UCF MAR 3023 Exam 1 Review (Practice Exam/Quizzes) Review Questions Solutions Guaranteed| Graded A+

If you found this helpful, *Venmo* me @*ASerros* to show your appreciation! Good luck! - correct answer What are the 4 market offerings? - correct answer Innovation, Goods, Services, Ideas Components of the *marketing mix? - correct answer Product, Price, Place, Promotion Direct impact marketing has on consumers? - correct answer Marketing helps consumers learn about new products and services. What is the 1st step of *marketing plan? - correct answer Business Mission & Objectives What is the 2nd step of *marketing plan? - correct answer Situation Analysis/ SWOT What is the 3rd step of *marketing plan? - correct answer Identifying Opportunities What is the 4th step of *marketing plan? - correct answer Implementation Marketing Mix What is the 5th step of *marketing plan? - correct answer Evaluate performance using marketing metrics What is growth strategy "Market Penetration"? - correct answer A growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers. What is growth strategy "Market Development"? - correct answer A growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international. What is growth strategy "Product Development"? - correct answer A growth strategy that offers a new product or service to a firm's current target market. What is growth strategy "Diversification"? - correct answer A growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve. 3 Major phases of the *marketing plan? - correct answer Planning, Implementation, Control Which of the following questions relates to the Golden Rule Test of an ethical decision-making metric? - correct answer" Would I like to be on the receiving end of this action?" What does *value-oriented marketing involve? - correct answer Providing *benefits to customers and keeping costs down. 1st era of *marketing evolution? - correct answer Production () 2nd era of *marketing evolution? - correct answer Sales () 3rd era of *marketing evolution? - correct answer Marketing () 4th era of *marketing evolution? - correct answer Value-based (1990-Present) Macro strategy for Developing Customer Value (1) - correct answer Customer Excellence Macro strategy for Developing Customer Value (2) - correct answer Operational Excellence Macro strategy for Developing Customer Value (3) - correct answer Product Excellence Macro strategy for Developing Customer Value (4) - correct answer Locational Excellence What is the most observed type of unethical behavior? - correct answer High-pressure, misleading, or deceptive sales tactics Order of generational cohorts? - correct answer Baby Boomers, Gen X, Gen Y, Gen Z What is the 1st step in the *Ethical Decision-Making Framework? - correct answer Identifying Issues What is the 2nd step in *Ethical Decision-Making Framework? - correct answer Gather Information and identify stakeholders What is the 3rd step in *Ethical Decision-Making Framework? - correct answer Brainstorm and evaluate alternatives What is the 4th step in *Ethical Decision-Making Framework? - correct answer Choose a course of action Which of the following questions relates to the transparency test of an ethical decision-making metric? - correct answer" Could I give a clear explanation for the action I'm contemplating that would satisfy a fair moral judge?" Which law was passed to prohibit monopolies and other activities that would restrain trade or competition, as well as make fair trade within a free market a national goal? - correct answer1890 Sherman Antitrust Act Which law supports the Sherman Act by prohibiting the combination of two or more competing corporations through pooling ownership of stock and restricting pricing policies such as price discrimination, exclusive dealing, and tying clauses to different buyers? - correct answer1914 Clayton Act Which law established the Federal Trade Commission (FTC) to regulate unfair competitive practices and practices that deceive or are unfair to consumers? - correct answer1914 Federal Trade Commission Which law specifically outlaws price discrimination toward wholesalers, retailers, or other producers and requires sellers to make ancillary services or allowances available to all buyers on proportionately equal terms? - correct answer1936 Robinson-Patman Act