MGM101 Final Exam UPDATED ACTUAL
Exam Questions and CORRECT Answers
Marketing - CORRECT ANSWER - A set of business practices designed to plan for and
present an organization's products or services in ways that build effective customer relationships
The evolution of marketing (5 eras) - CORRECT ANSWER - Production, Sales,
Marketing Concept, Market Orientation, Social Media Marketing
The production era - CORRECT ANSWER - In early times the demand always exceeded
supply so goals centered on production
The sales era - CORRECT ANSWER - Due to mass production sales now exceeded
demand. So emphasis was placed on selling and advertising to persuade customers
Marketing concept - CORRECT ANSWER - 3 part business philosophy; Customer
Orientation: what the customer wants. Service Orientation: everyone focusing on customer
service. Profit orientation: Focusing on goods that maximize profits
Market orientation - CORRECT ANSWER - Focusing on 1. Collecting info about
customer needs and competitor capabilities. 2. Sharing this info throughout the org. 3. Using the
info to create value, ensure customer satisfaction, and develop customer relations.
Customer Relationship Management (CRM) - CORRECT ANSWER - The process of
building long-term relationships with customers by delivering customer value and satisfaction
Social media - CORRECT ANSWER - Websites and tools that allow users to interact with
each other, and share info, opinions, knowledge and interests
Social media marketing - CORRECT ANSWER - Consumer-generated online-marketing
efforts to promote brands and companies for which they are fans (and vice versa), and the use by
marketers of online tools and platforms to promote their brands or organizations.
, What are the 4 P's of marketing - CORRECT ANSWER - Product, Price, Place, Promotion
aka marketing mix
The marketing process - CORRECT ANSWER - Find Opportunities > Conduct Research
> Identify & Target a Market > Design a Product to Meet the Need Based on Research > Do
Product Testing > Determine a Brand Name, Design a Package, and Set a Price > Select a
Distribution System > Design a Promotional Program > Build a Relationship With Customers
Product - CORRECT ANSWER - Any physical good, service or idea that satisfies a want
or need
Test market - CORRECT ANSWER - the process of testing products among potential
users
Brand Name - CORRECT ANSWER - a word, letter, or group of words or letters that
differentiates one seller's goods and services from those of competitors
Price - CORRECT ANSWER - the money or other considerations (including other
products and services) exchanged for the ownership or use of a good or service
Place - CORRECT ANSWER - Where the product is being sold, whether that's through a
middle man like a supermarket or elsewhere
Promotion - CORRECT ANSWER - All of the techniques sellers use to motivate
customers to buy their products
Marketing research - CORRECT ANSWER - The analysis of markets, to determine
opportunities and challenges, and to find the info needed to make good decisions
Exam Questions and CORRECT Answers
Marketing - CORRECT ANSWER - A set of business practices designed to plan for and
present an organization's products or services in ways that build effective customer relationships
The evolution of marketing (5 eras) - CORRECT ANSWER - Production, Sales,
Marketing Concept, Market Orientation, Social Media Marketing
The production era - CORRECT ANSWER - In early times the demand always exceeded
supply so goals centered on production
The sales era - CORRECT ANSWER - Due to mass production sales now exceeded
demand. So emphasis was placed on selling and advertising to persuade customers
Marketing concept - CORRECT ANSWER - 3 part business philosophy; Customer
Orientation: what the customer wants. Service Orientation: everyone focusing on customer
service. Profit orientation: Focusing on goods that maximize profits
Market orientation - CORRECT ANSWER - Focusing on 1. Collecting info about
customer needs and competitor capabilities. 2. Sharing this info throughout the org. 3. Using the
info to create value, ensure customer satisfaction, and develop customer relations.
Customer Relationship Management (CRM) - CORRECT ANSWER - The process of
building long-term relationships with customers by delivering customer value and satisfaction
Social media - CORRECT ANSWER - Websites and tools that allow users to interact with
each other, and share info, opinions, knowledge and interests
Social media marketing - CORRECT ANSWER - Consumer-generated online-marketing
efforts to promote brands and companies for which they are fans (and vice versa), and the use by
marketers of online tools and platforms to promote their brands or organizations.
, What are the 4 P's of marketing - CORRECT ANSWER - Product, Price, Place, Promotion
aka marketing mix
The marketing process - CORRECT ANSWER - Find Opportunities > Conduct Research
> Identify & Target a Market > Design a Product to Meet the Need Based on Research > Do
Product Testing > Determine a Brand Name, Design a Package, and Set a Price > Select a
Distribution System > Design a Promotional Program > Build a Relationship With Customers
Product - CORRECT ANSWER - Any physical good, service or idea that satisfies a want
or need
Test market - CORRECT ANSWER - the process of testing products among potential
users
Brand Name - CORRECT ANSWER - a word, letter, or group of words or letters that
differentiates one seller's goods and services from those of competitors
Price - CORRECT ANSWER - the money or other considerations (including other
products and services) exchanged for the ownership or use of a good or service
Place - CORRECT ANSWER - Where the product is being sold, whether that's through a
middle man like a supermarket or elsewhere
Promotion - CORRECT ANSWER - All of the techniques sellers use to motivate
customers to buy their products
Marketing research - CORRECT ANSWER - The analysis of markets, to determine
opportunities and challenges, and to find the info needed to make good decisions
