MKT 305 Exam questions and
answers graded A+
Marketing - definition, descriptions, objectives and purpose: - ANS✅✅The activity for creating,
communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders,
and society at large.
Exchange - ANS✅✅the trade of things of value between buyer and seller so that each is better off
after the trade
5 Major Environmental forces - ANS✅✅social, technological, economic, competitive, and
regulatory
Market - ANS✅✅people with both the desire and the ability to buy a specific offering
Target Market - ANS✅✅one or more specific groups of potential consumers toward which an
organization directs its marketing program is referred
Marketing Mix/4p's - ANS✅✅Product, price, place, promotion
Mission statement - ANS✅✅a declaration of the organization's functions in society, often
identifying its customers, markets, products, and technologies
Marketing strategies - ANS✅✅market penetration, product development, market development,
diversification
Market segmentation - ANS✅✅the process of dividing a market into meaningful, relatively similar,
and identifiable segments or groups
Marketing strategy & strategic marketing process - ANS✅✅Mission statement, goals/objectives,
SWOT analysis, marketing strategy, evaluation
Code of Ethics - ANS✅✅the formal statement of ethical principles and rules of conduct, set forth
by the the AMA, to be followed by marketers
, Sustainable Development - ANS✅✅occurs when an organization conducts business in a way that
protects the natural environment while making economic progress
Whistle Blower - ANS✅✅an employee who reports organizational misconduct to the public
Moral Idealism - ANS✅✅a personal moral philosophy that considers certain individual rights or
duties as universal, regardless of the outcome
Cause Marketing - ANS✅✅tying the charitable contributions of a firm directly to sales produced
through the promotion of one of its products
Consumer behavior - ANS✅✅The actions a person takes in purchasing and using products and
services, including the mental and social processes that come before and after these actions
Consumer decision making process
Post-purchase behavior - ANS✅✅Further purchases or re-evaluation based on a purchase.
Involvement (three levels) - ANS✅✅routine, limited, extended
Protectionism - ANS✅✅the practice of shielding one or more industries within a country's
economy from foreign competition through the use of tariffs or quotas
Global Trends - ANS✅✅changes in relevant emerging and developed country global markets,
important international political events, and critical changes in cultural and institutional
characteristics of global markets
Consumer needs and wants - ANS✅✅The most important factors used to segment a market
consumer needs - ANS✅✅Items or conditions necessary for survival, including food, water,
shelter, and safety.
consumer wants - ANS✅✅Items or conditions desired but not necessary for survival; often the
driving force behind travel decisions.
answers graded A+
Marketing - definition, descriptions, objectives and purpose: - ANS✅✅The activity for creating,
communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders,
and society at large.
Exchange - ANS✅✅the trade of things of value between buyer and seller so that each is better off
after the trade
5 Major Environmental forces - ANS✅✅social, technological, economic, competitive, and
regulatory
Market - ANS✅✅people with both the desire and the ability to buy a specific offering
Target Market - ANS✅✅one or more specific groups of potential consumers toward which an
organization directs its marketing program is referred
Marketing Mix/4p's - ANS✅✅Product, price, place, promotion
Mission statement - ANS✅✅a declaration of the organization's functions in society, often
identifying its customers, markets, products, and technologies
Marketing strategies - ANS✅✅market penetration, product development, market development,
diversification
Market segmentation - ANS✅✅the process of dividing a market into meaningful, relatively similar,
and identifiable segments or groups
Marketing strategy & strategic marketing process - ANS✅✅Mission statement, goals/objectives,
SWOT analysis, marketing strategy, evaluation
Code of Ethics - ANS✅✅the formal statement of ethical principles and rules of conduct, set forth
by the the AMA, to be followed by marketers
, Sustainable Development - ANS✅✅occurs when an organization conducts business in a way that
protects the natural environment while making economic progress
Whistle Blower - ANS✅✅an employee who reports organizational misconduct to the public
Moral Idealism - ANS✅✅a personal moral philosophy that considers certain individual rights or
duties as universal, regardless of the outcome
Cause Marketing - ANS✅✅tying the charitable contributions of a firm directly to sales produced
through the promotion of one of its products
Consumer behavior - ANS✅✅The actions a person takes in purchasing and using products and
services, including the mental and social processes that come before and after these actions
Consumer decision making process
Post-purchase behavior - ANS✅✅Further purchases or re-evaluation based on a purchase.
Involvement (three levels) - ANS✅✅routine, limited, extended
Protectionism - ANS✅✅the practice of shielding one or more industries within a country's
economy from foreign competition through the use of tariffs or quotas
Global Trends - ANS✅✅changes in relevant emerging and developed country global markets,
important international political events, and critical changes in cultural and institutional
characteristics of global markets
Consumer needs and wants - ANS✅✅The most important factors used to segment a market
consumer needs - ANS✅✅Items or conditions necessary for survival, including food, water,
shelter, and safety.
consumer wants - ANS✅✅Items or conditions desired but not necessary for survival; often the
driving force behind travel decisions.
