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MARKETING 300 FINAL EXAM (UW – MADISON )
QUESTIONS AND CORRECT ANSWERS 2024/2025
GRADED A+.
How is Customer Satisfaction linked to the Marketing Concept? -
(answers)Marketing Concept = total company's effort, profit, and customer
satisfaction (There's a direct relationship)
As a manufacturer with little competition, should you spend to create customer
satisfaction? - (answers)No you shouldn't spend to create customer satisfaction.
What happens when Employees are satisfied? - (answers)They work harder,
customers are satisfied and return (profit is made long-term)
Micro-Macro Dilemma - (answers)What's good for producers/consumers might
not be good for society
ex: waterbottles
Social Responsibility - (answers)Obligation of a business to contribute to society
and reduce it's negative effects
Marketing Ethics - (answers)Moral standards that guide marketing decisions and
actions
4 Types of Market Growth Strategies - (answers)- Market Penetration
, 2
- Product Development
- Market Development
- Diversification
Market Penetration - (answers)- Selling more to existing customers
- Most effective
ex: changing branding on coke during winter to increase sales (promotions)
Product Development - (answers)- Same market, different product
- Family branding = brand extensions
ex: tide logo on different products
Market Development - (answers)- same product, new market
- Export to new location
ex: Starbucks moving into Targets
Diversification - (answers)- New market, new target
, 3
Which of the 4 P's is most important? - (answers)They're all equally important
(product, place, price, promotion)
Brand Manager should look at them equally and decide
Why is segmentation important? - (answers)Helps determine the best possible
market
Segmentation - (answers)Group of homogeneous people with the same needs
Single Segment Strategy - (answers)Pick one segment and try catering to them
Multiple Segment Strategy - (answers)Different approaches for each individual
segment
Combined Segment Strategy - (answers)One marketing strategy for multiple
segments
Positioning USP - (answers)- Unique selling point
- What differentiates your brand from the rest
Positioning Space / Map - (answers)Map showing where your brand competes
with others
MARKETING 300 FINAL EXAM (UW – MADISON )
QUESTIONS AND CORRECT ANSWERS 2024/2025
GRADED A+.
How is Customer Satisfaction linked to the Marketing Concept? -
(answers)Marketing Concept = total company's effort, profit, and customer
satisfaction (There's a direct relationship)
As a manufacturer with little competition, should you spend to create customer
satisfaction? - (answers)No you shouldn't spend to create customer satisfaction.
What happens when Employees are satisfied? - (answers)They work harder,
customers are satisfied and return (profit is made long-term)
Micro-Macro Dilemma - (answers)What's good for producers/consumers might
not be good for society
ex: waterbottles
Social Responsibility - (answers)Obligation of a business to contribute to society
and reduce it's negative effects
Marketing Ethics - (answers)Moral standards that guide marketing decisions and
actions
4 Types of Market Growth Strategies - (answers)- Market Penetration
, 2
- Product Development
- Market Development
- Diversification
Market Penetration - (answers)- Selling more to existing customers
- Most effective
ex: changing branding on coke during winter to increase sales (promotions)
Product Development - (answers)- Same market, different product
- Family branding = brand extensions
ex: tide logo on different products
Market Development - (answers)- same product, new market
- Export to new location
ex: Starbucks moving into Targets
Diversification - (answers)- New market, new target
, 3
Which of the 4 P's is most important? - (answers)They're all equally important
(product, place, price, promotion)
Brand Manager should look at them equally and decide
Why is segmentation important? - (answers)Helps determine the best possible
market
Segmentation - (answers)Group of homogeneous people with the same needs
Single Segment Strategy - (answers)Pick one segment and try catering to them
Multiple Segment Strategy - (answers)Different approaches for each individual
segment
Combined Segment Strategy - (answers)One marketing strategy for multiple
segments
Positioning USP - (answers)- Unique selling point
- What differentiates your brand from the rest
Positioning Space / Map - (answers)Map showing where your brand competes
with others
