MAR 3023 FSU BRADY EXAM 1 STUDY GUIDE 2025/2026 ACCURATE QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES || 100% GUARANTEED PASS <BRAND NEW VERSION>

MAR 3023 FSU BRADY EXAM 1 STUDY GUIDE 2025/2026 ACCURATE QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES || 100% GUARANTEED PASS &lt;BRAND NEW VERSION&gt; 1. What is marketing? - ANSWER Product development to satisfy unmet consumer needs 2. Great Marketing (3 things) - ANSWER 1. Develop products that people want or need Price them at a level that maximizes profits Distribute them to where consumers are 3. Marketing Defininition - ANSWER The process by which companies determine what products or services may be of interest to customers and the strategy to use in sales, communications and business development 4. Simple Trade Era - ANSWER (Pre-1860's) Products were made by hand, grown, or traded in small quantites. It lasted up until the Industrial Revolution 5. Production Era - ANSWER (Pre-1920's) Demand exceeded supply. Model T, demand was there so Ford could afford to make one color. Inward focus, technical development 6. Sales Era - ANSWER (1920's) Sell what we make. "Changing their minds". Focus on: aggressive promotion (vaccuum). Short term profit maximization 7. Marketing Era - ANSWER (1940's-1990's) Customers became the central focus of the organization. Make what we sell 8. Relationship Marketing Era - ANSWER (1920's-2010) Long term relations and customer retention. Rewards Cards. Chick fil a and Disney 9. Societal Marketing Era - ANSWER (1960's-present) Green Marketing. Add society's best interest into the mix. Corporate social repsonsibility. Firm now serves 3 entities (stockholders, customers, society) 10. The 4 P's - ANSWER Product: speaks to customers needs Place: makes products avalible in quantities desired Promotion: inform individuals or groups about the organizaition and its product services (adverstising, public relations, personal selling, promotions, gorilla marketing, viral marketing) Pricing: decisions and actions associated with establishing pricing objectives and policies 11. A relationship that exists when a buyer and its supplier adopt mutually beneficial objectives,policies, and procedures for the purpose of lowering the cost or increasing the value of productsand services delivered to the ultimate consumer is referred to as a A) supply partnership. B) strategic alliance. C) shareholder relationship. D) reciprocal arrangement. E) supplier development agreement. - ANSWER A) supply partnership. 12. Factors influencing personal moral philosophy and ethical behavior include ________, business culture and industry practices, and corporate culture and expectations. A) religious beliefs and practices B) societal culture and norms C) universal core values D) the universal concept of good versus evil E) national and regional legislation - ANSWER B) societal culture and norms 13. Which of the following conditions are necessary for marketing to occur? A) a quality product, a fair price, a clever method of promotion, and a place where a customer can buy the product B) two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange C) two parties with cash or credit, a product, a reasonable price, and a place to make an exchange D) an ability to see a trend within an environmental force, a product, and an affordable and actionable advertising campaign E) a changing environment, a method of assessing needs, a way to communicate, and anexchange location - ANSWER B) two or more parties with unsatisfied needs, a desire and an ability to satisfy them, a way to communicate, and something to exchange 14. Budweiser was trying to decide on a commercial to run during this year's Super Bowl.They created a commercial that featured a cute puppy. Before they made their final decision, theywanted to do ad pretesting to make sure the commercial would be successful. They conducted anFMRI test to see how people reacted to the cute puppy. This is an example of what type of market research? A) Neuromarketing B) Segmentation C) Demand Forecasting D) New Product Testing E) Market Tracking - ANSWER A) Neuromarketing 15. The Internet of Things (IoT) refers to A) technological breakthroughs that allow major innovation to occur. B) the network of products with connectivity-enabled electronics. C) technological specifications that identify access to networks. D) an explosion in interest in advanced analytics. E) the belief in technology as a driver of success in the marketplace. - ANSWER B) the network of products with connectivity-enabled electronics. 16. Lexi wants to find the perfect gift for her older sister's college graduation. She started looking forthe gift last month and expects to spend another couple of weeks to find a gift her sister will useand like. Lexi is engaging inA) limited problem solving. B) routine problem solving. C) problem recognition. D) integrated problem solving. E) extended problem solving. - ANSWER E) extended problem solving 17. Stephanie is a strong supporter of consumer watchdog groups and is against big business. She believes that advertising and excessive consumption damage the quality of life. Stephanie exemplifies which "grassroots" movement? A) "Pink and Shrink" B) Consumerism C) Materialism D) Sustainability E) Green Marketing - ANSWER B) Consumerism 18. Yvette grew up using Dove soap at home, as this was the brand her mother consistently purchasedfor their household. After moving to Gainesville, Yvette was doing her own grocery shopping forthe first time. In the soap aisle she noticed that Irish Spring was having a BOGO (buy one, get onefree) deal. However, she found herself purchasing Dove soap despite this great deal on IrishSpring. Which factor most likely influenced Yvette's decision? A) Socio-cultural B) Marketing Mix C) Emotional D) Situational E) Psychological - ANSWER A) Socio-cultural 19. Beloved southern grocery store Publix has received a great deal of praise in the past years. Its success can be traced back to its spotless aisles, stellar employee treatment, and outstanding customer care. Only at Publix can you get a delicious chicken tender Pubsub and then be walked to your car by a friendly employee. These features that make Publix stand out among grocery stores are examples of: A) Targeting B) Points of Difference C) Points of Distinction D) Segmentation E) Points of Parity - ANSWER B) Points of Difference 20. A market-product grid is a framework to relate A) the market segments of potential buyers to relative market share compared to the largest competitor. B) total anticipated revenue for each product-market segment combination. C) total estimated expenses for each product sold to each market segment. D) total anticipated profit for each product sold to each market segment. E) the market segments of potential buyers to products offered or potential marketing actions by an organization. - ANSWER E) the market segments of potential buyers to products offered or potential marketing actions by an organization. 21. A customer value proposition is A) the characteristics of a product that make it superior to competitive substitutes. B) the cluster of benefits that an organization promises customers to satisfy their needs. C) a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers. D) a unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. E) the unique combination of benefits received by targeted buyers that includes quality,convenience, on-time delivery, and both before-sale and after-sale service at a specific price. - ANSWER B) the cluster of benefits that an organization promises customers to satisfy their needs 22. Two key types of synergies are A) consumer and market synergies. B) marketing and product synergies. C) supplier and distributor synergies. D) product and production synergies. E) industry-dominated and consumer-dominated. - ANSWER B) marketing and product synergies.