(Pre-1860's)
-Products were made by hand, grown or traded in small quantities
-Lasted up until the Industrial Revolution

Question:
10. Production Era
Answer:
-(Pre-1920's)
-"As long as it's black"
-Inward focus
-Technical development
-Seller's market (no competitors)
-Demand exceeded supply

Question:
11. Sales Era
Answer:
-(1920's)
-Sell what we make
-"Changing their minds"
-Aggressive promotion (vacuum cleaners)
-Short term profit maximization

Question:
12. The Marketing Era
Answer:
-(1940's-1990's)
-Customers became central focus of the organization
-Development of marketing departments
-Make what we sell