MGT 8803 - Marketing Exam UPDATED
ACTUAL Exam Questions and CORRECT
Answers
What is marketing? - CORRECT ANSWER - The creation and satisfaction of demand for a
product or service.
What is strategy? - CORRECT ANSWER - A set of ideas that outline how a product line or
brand will achieve its objectives.
What is a tactic? - CORRECT ANSWER - A specific action or method that contributes to
achieving a goal.
What are the universal functions of marketing? - CORRECT ANSWER - Buying, selling,
transporting, storing, standardization and grading, financing, risk taking, and market information.
What is the marketing mix? - CORRECT ANSWER - The combination of the four Ps:
Product, Price, Place, and Promotion.
What are the 5 C's of marketing strategy? - CORRECT ANSWER - Customer, Company,
Competitors, Collaborators, Context (PESTEL).
What is segmentation? - CORRECT ANSWER - The process of dividing a market into groups
of buyers with different needs or behaviors.
What is a target market? - CORRECT ANSWER - A fairly homogeneous group of customers
to whom a company wishes to appeal.
What is positioning? - CORRECT ANSWER - How customers think about a proposed or
present brand in a market.
,What is customer value? - CORRECT ANSWER - The difference between the benefits a
customer sees from a marketing offering and the cost of obtaining those benefits.
What is intensive distribution? - CORRECT ANSWER - A strategy that sells a product
through all suitable wholesalers and retailers to achieve maximum market coverage.
What is selective distribution? - CORRECT ANSWER - A strategy that sells a product
through selected intermediaries that give it special attention.
What is exclusive distribution? - CORRECT ANSWER - A strategy that sells a product
through only one intermediary in a specific geographic area.
What is a market segment? - CORRECT ANSWER - A subgroup of a market made up of
people or organizations sharing one or more characteristics that cause them to have similar
product needs.
What is a generic market? - CORRECT ANSWER - A market with broadly similar needs and
sellers offering diverse ways of satisfying them.
What is a product-market? - CORRECT ANSWER - A market with very similar needs and
sellers offering close substitute ways of satisfying those needs.
What is a marketing strategy? - CORRECT ANSWER - A firm's plan for targeting a market
and creating a marketing mix to satisfy those consumers.
What is a marketing mix? - CORRECT ANSWER - The combination of the four controllable
variables (Product, Price, Place, Promotion) a company uses to satisfy a target market.
What is a product class? - CORRECT ANSWER - A group of products that are seen as
substitutes for each other.
, What is the adoption curve? - CORRECT ANSWER - A graph showing when different
groups (Innovators, Early Adopters, Early Majority, Late Majority, Laggards) accept new ideas.
What is pioneering advertising? - CORRECT ANSWER - Advertising that tries to develop
primary demand for a product category rather than a specific brand.
What is competitive advertising? - CORRECT ANSWER - Advertising that tries to develop
selective demand for a specific brand.
What is reminder advertising? - CORRECT ANSWER - Advertising used to keep the
product's name before the public.
What is institutional advertising? - CORRECT ANSWER - Promotes an organization's image,
reputation, or ideas rather than a specific product.
What is the difference between product and institutional advertising? - CORRECT
ANSWER - Product advertising promotes a specific product; institutional advertising
promotes the organization or brand.
What is a sales territory? - CORRECT ANSWER - A geographic area that is the responsibility
of one salesperson or a sales team.
What is telemarketing? - CORRECT ANSWER - Using the telephone to sell directly to
customers.
What is team selling? - CORRECT ANSWER - A strategy where several salespeople or
departments work together to service large or complex accounts.
What is prospecting? - CORRECT ANSWER - The process of identifying potential
customers.
ACTUAL Exam Questions and CORRECT
Answers
What is marketing? - CORRECT ANSWER - The creation and satisfaction of demand for a
product or service.
What is strategy? - CORRECT ANSWER - A set of ideas that outline how a product line or
brand will achieve its objectives.
What is a tactic? - CORRECT ANSWER - A specific action or method that contributes to
achieving a goal.
What are the universal functions of marketing? - CORRECT ANSWER - Buying, selling,
transporting, storing, standardization and grading, financing, risk taking, and market information.
What is the marketing mix? - CORRECT ANSWER - The combination of the four Ps:
Product, Price, Place, and Promotion.
What are the 5 C's of marketing strategy? - CORRECT ANSWER - Customer, Company,
Competitors, Collaborators, Context (PESTEL).
What is segmentation? - CORRECT ANSWER - The process of dividing a market into groups
of buyers with different needs or behaviors.
What is a target market? - CORRECT ANSWER - A fairly homogeneous group of customers
to whom a company wishes to appeal.
What is positioning? - CORRECT ANSWER - How customers think about a proposed or
present brand in a market.
,What is customer value? - CORRECT ANSWER - The difference between the benefits a
customer sees from a marketing offering and the cost of obtaining those benefits.
What is intensive distribution? - CORRECT ANSWER - A strategy that sells a product
through all suitable wholesalers and retailers to achieve maximum market coverage.
What is selective distribution? - CORRECT ANSWER - A strategy that sells a product
through selected intermediaries that give it special attention.
What is exclusive distribution? - CORRECT ANSWER - A strategy that sells a product
through only one intermediary in a specific geographic area.
What is a market segment? - CORRECT ANSWER - A subgroup of a market made up of
people or organizations sharing one or more characteristics that cause them to have similar
product needs.
What is a generic market? - CORRECT ANSWER - A market with broadly similar needs and
sellers offering diverse ways of satisfying them.
What is a product-market? - CORRECT ANSWER - A market with very similar needs and
sellers offering close substitute ways of satisfying those needs.
What is a marketing strategy? - CORRECT ANSWER - A firm's plan for targeting a market
and creating a marketing mix to satisfy those consumers.
What is a marketing mix? - CORRECT ANSWER - The combination of the four controllable
variables (Product, Price, Place, Promotion) a company uses to satisfy a target market.
What is a product class? - CORRECT ANSWER - A group of products that are seen as
substitutes for each other.
, What is the adoption curve? - CORRECT ANSWER - A graph showing when different
groups (Innovators, Early Adopters, Early Majority, Late Majority, Laggards) accept new ideas.
What is pioneering advertising? - CORRECT ANSWER - Advertising that tries to develop
primary demand for a product category rather than a specific brand.
What is competitive advertising? - CORRECT ANSWER - Advertising that tries to develop
selective demand for a specific brand.
What is reminder advertising? - CORRECT ANSWER - Advertising used to keep the
product's name before the public.
What is institutional advertising? - CORRECT ANSWER - Promotes an organization's image,
reputation, or ideas rather than a specific product.
What is the difference between product and institutional advertising? - CORRECT
ANSWER - Product advertising promotes a specific product; institutional advertising
promotes the organization or brand.
What is a sales territory? - CORRECT ANSWER - A geographic area that is the responsibility
of one salesperson or a sales team.
What is telemarketing? - CORRECT ANSWER - Using the telephone to sell directly to
customers.
What is team selling? - CORRECT ANSWER - A strategy where several salespeople or
departments work together to service large or complex accounts.
What is prospecting? - CORRECT ANSWER - The process of identifying potential
customers.
