MKTG 409 – Principles of Marketing | Exam 1 Q&A (40+ Questions) – Marketing Concept, 4 P’s, Antitrust Laws

This document contains over 40 clearly answered and exam-focused questions from Exam 1 of the MKTG 409 2025/2026 course, designed to help students understand the core principles and legal framework of marketing. It introduces marketing as the process of creating, distributing, promoting, and pricing goods, services, and ideas to satisfy customer needs while building stakeholder relationships in a dynamic environment. Key topics include the foundations of exchange, the goal of marketing (mutual satisfaction), the Four P’s (Product, Price, Place, Promotion), and the marketing concept itself—delivering value through a coordinated strategy that supports both customer satisfaction and organizational goals. The document also outlines major U.S. marketing-related legislation, including the Sherman Antitrust Act, Clayton Act, Federal Trade Commission Act, Robinson-Patman Act, Wheeler-Lea Act, Lanham Act, and the Celler-Kefauver Act. These laws are clearly explained in context, focusing on their roles in maintaining fair competition and regulating deceptive practices. This resource is ideal for students in marketing, business administration, and management, particularly those preparing for midterm or final exams. It is also valuable for professionals reviewing legal frameworks that influence marketing practices. Keywords: mktg 409, principles of marketing, four p’s, marketing concept, exchange, stakeholder relationships, antitrust laws, sherman act, clayton act, ftc act, lanham act, robertson-patman act, wheeler-lea act, marketing legislation, trade regulation, brand protection, pricing strategies, marketing law