ADMN 400 final UPDATED ACTUAL
Exam Questions and CORRECT Answers
Background: impact of business on economy/society - CORRECT ANSWER -
employment, community leadership, production of goods and Services
distinctive competence - CORRECT ANSWER - what a company can make, do, or
perform better than its competitors
product ecosystem - CORRECT ANSWER - a set of products that are used
complementary to one another
Individual Ethics - CORRECT ANSWER - personal values and attitudes that govern how
individuals interact with other people
Business Ethics - CORRECT ANSWER - The use of ethics in making business decisions
stakeholder responsibility - CORRECT ANSWER - focuses on the obligations an
organization has to those who can affect achievement of its objectives
Dimensions of CSR - CORRECT ANSWER - economic, legal, ethical, philanthropic
Art of Innovation (TED) - CORRECT ANSWER - Determine how you can make
meaningful change in the world
◦Make meaning, not money
Develop a mantra
◦Why you exist in 2-3 words
Roll the dice
◦Create something that is deep, intelligent, complete, empowering, and eloquent
Don't worry be crappy
, ◦New, meaningful products/services aren't always perfect. Just
be ready to evolve.
Perfect your pitch
◦Know how to effectively talk about your innovation
Friedman - CORRECT ANSWER - The Social Responsibility of Business is to Increase
its Profits
Marketing Definition - CORRECT ANSWER - the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
Marketing Environment - CORRECT ANSWER - The competitive, economic, political,
legal and regulatory, technological, and sociocultural forces that surround the customer and
affect the marketing mix
5 P's - CORRECT ANSWER - product, price, place, promotion, people
Types of Competition - CORRECT ANSWER - Substitute product: product that is
different from those of competitors but can fulfill the same need
Example: which gym membership or vacation resort should I pursue?
Brand competition: appeals to consumer perceptions of benefits of products offered by particular
companies
Example: which browser should I use? Google or Bing?
International competition: domestic products against foreign products
Example: Ford (US), Volkswagen (German) or Toyota (Japanese)?
Marketing Research - CORRECT ANSWER - the systematic design, collection, analysis,
and reporting of data relevant to a specific marketing situation facing an organization
Exam Questions and CORRECT Answers
Background: impact of business on economy/society - CORRECT ANSWER -
employment, community leadership, production of goods and Services
distinctive competence - CORRECT ANSWER - what a company can make, do, or
perform better than its competitors
product ecosystem - CORRECT ANSWER - a set of products that are used
complementary to one another
Individual Ethics - CORRECT ANSWER - personal values and attitudes that govern how
individuals interact with other people
Business Ethics - CORRECT ANSWER - The use of ethics in making business decisions
stakeholder responsibility - CORRECT ANSWER - focuses on the obligations an
organization has to those who can affect achievement of its objectives
Dimensions of CSR - CORRECT ANSWER - economic, legal, ethical, philanthropic
Art of Innovation (TED) - CORRECT ANSWER - Determine how you can make
meaningful change in the world
◦Make meaning, not money
Develop a mantra
◦Why you exist in 2-3 words
Roll the dice
◦Create something that is deep, intelligent, complete, empowering, and eloquent
Don't worry be crappy
, ◦New, meaningful products/services aren't always perfect. Just
be ready to evolve.
Perfect your pitch
◦Know how to effectively talk about your innovation
Friedman - CORRECT ANSWER - The Social Responsibility of Business is to Increase
its Profits
Marketing Definition - CORRECT ANSWER - the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
Marketing Environment - CORRECT ANSWER - The competitive, economic, political,
legal and regulatory, technological, and sociocultural forces that surround the customer and
affect the marketing mix
5 P's - CORRECT ANSWER - product, price, place, promotion, people
Types of Competition - CORRECT ANSWER - Substitute product: product that is
different from those of competitors but can fulfill the same need
Example: which gym membership or vacation resort should I pursue?
Brand competition: appeals to consumer perceptions of benefits of products offered by particular
companies
Example: which browser should I use? Google or Bing?
International competition: domestic products against foreign products
Example: Ford (US), Volkswagen (German) or Toyota (Japanese)?
Marketing Research - CORRECT ANSWER - the systematic design, collection, analysis,
and reporting of data relevant to a specific marketing situation facing an organization
