MGM101 FINAL EXAM STUDY GUIDE 2026
Marketing - Answers -A set of business practices designed to plan for and present an
organization's products or services in ways that build effective customer relationships
The evolution of marketing (5 eras) - Answers -Production, Sales, Marketing Concept,
Market Orientation, Social Media Marketing
The production era - Answers -In early times the demand always exceeded supply so
goals centered on production
The sales era - Answers -Due to mass production sales now exceeded demand. So
emphasis was placed on selling and advertising to persuade customers
Marketing concept - Answers -3 part business philosophy; Customer Orientation: what
the customer wants. Service Orientation: everyone focusing on customer service. Profit
orientation: Focusing on goods that maximize profits
Market orientation - Answers -Focusing on 1. Collecting info about customer needs and
competitor capabilities. 2. Sharing this info throughout the org. 3. Using the info to
create value, ensure customer satisfaction, and develop customer relations.
Customer Relationship Management (CRM) - Answers -The process of building long-
term relationships with customers by delivering customer value and satisfaction
Social media - Answers -Websites and tools that allow users to interact with each
other, and share info, opinions, knowledge and interests
Social media marketing - Answers -Consumer-generated online-marketing efforts to
promote brands and companies for which they are fans (and vice versa), and the use by
marketers of online tools and platforms to promote their brands or organizations.
What are the 4 P's of marketing - Answers -Product, Price, Place, Promotion aka
marketing mix
The marketing process - Answers -Find Opportunities > Conduct Research > Identify &
Target a Market > Design a Product to Meet the Need Based on Research > Do
Product Testing > Determine a Brand Name, Design a Package, and Set a Price >
Select a Distribution System > Design a Promotional Program > Build a Relationship
With Customers
Product - Answers -Any physical good, service or idea that satisfies a want or need
Test market - Answers -the process of testing products among potential users
Marketing - Answers -A set of business practices designed to plan for and present an
organization's products or services in ways that build effective customer relationships
The evolution of marketing (5 eras) - Answers -Production, Sales, Marketing Concept,
Market Orientation, Social Media Marketing
The production era - Answers -In early times the demand always exceeded supply so
goals centered on production
The sales era - Answers -Due to mass production sales now exceeded demand. So
emphasis was placed on selling and advertising to persuade customers
Marketing concept - Answers -3 part business philosophy; Customer Orientation: what
the customer wants. Service Orientation: everyone focusing on customer service. Profit
orientation: Focusing on goods that maximize profits
Market orientation - Answers -Focusing on 1. Collecting info about customer needs and
competitor capabilities. 2. Sharing this info throughout the org. 3. Using the info to
create value, ensure customer satisfaction, and develop customer relations.
Customer Relationship Management (CRM) - Answers -The process of building long-
term relationships with customers by delivering customer value and satisfaction
Social media - Answers -Websites and tools that allow users to interact with each
other, and share info, opinions, knowledge and interests
Social media marketing - Answers -Consumer-generated online-marketing efforts to
promote brands and companies for which they are fans (and vice versa), and the use by
marketers of online tools and platforms to promote their brands or organizations.
What are the 4 P's of marketing - Answers -Product, Price, Place, Promotion aka
marketing mix
The marketing process - Answers -Find Opportunities > Conduct Research > Identify &
Target a Market > Design a Product to Meet the Need Based on Research > Do
Product Testing > Determine a Brand Name, Design a Package, and Set a Price >
Select a Distribution System > Design a Promotional Program > Build a Relationship
With Customers
Product - Answers -Any physical good, service or idea that satisfies a want or need
Test market - Answers -the process of testing products among potential users
