MGM101 FINAL EXAM QUESTIONS AND
ANSWERS LATEST 2025-2026 UPDATE
Customer Relationship Management (CRM) - Answer-The process of
building long-term relationships with customers by delivering customer
value and satisfaction
Social media - Answer-Websites and tools that allow users to interact
with each other, and share info, opinions, knowledge and interests
Social media marketing - 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 - Answer-Product, Price, Place,
Promotion aka marketing mix
The marketing process - 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
Marketing - 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) - Answer-Production, Sales,
Marketing Concept, Market Orientation, Social Media Marketing
The production era - Answer-In early times the demand always
exceeded supply so goals centered on production
The sales era - Answer-Due to mass production sales now exceeded
demand. So emphasis was placed on selling and advertising to persuade
customers
Marketing concept - 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 - 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.
Product - Answer-Any physical good, service or idea that satisfies a
want or need
Test market - Answer-the process of testing products among potential
users
ANSWERS LATEST 2025-2026 UPDATE
Customer Relationship Management (CRM) - Answer-The process of
building long-term relationships with customers by delivering customer
value and satisfaction
Social media - Answer-Websites and tools that allow users to interact
with each other, and share info, opinions, knowledge and interests
Social media marketing - 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 - Answer-Product, Price, Place,
Promotion aka marketing mix
The marketing process - 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
Marketing - 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) - Answer-Production, Sales,
Marketing Concept, Market Orientation, Social Media Marketing
The production era - Answer-In early times the demand always
exceeded supply so goals centered on production
The sales era - Answer-Due to mass production sales now exceeded
demand. So emphasis was placed on selling and advertising to persuade
customers
Marketing concept - 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 - 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.
Product - Answer-Any physical good, service or idea that satisfies a
want or need
Test market - Answer-the process of testing products among potential
users
