Marketing 3000 Exam 1 Joel Poor Test
Questions with Correct Revised
Answers 2025-2026 Update.
Marketing: - Answer "Study of exchange"; academic def: learning about marketing from the
perspectives of the business and the customer; functional def: facilitation of exchange; long def:
the process of planning and executing the conception, pricing, promotion, and distribution of
ideas, goods and services to create exchanges that satisfy the individual and organizational
objectives
Given exchange definition, what are the requirements that define the scope of marketing? -
Answer Communication
Marketing's first task - Answer Discovering consumer needs
The marketing concept - Answer Before you provide an offering, you have to determine
where there are unmet needs. "Make what's desired".
Marketing's second task - Answer Satisfying consumer needs with the marketing mix (4 P's).
4 P's - Answer The marketing mix:
= set of decisions marketing managers need to make. This mix is designed for each target group
1. Product (play place at McD's)
2. Price (values meals and happy meals)
3. Promotion (ads with kids)
4. Place (put in places with lots of young parents)
Original marketing philosophy - Answer Revolved around the product. "If we build it, they
will come". Known as product-orientation philosophy.
Best for situations where demand exceeds supply.
Based on idea: product will sell itself through either a low price or high quality.
, This introduced the concept of communication, ONE-WAY communication to the customer. "Just
sell the damn product"
Marketing orientation philosophy
Characterized by? - Answer Requires information about the market (potential customers,
trends, competitors) be collected prior to making decisions that involve the selling process.
Depends on two-way relationship with customer.
Characterized by: customer focus, coordinated marketing effort (all departments in the firm
share in the effort to satisfy customer needs), and long-term success.
Relationship marketing concept
Why? - Answer Emphasizes the creation and maintenance of long-term relationships with all
participants (customers, suppliers, retailers) in the exchange process.
Why? The cost of attracting new customers is much greater than the cost of keeping customers.
Service after the sale must be a consideration. Customers tend to stick with products due to this
when there is not a large price difference amount alternatives.
4 types of benefits you get from products - Answer 1. Functional: ceiling fan, hammer, car,
pen
2. Social: social media, cell phones, bars, restaurants, dandriff shampoo, deodorant
3. Personal: mountain climbing, exercise, education (college)
4. Experiential: vacation, football games, Truman, concerts, massages, amusement parks
Soap: functional and social
4 Types of costs - Answer 1. Monetary
Questions with Correct Revised
Answers 2025-2026 Update.
Marketing: - Answer "Study of exchange"; academic def: learning about marketing from the
perspectives of the business and the customer; functional def: facilitation of exchange; long def:
the process of planning and executing the conception, pricing, promotion, and distribution of
ideas, goods and services to create exchanges that satisfy the individual and organizational
objectives
Given exchange definition, what are the requirements that define the scope of marketing? -
Answer Communication
Marketing's first task - Answer Discovering consumer needs
The marketing concept - Answer Before you provide an offering, you have to determine
where there are unmet needs. "Make what's desired".
Marketing's second task - Answer Satisfying consumer needs with the marketing mix (4 P's).
4 P's - Answer The marketing mix:
= set of decisions marketing managers need to make. This mix is designed for each target group
1. Product (play place at McD's)
2. Price (values meals and happy meals)
3. Promotion (ads with kids)
4. Place (put in places with lots of young parents)
Original marketing philosophy - Answer Revolved around the product. "If we build it, they
will come". Known as product-orientation philosophy.
Best for situations where demand exceeds supply.
Based on idea: product will sell itself through either a low price or high quality.
, This introduced the concept of communication, ONE-WAY communication to the customer. "Just
sell the damn product"
Marketing orientation philosophy
Characterized by? - Answer Requires information about the market (potential customers,
trends, competitors) be collected prior to making decisions that involve the selling process.
Depends on two-way relationship with customer.
Characterized by: customer focus, coordinated marketing effort (all departments in the firm
share in the effort to satisfy customer needs), and long-term success.
Relationship marketing concept
Why? - Answer Emphasizes the creation and maintenance of long-term relationships with all
participants (customers, suppliers, retailers) in the exchange process.
Why? The cost of attracting new customers is much greater than the cost of keeping customers.
Service after the sale must be a consideration. Customers tend to stick with products due to this
when there is not a large price difference amount alternatives.
4 types of benefits you get from products - Answer 1. Functional: ceiling fan, hammer, car,
pen
2. Social: social media, cell phones, bars, restaurants, dandriff shampoo, deodorant
3. Personal: mountain climbing, exercise, education (college)
4. Experiential: vacation, football games, Truman, concerts, massages, amusement parks
Soap: functional and social
4 Types of costs - Answer 1. Monetary
