MKT 100 Exam Questions with Verified
Correct Answers
What is Marketing?
Providing Value to consumers and it always depends on the audience
What is Value?
Creating, communicating, delivering and exchanging. Benefits should outweigh the cost.
Value formula
Benefits received - cost incurred
Cost Incurred
Price + non financial costs (time spent shopping & effort shopping)
4 Types of value
Creating, communicating, delivering, exchanging
Value: Creating
Making product or creating offering
Value: Communicating
Educating people on product
Value: Delivering
allow people to receive the value / product
Value: Exchanging
exchange money for offering. Receive money
,4 P's of Marketing
Product, Price, Place, Promotion
4ps: Product
Creating offering that has value
4ps: Promotion
Communicating offering or educating consumer
4ps: Place
Delivering offering or distribute
4ps: Price
Exchange offerings
Types of exchange for an offering (2)
1. Monetary = money / price tag
2. Non-monetary = non-financial forms of payment
Evolution of Marketing Concepts
Industrial Revolution (Production Orientation), The Great Depression (Selling Orientation),
Post war (Product Orientation)and the 1990s+ (Value Orientation)
Industrial Revolution
Factories started to produce products at high levels while reducing costs. "If you produce it,
they'll buy it" = Production Orientation
The Great Depression
,Increased inflation rates and unemployment caused reduced demands and purchasing. Thus
there was need to push products onto consumers. "If you push the product they'll buy it" -
Selling Orientation
Post War
Increased economy caused increase demands for goods. Many companies started in the
industry, creating more competition. Now there was a need to differentiate the product
between competitors. "If you differentiate it, they'll buy it" - Product Orientation
The 1990s+
Now consumers have great access to information and have a greater voice, thus companies
must create value for customers and build relationships. "If you interact with them, they'll
continually buy" - Value Orientation
6 Key Aspects of Marketing
1. Creates Value
2.All about satisfying customers needs
3.Always entails an exchange between a seller and a buyer
4. Requires marketing mix decisions
5.Can be performed by companies and individuals
6.Occurs in many situations
Common Themes in Marketing
1. Marketings Role: All companies and members need to understand marketing starts with the
consumer and to work together to create value
2. Starting with Customer: Company must know their audience and how to meet their needs
3. Changing Environment: Company must know that the market always changes
, Strategic Planning Process
Evaluate Internal and External Environments
Internal Environment: Strategic Planning Process
Micro (internal) environment includes, the company, corporate partners and compare them to
competitors.
Types of Competitors
1. Direct Competition: Company that produces similar products to us
2. Indirect Competitor: Company that can replace our product in the customers mind
External Environment: Strategic Planning Process
Macro (external) environment includes, Political (laws/regulations), Economical ($ state of
country/area/individual), Socio-cultural (customer trends and values), Technology (internet
access or technology in country), Competition (How better/ stronger is competition in this
industry)
Main idea in Strategic Planning Process
Always consider the marketing question and see what matters
MATRIX #1 Calculating Variable Cost & Fixed Cost
Variable cost, fixed cost, capitol cost and fixed operating cost
Variable Cost & how to calculate
Everything that increases in cost as it is produced. Raw material, labour, shipping,
commission.
To calculate add up all variable costs
Correct Answers
What is Marketing?
Providing Value to consumers and it always depends on the audience
What is Value?
Creating, communicating, delivering and exchanging. Benefits should outweigh the cost.
Value formula
Benefits received - cost incurred
Cost Incurred
Price + non financial costs (time spent shopping & effort shopping)
4 Types of value
Creating, communicating, delivering, exchanging
Value: Creating
Making product or creating offering
Value: Communicating
Educating people on product
Value: Delivering
allow people to receive the value / product
Value: Exchanging
exchange money for offering. Receive money
,4 P's of Marketing
Product, Price, Place, Promotion
4ps: Product
Creating offering that has value
4ps: Promotion
Communicating offering or educating consumer
4ps: Place
Delivering offering or distribute
4ps: Price
Exchange offerings
Types of exchange for an offering (2)
1. Monetary = money / price tag
2. Non-monetary = non-financial forms of payment
Evolution of Marketing Concepts
Industrial Revolution (Production Orientation), The Great Depression (Selling Orientation),
Post war (Product Orientation)and the 1990s+ (Value Orientation)
Industrial Revolution
Factories started to produce products at high levels while reducing costs. "If you produce it,
they'll buy it" = Production Orientation
The Great Depression
,Increased inflation rates and unemployment caused reduced demands and purchasing. Thus
there was need to push products onto consumers. "If you push the product they'll buy it" -
Selling Orientation
Post War
Increased economy caused increase demands for goods. Many companies started in the
industry, creating more competition. Now there was a need to differentiate the product
between competitors. "If you differentiate it, they'll buy it" - Product Orientation
The 1990s+
Now consumers have great access to information and have a greater voice, thus companies
must create value for customers and build relationships. "If you interact with them, they'll
continually buy" - Value Orientation
6 Key Aspects of Marketing
1. Creates Value
2.All about satisfying customers needs
3.Always entails an exchange between a seller and a buyer
4. Requires marketing mix decisions
5.Can be performed by companies and individuals
6.Occurs in many situations
Common Themes in Marketing
1. Marketings Role: All companies and members need to understand marketing starts with the
consumer and to work together to create value
2. Starting with Customer: Company must know their audience and how to meet their needs
3. Changing Environment: Company must know that the market always changes
, Strategic Planning Process
Evaluate Internal and External Environments
Internal Environment: Strategic Planning Process
Micro (internal) environment includes, the company, corporate partners and compare them to
competitors.
Types of Competitors
1. Direct Competition: Company that produces similar products to us
2. Indirect Competitor: Company that can replace our product in the customers mind
External Environment: Strategic Planning Process
Macro (external) environment includes, Political (laws/regulations), Economical ($ state of
country/area/individual), Socio-cultural (customer trends and values), Technology (internet
access or technology in country), Competition (How better/ stronger is competition in this
industry)
Main idea in Strategic Planning Process
Always consider the marketing question and see what matters
MATRIX #1 Calculating Variable Cost & Fixed Cost
Variable cost, fixed cost, capitol cost and fixed operating cost
Variable Cost & how to calculate
Everything that increases in cost as it is produced. Raw material, labour, shipping,
commission.
To calculate add up all variable costs
