Marketing Test 1 Study Guide and Practice Questions
Marketing Mix - correct answer ✔✔ product, price, distribution (place), and promotion - that a
firm can control to meet the needs and wants of a specific target market.
Target Market - correct answer ✔✔ The group of customers on which marketing efforts are
focused.
Exchange - correct answer ✔✔ the provision or transfer of goods, services, or ideas in return for
something of value. Exchange is a process, not an event.
Marketing Environment - correct answer ✔✔ external forces that affect the firm and its
marketing mix variables.
4 eras in Marketing - correct answer ✔✔ Production, sales, Marketing, Relationship
Production Era - correct answer ✔✔ "If we make it, they will buy it" Focused on internal
capabilities of firm rather than the customer. Goods were new and scarce.
Sales Era - correct answer ✔✔ "Sell what we make" Focus was on selling. Production improved,
output grew and become harder to reach markets.
Marketing Era - correct answer ✔✔ "Make what will sell" Focus on learning customer needs,
and satisfying these needs by offering superior value.
Relationship Era - correct answer ✔✔ Building a long term relationship over time with
customers and suppliers.
, Marketing Concept - correct answer ✔✔ A philosophy that an organization should try to provide
products that satisfy customers needs through a coordinated set of activities that benefit them
as well.
Value - correct answer ✔✔ The customers subjective assessment of benefits to costs in
determining the worth of a product. Value= Customer Benefit- Customer Cost.
Utility - correct answer ✔✔ The want satisfying power of a good or service.
4 Types of Utility - correct answer ✔✔ Time Place Form Ownership
Corporate Strategy - correct answer ✔✔ A strategy that determines the means for utilizing
resources in the various functional areas to reach the organization's goals.
Marketing Management - correct answer ✔✔ The process of planning, organizing,
implementing, and controlling marketing activities to facilitate exchanges effectively and
efficiently.
Marketing Strategy - correct answer ✔✔ A plan of action for identifying and analyzing a target
market and developing a marketing mix to meet the needs of that market.
Marketing Plan - correct answer ✔✔ A written document that specifies the activities to be
performed to implement and control the organization's marketing activities.
Competitive Advantage - correct answer ✔✔ When opportunities, core competencies and
strategic windows meet.
Core Competencies - correct answer ✔✔ Things a firm does extremely well (strengths), which
sometimes give it an advantage over its competition.
Marketing Mix - correct answer ✔✔ product, price, distribution (place), and promotion - that a
firm can control to meet the needs and wants of a specific target market.
Target Market - correct answer ✔✔ The group of customers on which marketing efforts are
focused.
Exchange - correct answer ✔✔ the provision or transfer of goods, services, or ideas in return for
something of value. Exchange is a process, not an event.
Marketing Environment - correct answer ✔✔ external forces that affect the firm and its
marketing mix variables.
4 eras in Marketing - correct answer ✔✔ Production, sales, Marketing, Relationship
Production Era - correct answer ✔✔ "If we make it, they will buy it" Focused on internal
capabilities of firm rather than the customer. Goods were new and scarce.
Sales Era - correct answer ✔✔ "Sell what we make" Focus was on selling. Production improved,
output grew and become harder to reach markets.
Marketing Era - correct answer ✔✔ "Make what will sell" Focus on learning customer needs,
and satisfying these needs by offering superior value.
Relationship Era - correct answer ✔✔ Building a long term relationship over time with
customers and suppliers.
, Marketing Concept - correct answer ✔✔ A philosophy that an organization should try to provide
products that satisfy customers needs through a coordinated set of activities that benefit them
as well.
Value - correct answer ✔✔ The customers subjective assessment of benefits to costs in
determining the worth of a product. Value= Customer Benefit- Customer Cost.
Utility - correct answer ✔✔ The want satisfying power of a good or service.
4 Types of Utility - correct answer ✔✔ Time Place Form Ownership
Corporate Strategy - correct answer ✔✔ A strategy that determines the means for utilizing
resources in the various functional areas to reach the organization's goals.
Marketing Management - correct answer ✔✔ The process of planning, organizing,
implementing, and controlling marketing activities to facilitate exchanges effectively and
efficiently.
Marketing Strategy - correct answer ✔✔ A plan of action for identifying and analyzing a target
market and developing a marketing mix to meet the needs of that market.
Marketing Plan - correct answer ✔✔ A written document that specifies the activities to be
performed to implement and control the organization's marketing activities.
Competitive Advantage - correct answer ✔✔ When opportunities, core competencies and
strategic windows meet.
Core Competencies - correct answer ✔✔ Things a firm does extremely well (strengths), which
sometimes give it an advantage over its competition.
