MKT 305 Exam quizzes with answers
graded A+
What is the marketing concept? - ANS✅✅-Finding out what your consumers want and giving it to
them if you can
-Making a profit (long-term profitability is key)
-All members of the organization need to understand the importance of marketing to the survival of
the firm
What is a target market? - ANS✅✅Who you will be aiming your product or service at
What is marketing strategy? - ANS✅✅An internal strategy that involves target market, positioning,
and the 4 Ps
What is positioning? - ANS✅✅The image or personality that the marketer creates for a brand that
sets it apart from all other similar competitor's offerings
How do marketing and exchange relate? - ANS✅✅Marketing = exchange!
E.g.: Exchanging money for a good or service. Exchanging a vote to receive the person you want in
office.
What is marketing myopia? - ANS✅✅Defining your company by the products you make rather
than by the customer you serve
AKA "Marketing Nearsightedness"
What is the micro-macro dilemma? - ANS✅✅What happens if what the consumer wants is bad for
him/her but good for society, or vice versa?
"The dark side of the marketing concept"
, What is straight extension/global approach/universal approach/standardized approach? -
ANS✅✅Making little to no change in your marketing strategy when marketing internationally
What is product adaptation? - ANS✅✅Changing the product to better meet the needs of the
foreign target market
What is promotion adaptation? - ANS✅✅Changing the way you promote your products based on
the country you are advertising in
What is dual adaptation? - ANS✅✅Changing two or more Ps of the marketing mix
What is international involvement and what are the different strategies? - ANS✅✅Marketing and
selling products outside the boundaries of your home country
1) Exporting
2) Foreign Licensing
3) Foreign Direct Investment
What is nationalization? - ANS✅✅Foreign government can take over any firms owned by other
countries for pretty much any reason
What is the marketing mix? - ANS✅✅Product, Place, Promotion, Price
What is foreign licensing? - ANS✅✅A firm, called the licensor, leases the right to use its intellectual
property to another firm, called the licensee, in return for a fee
Property may include patents, trademarks, copyrights, technology, work methods, and specific
business skills
What is a joint ventureship? - ANS✅✅A domestic company and a foreign company having
ownership into one company
Rarely 50/50
graded A+
What is the marketing concept? - ANS✅✅-Finding out what your consumers want and giving it to
them if you can
-Making a profit (long-term profitability is key)
-All members of the organization need to understand the importance of marketing to the survival of
the firm
What is a target market? - ANS✅✅Who you will be aiming your product or service at
What is marketing strategy? - ANS✅✅An internal strategy that involves target market, positioning,
and the 4 Ps
What is positioning? - ANS✅✅The image or personality that the marketer creates for a brand that
sets it apart from all other similar competitor's offerings
How do marketing and exchange relate? - ANS✅✅Marketing = exchange!
E.g.: Exchanging money for a good or service. Exchanging a vote to receive the person you want in
office.
What is marketing myopia? - ANS✅✅Defining your company by the products you make rather
than by the customer you serve
AKA "Marketing Nearsightedness"
What is the micro-macro dilemma? - ANS✅✅What happens if what the consumer wants is bad for
him/her but good for society, or vice versa?
"The dark side of the marketing concept"
, What is straight extension/global approach/universal approach/standardized approach? -
ANS✅✅Making little to no change in your marketing strategy when marketing internationally
What is product adaptation? - ANS✅✅Changing the product to better meet the needs of the
foreign target market
What is promotion adaptation? - ANS✅✅Changing the way you promote your products based on
the country you are advertising in
What is dual adaptation? - ANS✅✅Changing two or more Ps of the marketing mix
What is international involvement and what are the different strategies? - ANS✅✅Marketing and
selling products outside the boundaries of your home country
1) Exporting
2) Foreign Licensing
3) Foreign Direct Investment
What is nationalization? - ANS✅✅Foreign government can take over any firms owned by other
countries for pretty much any reason
What is the marketing mix? - ANS✅✅Product, Place, Promotion, Price
What is foreign licensing? - ANS✅✅A firm, called the licensor, leases the right to use its intellectual
property to another firm, called the licensee, in return for a fee
Property may include patents, trademarks, copyrights, technology, work methods, and specific
business skills
What is a joint ventureship? - ANS✅✅A domestic company and a foreign company having
ownership into one company
Rarely 50/50
