MGT 6201: MARKETING PREP
COMPLETE STUDY GUIDE WITH
PRACTICE QUESTIONS, ANSWERS
AND COMPREHENSIVE MARKETING
EXAM REVIEW
Updated 2026 Questions and Answers | 100% Verified
Exam Prep
,What is marketing? the creation and satisfaction of demand for a product or service
What is strategy? a set of ideas that outline how a product line or brand will achieve its objectives
What is a tactic? A specific action or method that contributes to achieving a goal
What is customer value? The difference between the benefit a customer sees from an offering and the cost of
obtaining those benefits
This can vary between customers
Competition can affect how customers view product/service value
What is the purpose of a business from the perspective of To create a customer
marketing? The two basic functions are marketing and innovation
(everything else are costs)
What are universal marketing functions? They help overcome separations between those wishing to participate in an exchange
Buying
Selling
Transporting
Sotring
Standardization and grading
Financing
Risk taking
Market information
What tasks are involved in bringing a product to market? 1. Analyze the needs of people for various product models
2. Predict what consumers will want and decide which consumers to satisfy
3. Estimate the number of potential buyers and what they might buy
4. Determine where consumers are and how to get products to them
5. Estimate the price consumers are willing to pay and whether it yields profit
6. Decide what promotions should be used to inform customers
7. Determine how to provide customer service post-purchase
What are customers? Potential buyers with wants and needs the company aims to fulfill
They are the focal point of all marketing
, What is a company? The organization or business unit providing the goods and services ("the offering")
Internal analysis-positioning, messaging, differentiatiors, core capabilities
Tools: SWOT, perceptual maps, marketing mix differentiation
What are competitors? Organizations offering products/services to satisfy the same customer needs as you
Ultimate goal is to create products or services that are perceived as different than those
provided by others, otherwise what's offered is seen as a commodity and consumers will
pursue the cheapest option
What are collaborators? organizations that work with the company to create value--suppliers, distributors,
agencies, retailers
What is context? The macro level environment in which a country operates
PESTEL--Political, Economic, Social, Technological, Environmental, Legal
What is marketing strategy ? Finding opportunities to develop profitable marketing strategies that the company can
use to capitalize on the opportunities they provide
Ex. specifies a target market and a related marketing mix
What is a target market? A homogenous group of customers to whom the company hopes to appeal
What is a marketing mix? The controllable variables a company puts together to satisfy the target market
Customer Marketing Model Marketing tends to follow a cycle starting with awareness of an organization's products
and ending with the goal of establishing brand insistence
Awareness: creating an identification moment
Interest & Engagement: informing customer about offerings and encouraging interaction
Acquisition: converting a prospect into a paying customer
Customer Segmentation--organization differentiates between customer segments and
markets to them accordingly
Customer Retention: convincing existing customers to purchase again
Support and advocacy: customers market for you by enthusiastically spreading the word
COMPLETE STUDY GUIDE WITH
PRACTICE QUESTIONS, ANSWERS
AND COMPREHENSIVE MARKETING
EXAM REVIEW
Updated 2026 Questions and Answers | 100% Verified
Exam Prep
,What is marketing? the creation and satisfaction of demand for a product or service
What is strategy? a set of ideas that outline how a product line or brand will achieve its objectives
What is a tactic? A specific action or method that contributes to achieving a goal
What is customer value? The difference between the benefit a customer sees from an offering and the cost of
obtaining those benefits
This can vary between customers
Competition can affect how customers view product/service value
What is the purpose of a business from the perspective of To create a customer
marketing? The two basic functions are marketing and innovation
(everything else are costs)
What are universal marketing functions? They help overcome separations between those wishing to participate in an exchange
Buying
Selling
Transporting
Sotring
Standardization and grading
Financing
Risk taking
Market information
What tasks are involved in bringing a product to market? 1. Analyze the needs of people for various product models
2. Predict what consumers will want and decide which consumers to satisfy
3. Estimate the number of potential buyers and what they might buy
4. Determine where consumers are and how to get products to them
5. Estimate the price consumers are willing to pay and whether it yields profit
6. Decide what promotions should be used to inform customers
7. Determine how to provide customer service post-purchase
What are customers? Potential buyers with wants and needs the company aims to fulfill
They are the focal point of all marketing
, What is a company? The organization or business unit providing the goods and services ("the offering")
Internal analysis-positioning, messaging, differentiatiors, core capabilities
Tools: SWOT, perceptual maps, marketing mix differentiation
What are competitors? Organizations offering products/services to satisfy the same customer needs as you
Ultimate goal is to create products or services that are perceived as different than those
provided by others, otherwise what's offered is seen as a commodity and consumers will
pursue the cheapest option
What are collaborators? organizations that work with the company to create value--suppliers, distributors,
agencies, retailers
What is context? The macro level environment in which a country operates
PESTEL--Political, Economic, Social, Technological, Environmental, Legal
What is marketing strategy ? Finding opportunities to develop profitable marketing strategies that the company can
use to capitalize on the opportunities they provide
Ex. specifies a target market and a related marketing mix
What is a target market? A homogenous group of customers to whom the company hopes to appeal
What is a marketing mix? The controllable variables a company puts together to satisfy the target market
Customer Marketing Model Marketing tends to follow a cycle starting with awareness of an organization's products
and ending with the goal of establishing brand insistence
Awareness: creating an identification moment
Interest & Engagement: informing customer about offerings and encouraging interaction
Acquisition: converting a prospect into a paying customer
Customer Segmentation--organization differentiates between customer segments and
markets to them accordingly
Customer Retention: convincing existing customers to purchase again
Support and advocacy: customers market for you by enthusiastically spreading the word
