MGT 6201: MARKETING EXAM | UPDATED QUESTIONS
WITH 100% CORRECT ANSWERS
Marketing - CORRECT ANSWER-The creation and satisfaction of demand for a
product or service
Strategy - CORRECT ANSWER-A set of integrated ideas outlining how a product
line or brand will achieve its objectives
Tactic - CORRECT ANSWER-A specific action or method used to help carry out a
strategy
Customer Value - CORRECT ANSWER-The difference between perceived
benefits and perceived costs as determined by the customer
Perceived Benefits - CORRECT ANSWER-The functional, emotional, social, or
psychological advantages a customer believes a product provides
Perceived Costs - CORRECT ANSWER-The money, time, effort, and risk a
customer believes are required to obtain a product
Competitive Advantage - CORRECT ANSWER-A marketing mix that customers
perceive as better than competitors' offerings
Marketing Strategy - CORRECT ANSWER-A plan that specifies a target market
and a related marketing mix
, Target Market - CORRECT ANSWER-A fairly homogeneous group of customers a
firm decides to appeal to
Marketing Mix - CORRECT ANSWER-The controllable variables a firm uses to
satisfy a target market
Four Ps of Marketing Mix - CORRECT ANSWER-Product Place Promotion and
Price
Marketing Plan - CORRECT ANSWER-A written document that adds timelines
resources controls and expected outcomes to a marketing strategy
Marketing Program - CORRECT ANSWER-The combination of multiple
marketing plans within a firm
Marketing Management Process - CORRECT ANSWER-Planning implementing
and controlling marketing activities
Control - CORRECT ANSWER-Assessing marketing performance and taking
corrective action when needed
Customer Lifetime Value - CORRECT ANSWER-The total value of a customer's
purchases over the entire relationship with a firm
5 Cs Framework - CORRECT ANSWER-A framework for marketing strategy
analysis consisting of Customers, Company, Competitors, Collaborators, and
Context
SWOT Analysis - CORRECT ANSWER-An analysis of Strengths Weaknesses
Opportunities and Threats faced by a firm
WITH 100% CORRECT ANSWERS
Marketing - CORRECT ANSWER-The creation and satisfaction of demand for a
product or service
Strategy - CORRECT ANSWER-A set of integrated ideas outlining how a product
line or brand will achieve its objectives
Tactic - CORRECT ANSWER-A specific action or method used to help carry out a
strategy
Customer Value - CORRECT ANSWER-The difference between perceived
benefits and perceived costs as determined by the customer
Perceived Benefits - CORRECT ANSWER-The functional, emotional, social, or
psychological advantages a customer believes a product provides
Perceived Costs - CORRECT ANSWER-The money, time, effort, and risk a
customer believes are required to obtain a product
Competitive Advantage - CORRECT ANSWER-A marketing mix that customers
perceive as better than competitors' offerings
Marketing Strategy - CORRECT ANSWER-A plan that specifies a target market
and a related marketing mix
, Target Market - CORRECT ANSWER-A fairly homogeneous group of customers a
firm decides to appeal to
Marketing Mix - CORRECT ANSWER-The controllable variables a firm uses to
satisfy a target market
Four Ps of Marketing Mix - CORRECT ANSWER-Product Place Promotion and
Price
Marketing Plan - CORRECT ANSWER-A written document that adds timelines
resources controls and expected outcomes to a marketing strategy
Marketing Program - CORRECT ANSWER-The combination of multiple
marketing plans within a firm
Marketing Management Process - CORRECT ANSWER-Planning implementing
and controlling marketing activities
Control - CORRECT ANSWER-Assessing marketing performance and taking
corrective action when needed
Customer Lifetime Value - CORRECT ANSWER-The total value of a customer's
purchases over the entire relationship with a firm
5 Cs Framework - CORRECT ANSWER-A framework for marketing strategy
analysis consisting of Customers, Company, Competitors, Collaborators, and
Context
SWOT Analysis - CORRECT ANSWER-An analysis of Strengths Weaknesses
Opportunities and Threats faced by a firm
