MKT 3401 : EXAM 1 QUESTIONS WITH COMPLETE SOLUTIONS
Describe the elements of the marketing mix -- Answer ✔✔ The marketing mix is a
blend of product, place, promotion, and pricing strategies (the four Ps) designed to
produce mutually satisfying exchanges with a target market.
The starting point of the marketing mix is the product offering—tangible goods, ideas,
or services.
Place (distribution) strategies are concerned with making products available when and
where customers want them.
Promotion includes advertising, public relations, sales promotion, and personal selling.
Price is what a buyer must give up in order to obtain a product and is often the most
flexible of the four marketing mix elements.
marketing mix (4 Ps) -- Answer ✔✔ unique Product
Place
Promotion
Price
Implementation -- Answer ✔✔ the process that turns a marketing plan into action
assignments and ensures that these assignments are executed in a way that accomplishes
the plan's objectives
Evaluation -- Answer ✔✔ gauging the extent to which the marketing objectives have
been achieved during the specified time period
, Control -- Answer ✔✔ provides the mechanisms for evaluating marketing results in light
of the plan's objectives and for correcting actions that do not help the organization
reach those objectives within budget guidelines
marketing audit -- Answer ✔✔ a thorough, systematic, periodic evaluation of the
objectives, strategies, structure, and performance of the marketing organization
morals -- Answer ✔✔ the rules people develop as a result of cultural values and norms
code of ethics -- Answer ✔✔ a guideline to help marketing managers and other
employees make better decisions
Foreign Corrupt Practices Act (FCPA) -- Answer ✔✔ a law that prohibits U.S.
corporations from making illegal payments to public officials of foreign governments to
obtain business rights or to enhance their business dealings in those countries
Corporate Social Responsibility (CSR) -- Answer ✔✔ A business's concern for the
welfare of society.
What are the 4 components of CSR? -- Answer ✔✔ 1. economic
2. legal
3. ethical
4. philanthropic
Describe the elements of the marketing mix -- Answer ✔✔ The marketing mix is a
blend of product, place, promotion, and pricing strategies (the four Ps) designed to
produce mutually satisfying exchanges with a target market.
The starting point of the marketing mix is the product offering—tangible goods, ideas,
or services.
Place (distribution) strategies are concerned with making products available when and
where customers want them.
Promotion includes advertising, public relations, sales promotion, and personal selling.
Price is what a buyer must give up in order to obtain a product and is often the most
flexible of the four marketing mix elements.
marketing mix (4 Ps) -- Answer ✔✔ unique Product
Place
Promotion
Price
Implementation -- Answer ✔✔ the process that turns a marketing plan into action
assignments and ensures that these assignments are executed in a way that accomplishes
the plan's objectives
Evaluation -- Answer ✔✔ gauging the extent to which the marketing objectives have
been achieved during the specified time period
, Control -- Answer ✔✔ provides the mechanisms for evaluating marketing results in light
of the plan's objectives and for correcting actions that do not help the organization
reach those objectives within budget guidelines
marketing audit -- Answer ✔✔ a thorough, systematic, periodic evaluation of the
objectives, strategies, structure, and performance of the marketing organization
morals -- Answer ✔✔ the rules people develop as a result of cultural values and norms
code of ethics -- Answer ✔✔ a guideline to help marketing managers and other
employees make better decisions
Foreign Corrupt Practices Act (FCPA) -- Answer ✔✔ a law that prohibits U.S.
corporations from making illegal payments to public officials of foreign governments to
obtain business rights or to enhance their business dealings in those countries
Corporate Social Responsibility (CSR) -- Answer ✔✔ A business's concern for the
welfare of society.
What are the 4 components of CSR? -- Answer ✔✔ 1. economic
2. legal
3. ethical
4. philanthropic
