MKTG 361 EXAM 1 STUDY GUIDE QUESTIONS AND
ANSWERS (VERIFIED) 100% CORRECT
___________ is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders Answer
- Marketing
Marketing is about satisfying _______ and _______. Answer - Needs and
wants
4 P's (Product, Price, Place, Promotion) Answer - 4 Components of Mktg Mix
Who can perform mktg? Answer - Individuals and organizations
Production, sales, market, and value-based Answer - 4 eras of marketing
Does providing good value mean selling at low price? Answer - No, it's about
creating strong products and services
5 Factors that emphasize the importance of mktg __________. Answer -
expands global presence, pervasive across supply chain, makes life easier,
enriches society, entrepreneurial
A firm doing the right thing emphasizes the importance of mktg to _______.
Answer - society
, Exchange is _________. Answer - is the trade of things of value between the
buyer and the seller so that each is better off as a result
Goods are ________. Answer - items you can physically touch.
Services are ________. Answer - intangible customer benefits that are
produced by people or machines and cannot be separated from the producer.
Ideas __________. Answer - include thoughts, opinions, and philosophies, and
intellectual concepts which can be marketed.
Supply chain is ________. Answer - the group of firms that make and deliver a
given set of goods and services
Value ________. Answer - reflects the relationship of benefits to costs
The components of a mktg strategy are to: Answer - Identify a firm's target
market, related marketing mix (their four Ps) and the bases upon which the
firm plans to build a sustainable competitive advantage
Customer excellence, operational excellence, product excellence, locational
excellence are the _______. Answer - 4 Macro Strategies that help a firm
develop sustainable competitive advantage
What are the five steps in creating a marketing plan? Answer - Business
mission and objectives, situation analysis and SWOT, identify opportunities,
implement marketing mix, evaluate performance using marketing metrics
ANSWERS (VERIFIED) 100% CORRECT
___________ is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders Answer
- Marketing
Marketing is about satisfying _______ and _______. Answer - Needs and
wants
4 P's (Product, Price, Place, Promotion) Answer - 4 Components of Mktg Mix
Who can perform mktg? Answer - Individuals and organizations
Production, sales, market, and value-based Answer - 4 eras of marketing
Does providing good value mean selling at low price? Answer - No, it's about
creating strong products and services
5 Factors that emphasize the importance of mktg __________. Answer -
expands global presence, pervasive across supply chain, makes life easier,
enriches society, entrepreneurial
A firm doing the right thing emphasizes the importance of mktg to _______.
Answer - society
, Exchange is _________. Answer - is the trade of things of value between the
buyer and the seller so that each is better off as a result
Goods are ________. Answer - items you can physically touch.
Services are ________. Answer - intangible customer benefits that are
produced by people or machines and cannot be separated from the producer.
Ideas __________. Answer - include thoughts, opinions, and philosophies, and
intellectual concepts which can be marketed.
Supply chain is ________. Answer - the group of firms that make and deliver a
given set of goods and services
Value ________. Answer - reflects the relationship of benefits to costs
The components of a mktg strategy are to: Answer - Identify a firm's target
market, related marketing mix (their four Ps) and the bases upon which the
firm plans to build a sustainable competitive advantage
Customer excellence, operational excellence, product excellence, locational
excellence are the _______. Answer - 4 Macro Strategies that help a firm
develop sustainable competitive advantage
What are the five steps in creating a marketing plan? Answer - Business
mission and objectives, situation analysis and SWOT, identify opportunities,
implement marketing mix, evaluate performance using marketing metrics
