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 - correct
answer Marketing
Marketing is about satisfying _______ and _______. - correct answer Needs and wants
4 P's (Product, Price, Place, Promotion) - correct answer 4 Components of Mktg Mix
Who can perform mktg? - correct answer Individuals and organizations
Production, sales, market, and value-based - correct answer 4 eras of marketing
Does providing good value mean selling at low price? - correct answer No, it's about
creating strong products and services
5 Factors that emphasize the importance of mktg __________. - correct 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 _______. - correct
answer society
, MKTG 361 EXAM 1 STUDY GUIDE
QUESTIONS AND ANSWERS (VERIFIED)
100% CORRECT
Exchange is _________. - correct 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 ________. - correct answer items you can physically touch.
Services are ________. - correct answer intangible customer benefits that are produced
by people or machines and cannot be separated from the producer.
Ideas __________. - correct answer include thoughts, opinions, and philosophies, and
intellectual concepts which can be marketed.
Supply chain is ________. - correct answer the group of firms that make and deliver a
given set of goods and services
Value ________. - correct answer reflects the relationship of benefits to costs
The components of a mktg strategy are to: - correct 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
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 - correct
answer Marketing
Marketing is about satisfying _______ and _______. - correct answer Needs and wants
4 P's (Product, Price, Place, Promotion) - correct answer 4 Components of Mktg Mix
Who can perform mktg? - correct answer Individuals and organizations
Production, sales, market, and value-based - correct answer 4 eras of marketing
Does providing good value mean selling at low price? - correct answer No, it's about
creating strong products and services
5 Factors that emphasize the importance of mktg __________. - correct 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 _______. - correct
answer society
, MKTG 361 EXAM 1 STUDY GUIDE
QUESTIONS AND ANSWERS (VERIFIED)
100% CORRECT
Exchange is _________. - correct 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 ________. - correct answer items you can physically touch.
Services are ________. - correct answer intangible customer benefits that are produced
by people or machines and cannot be separated from the producer.
Ideas __________. - correct answer include thoughts, opinions, and philosophies, and
intellectual concepts which can be marketed.
Supply chain is ________. - correct answer the group of firms that make and deliver a
given set of goods and services
Value ________. - correct answer reflects the relationship of benefits to costs
The components of a mktg strategy are to: - correct 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
