UNL MARKETING 300 EXAM 1 STUDY GUIDE WITH ALL
CORRECT & 100% VERIFIED ANSWERS|LATEST VERSION
|ALREADY GRADED A+
Marketing ✔Correct Answer-is the activity, set of
institutions, and processes for creating,
capturing, communicating, delivering,
and exchanging offerings that have
value for customers, clients, partners,
and society at large.
Marketing Requires 4 Ps ✔Correct Answer-Product,
Price, Place, and Promotion (know examples)
Product ✔Correct Answer-Creates Value. The fundamental
purpose of Marketing is to create value by. developing a variety of
offerings, including goods, services, and ideas, to satisfy
customer needs.
Price ✔Correct Answer-Capturing Value. Price is everything a buyer
gives up (money, time, energy)
in exchange for the product - what is the buyer willing to pay for a product?
Place ✔Correct Answer-Delivering the Value Proposition
Place, or supply chain management, describes all
activities necessary to get the product to the right
customer when the customer wants it. Where would you find this
product in the store?
Promotion ✔Correct Answer-Communicating value. Promotion is communication by a
marketer that informs, persuades, and reminds potential buyers about a product or service to
influence their opinions
or elicit a response
Marketing Impacts Various
Stakeholders ✔Correct Answer-Society, customers, employees, supply chain
Value Driven Companies ✔Correct Answer-Share information
across their
organization
Balance customer's
benefits and costs
Build relationships
with customers
Sustainable Competitive Advantage*** ✔Correct Answer-Customer excellence, product
excellence, locational excellence, operational excellence (know definition and examples)
, Customer Excellence ✔Correct Answer-Retaining loyal customers, customer service
Operational Excellence ✔Correct Answer-Efficient operations, excellent supply chain management
Step 1 of the Marketing Plan (planning phase)* ✔Correct Answer-Business Vision and Mission
Step 2 of the Marketing Plan (planning phase) ✔Correct Answer-Situation analysis +SWOT
Step 3 of the Marketing Plan (implementation phase) ✔Correct Answer-Identifying opportunities -
segmentation, targeting, positioning (Marketing strategy)
Step 4 of the Marketing Plan (implementation phase) ✔Correct Answer-Implement marketing fix. 4
P's (Marketing strategy)
Step 5 of the Marketing Plan (control phase) ✔Correct Answer-Evaluate performance using
marketing metrics
3 Phases of a Strategic Plan* ✔Correct Answer-Planning, Implementing, Controlling
Marketing Penetration ✔Correct Answer-Targeting Existing Customers, marketing mix
Product Development ✔Correct Answer-New Product, current market
Diversification ✔Correct Answer-New product, new market
A Marketing Analysis Framework ✔Correct Answer-Consumers company, competition, corporate
partners (immediate environment) culture, demographics. political/legal, social, economic,
technology (macro environment)
Marketing Information System (MIS) ✔Correct Answer-Consists of people, equip and procedures
that gather, sort, analyze, evaluate, and distribute needed, timely and accurate information to
marketing decision makers..
MIS ✔Correct Answer-Analysis of needs, cost benefit analysis Interacts with information users to
assess and Develops needed information from
internal and external sources -Helps users analyze-information for marketing decision- Distributes
the marketing information and
helps managers use it for decision making
Internal data ✔Correct Answer-Internal data is gathered via customer databases,financial records,
and operations reports.
Advantages of internal data include quick/easy access to information.
Disadvantages stem from the incompleteness or
inappropriateness of data to a particular situation
4 key applications for marketers ✔Correct Answer-customer acquisition
customer retention
customer abandonment
market basket analysis
Data Mining ✔Correct Answer-is a process in which analysts sift
CORRECT & 100% VERIFIED ANSWERS|LATEST VERSION
|ALREADY GRADED A+
Marketing ✔Correct Answer-is the activity, set of
institutions, and processes for creating,
capturing, communicating, delivering,
and exchanging offerings that have
value for customers, clients, partners,
and society at large.
Marketing Requires 4 Ps ✔Correct Answer-Product,
Price, Place, and Promotion (know examples)
Product ✔Correct Answer-Creates Value. The fundamental
purpose of Marketing is to create value by. developing a variety of
offerings, including goods, services, and ideas, to satisfy
customer needs.
Price ✔Correct Answer-Capturing Value. Price is everything a buyer
gives up (money, time, energy)
in exchange for the product - what is the buyer willing to pay for a product?
Place ✔Correct Answer-Delivering the Value Proposition
Place, or supply chain management, describes all
activities necessary to get the product to the right
customer when the customer wants it. Where would you find this
product in the store?
Promotion ✔Correct Answer-Communicating value. Promotion is communication by a
marketer that informs, persuades, and reminds potential buyers about a product or service to
influence their opinions
or elicit a response
Marketing Impacts Various
Stakeholders ✔Correct Answer-Society, customers, employees, supply chain
Value Driven Companies ✔Correct Answer-Share information
across their
organization
Balance customer's
benefits and costs
Build relationships
with customers
Sustainable Competitive Advantage*** ✔Correct Answer-Customer excellence, product
excellence, locational excellence, operational excellence (know definition and examples)
, Customer Excellence ✔Correct Answer-Retaining loyal customers, customer service
Operational Excellence ✔Correct Answer-Efficient operations, excellent supply chain management
Step 1 of the Marketing Plan (planning phase)* ✔Correct Answer-Business Vision and Mission
Step 2 of the Marketing Plan (planning phase) ✔Correct Answer-Situation analysis +SWOT
Step 3 of the Marketing Plan (implementation phase) ✔Correct Answer-Identifying opportunities -
segmentation, targeting, positioning (Marketing strategy)
Step 4 of the Marketing Plan (implementation phase) ✔Correct Answer-Implement marketing fix. 4
P's (Marketing strategy)
Step 5 of the Marketing Plan (control phase) ✔Correct Answer-Evaluate performance using
marketing metrics
3 Phases of a Strategic Plan* ✔Correct Answer-Planning, Implementing, Controlling
Marketing Penetration ✔Correct Answer-Targeting Existing Customers, marketing mix
Product Development ✔Correct Answer-New Product, current market
Diversification ✔Correct Answer-New product, new market
A Marketing Analysis Framework ✔Correct Answer-Consumers company, competition, corporate
partners (immediate environment) culture, demographics. political/legal, social, economic,
technology (macro environment)
Marketing Information System (MIS) ✔Correct Answer-Consists of people, equip and procedures
that gather, sort, analyze, evaluate, and distribute needed, timely and accurate information to
marketing decision makers..
MIS ✔Correct Answer-Analysis of needs, cost benefit analysis Interacts with information users to
assess and Develops needed information from
internal and external sources -Helps users analyze-information for marketing decision- Distributes
the marketing information and
helps managers use it for decision making
Internal data ✔Correct Answer-Internal data is gathered via customer databases,financial records,
and operations reports.
Advantages of internal data include quick/easy access to information.
Disadvantages stem from the incompleteness or
inappropriateness of data to a particular situation
4 key applications for marketers ✔Correct Answer-customer acquisition
customer retention
customer abandonment
market basket analysis
Data Mining ✔Correct Answer-is a process in which analysts sift
