Mktg 301 Exam #1
Comprehensive Questions with
Verified Answers Graded A+
Marketing - Answer: - The process by which companies engage *customers*, build strong
*customer* relationships, and create *customer value* in order to capture *value* from
*customers* in return
- Gardener analogy
Marketing Concept - Answer: - outward facing (outside-in)
- integrated marketing (4 P's)
- satisfying customer needs = profits
Selling Concept - Answer: - inward facing (inside-out)
- sales volume = profits
- selling and promoting (ignores 4 P's)
- ex: BIC selling perfume
Types of Products - Answer: ex: McDonald's Monopoly commercial
1. Physical objects (food, game coupons)
2. People (Lebron James)
3. Organizations (Walmart, McDonald's, Monopoly, NBA)
,4. Places (Beach - prize, McDonald's)
5. Information ("You can win if you eat here")
6. Ideas (Winners eat at McDonald's)
Types of Customers - Answer: 1. Suppliers
2. Company
3. Competitors
4. Marketing intermediaries
5. Consumers
Production Concept - Answer: - The idea that consumers will favor products that are *available
and highly affordable*
- Org should focus on producing with *efficiency* & trying to get product in as many markets as
possible @ *cheapest price*
Product Concept - Answer: - The idea that consumers will favor products that offer the *most
quality, performance, and features*
- Org should devote more $$ to *continuous product improvements* and less on advertising
Marketing Myopia - Answer: - The mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
- ex: BIC's perfume line failed
Societal Marketing Concept - Answer: The idea that a company's marketing decisions should
consider:
1. Consumers' wants
2. Company's requirements
3. Consumers' long-run interests
, 4. Society's long-run interests
Societal Marketing Concept ex. - Answer: Good:
- McDonald's
- Healthy meals to combat obesity
- Sentimental signs to satisfy consumer wants
Bad:
- Hershey & Mars
- Ignoring the obesity epidemic
Marketing Mix / Integrated Marketing - Answer: 4 P's!!! or *touch points*
- *Product*
- *Price*
- *Place*
- *Promotion*
Product (4 P's) - Answer: What do potential customers *need and want*?
Price (4 P's) - Answer: *How much* should we ask customers to *pay*?
Place (4 P's) - Answer: How will we *get* it to the customers?
Promotion (4 P's) - Answer: How will we *communicate* with the customers?
Marketing Process - Answer: 1. Understand the marketplace and customer needs and wants
Comprehensive Questions with
Verified Answers Graded A+
Marketing - Answer: - The process by which companies engage *customers*, build strong
*customer* relationships, and create *customer value* in order to capture *value* from
*customers* in return
- Gardener analogy
Marketing Concept - Answer: - outward facing (outside-in)
- integrated marketing (4 P's)
- satisfying customer needs = profits
Selling Concept - Answer: - inward facing (inside-out)
- sales volume = profits
- selling and promoting (ignores 4 P's)
- ex: BIC selling perfume
Types of Products - Answer: ex: McDonald's Monopoly commercial
1. Physical objects (food, game coupons)
2. People (Lebron James)
3. Organizations (Walmart, McDonald's, Monopoly, NBA)
,4. Places (Beach - prize, McDonald's)
5. Information ("You can win if you eat here")
6. Ideas (Winners eat at McDonald's)
Types of Customers - Answer: 1. Suppliers
2. Company
3. Competitors
4. Marketing intermediaries
5. Consumers
Production Concept - Answer: - The idea that consumers will favor products that are *available
and highly affordable*
- Org should focus on producing with *efficiency* & trying to get product in as many markets as
possible @ *cheapest price*
Product Concept - Answer: - The idea that consumers will favor products that offer the *most
quality, performance, and features*
- Org should devote more $$ to *continuous product improvements* and less on advertising
Marketing Myopia - Answer: - The mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
- ex: BIC's perfume line failed
Societal Marketing Concept - Answer: The idea that a company's marketing decisions should
consider:
1. Consumers' wants
2. Company's requirements
3. Consumers' long-run interests
, 4. Society's long-run interests
Societal Marketing Concept ex. - Answer: Good:
- McDonald's
- Healthy meals to combat obesity
- Sentimental signs to satisfy consumer wants
Bad:
- Hershey & Mars
- Ignoring the obesity epidemic
Marketing Mix / Integrated Marketing - Answer: 4 P's!!! or *touch points*
- *Product*
- *Price*
- *Place*
- *Promotion*
Product (4 P's) - Answer: What do potential customers *need and want*?
Price (4 P's) - Answer: *How much* should we ask customers to *pay*?
Place (4 P's) - Answer: How will we *get* it to the customers?
Promotion (4 P's) - Answer: How will we *communicate* with the customers?
Marketing Process - Answer: 1. Understand the marketplace and customer needs and wants
