CSU MKT 300 Exam 1 Questions With All
Correct & Verified Answers
Marketing Defined Correct answer-the process of creating, pricing, distributing, and promoting
goods, services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic
environment
AMA 2004 definition Correct answer-Marketing is an organizational function and a set of processes
for creating, communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
4 P's Correct answer-Product - Goods, services, or ideas that satisfy customer needs
Pricing - Decisions and actions that establish pricing objectives and policies and set product prices
Distribution - The ready, convenient, and timely availability of products
Promotion - Activities that inform customers about the organization and its products
Exchange Correct answer-The provision or transfer of goods, services, or ideas in return for
something of value
Exchange Conditions Correct answer-Two or more participants have something of value that the
other party desires.
Exchange provides mutual benefit/satisfaction.
Each party has confidence in the exchange value of the other party's offering.
Each party must meet the expectations of the exchange to become trusted by the other parties.
Stakeholder Correct answer-Someone who has influence on company or the company on them
Myopia Correct answer-nearsightedness, not seeing full picture of possible imagination
Ex. A railroad company only transferring goods instead of people too.
Contact Points Correct answer-Successful marketing requires managing and coordinating
marketing messages at every contact point
(i.e. Market to the right demographic for your product)
Unplanned messages Correct answer-Ex. Dirty parking lot looks bad on company as a whole.
Both planned and unplanned messages are critical and influence customers
Core Competencies Correct answer-Things a firm does extremely well, which sometimes give it an
advantage over its competition
Market opportunity Correct answer-A combination of circumstances and timing that permits an
organization to reach a target market
, Competitive advantage Correct answer-The result of a company's matching a core competency to
opportunities in the market place
SWOT analysis Correct answer-S.trengths
W.eaknesses
O.pportunities
T.hreats
Mission Statement Correct answer-A long-term view, or vision, of what the organization wants to
become
Answers:
Who are our customers?
What is our core competency?
Marketing Objective Correct answer-A statement of what is to be accomplished through marketing
activities to match strengths to opportunities, or to provide for the conversation of weaknesses to
strengths
Market-growth/market-share matrix Correct answer-A strategic planning tool based on the
philosophy that a product's market growth rate and market share are important in determining
market strategy
High Could Grow
Cash Cow Dog
Target Market Selection Correct answer-defining/understanding the target market by focusing on
specific profitable customer groups and recognizing changes occurring in the market
creating the market mix Correct answer-Analyze customer needs, preferences, and behavior.
Have the skills and resources required for product design, pricing, distribution, and promotion.
Maintain strategic consistency and flexibility in marketing mix decisions.
Market planning Correct answer-The process of assessing opportunities and resources,
determining objectives, defining strategies, and establishing guidelines for implementation and
control of the marketing program
Total Quality Management (TQM) Correct answer-A philosophy that uniform commitment to
quality in all areas of the organization will promote a culture that meets customers' perceptions of
quality
Benchmarking Correct answer-Comparing the quality of the firm's goods, services, or processes
with that of the best-performing competitors
Empowerment Correct answer-Giving customer-contact employees authority and responsibility to
make marketing decisions on their own
Machiavelli Correct answer-Use of intimidation and punishment of employees
Fredrick taylor Correct answer-Piece rate system: paid for every item you product.
Correct & Verified Answers
Marketing Defined Correct answer-the process of creating, pricing, distributing, and promoting
goods, services, and ideas to facilitate satisfying exchange relationships with customers in a dynamic
environment
AMA 2004 definition Correct answer-Marketing is an organizational function and a set of processes
for creating, communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
4 P's Correct answer-Product - Goods, services, or ideas that satisfy customer needs
Pricing - Decisions and actions that establish pricing objectives and policies and set product prices
Distribution - The ready, convenient, and timely availability of products
Promotion - Activities that inform customers about the organization and its products
Exchange Correct answer-The provision or transfer of goods, services, or ideas in return for
something of value
Exchange Conditions Correct answer-Two or more participants have something of value that the
other party desires.
Exchange provides mutual benefit/satisfaction.
Each party has confidence in the exchange value of the other party's offering.
Each party must meet the expectations of the exchange to become trusted by the other parties.
Stakeholder Correct answer-Someone who has influence on company or the company on them
Myopia Correct answer-nearsightedness, not seeing full picture of possible imagination
Ex. A railroad company only transferring goods instead of people too.
Contact Points Correct answer-Successful marketing requires managing and coordinating
marketing messages at every contact point
(i.e. Market to the right demographic for your product)
Unplanned messages Correct answer-Ex. Dirty parking lot looks bad on company as a whole.
Both planned and unplanned messages are critical and influence customers
Core Competencies Correct answer-Things a firm does extremely well, which sometimes give it an
advantage over its competition
Market opportunity Correct answer-A combination of circumstances and timing that permits an
organization to reach a target market
, Competitive advantage Correct answer-The result of a company's matching a core competency to
opportunities in the market place
SWOT analysis Correct answer-S.trengths
W.eaknesses
O.pportunities
T.hreats
Mission Statement Correct answer-A long-term view, or vision, of what the organization wants to
become
Answers:
Who are our customers?
What is our core competency?
Marketing Objective Correct answer-A statement of what is to be accomplished through marketing
activities to match strengths to opportunities, or to provide for the conversation of weaknesses to
strengths
Market-growth/market-share matrix Correct answer-A strategic planning tool based on the
philosophy that a product's market growth rate and market share are important in determining
market strategy
High Could Grow
Cash Cow Dog
Target Market Selection Correct answer-defining/understanding the target market by focusing on
specific profitable customer groups and recognizing changes occurring in the market
creating the market mix Correct answer-Analyze customer needs, preferences, and behavior.
Have the skills and resources required for product design, pricing, distribution, and promotion.
Maintain strategic consistency and flexibility in marketing mix decisions.
Market planning Correct answer-The process of assessing opportunities and resources,
determining objectives, defining strategies, and establishing guidelines for implementation and
control of the marketing program
Total Quality Management (TQM) Correct answer-A philosophy that uniform commitment to
quality in all areas of the organization will promote a culture that meets customers' perceptions of
quality
Benchmarking Correct answer-Comparing the quality of the firm's goods, services, or processes
with that of the best-performing competitors
Empowerment Correct answer-Giving customer-contact employees authority and responsibility to
make marketing decisions on their own
Machiavelli Correct answer-Use of intimidation and punishment of employees
Fredrick taylor Correct answer-Piece rate system: paid for every item you product.
