MAR 3023 FSU EXAM 1 | QUESTIONS AND ANSWERS | 2026 UPDATE | WITH COMPLETE
SOLUTION
What is Marketing? - (ANSWER)"Marketing is the answer to the question of why you buy a product";
Product Development is a core marketing function
Good Products - (ANSWER)identify unmet consumer needs and then develop products
Great Marketers - (ANSWER)develop products that people want or need, price them at a level that
maximizes profits, and distribute them to where consumers are
Why Do We Need the Visible Side of Marketing? - (ANSWER)time/reality and it's powerful
Time in Marketing - (ANSWER)overtime, when companies create millions of products, then comes
imitation; the market reacts to competitor products that have similar products
Power - (ANSWER)why are cash strapped students buying Fiji water? advertising and branding
4 P's - (ANSWER)Product, Place, Price, Promotion
Simple Trade Era - (ANSWER)products were made by hand, grown, or traded in small quantities
Production Era - (ANSWER)inward focus, technical development; demand exceeds supply
Sales Era - (ANSWER)sell what we make, focus on aggressive promotion
The Marketing Era - (ANSWER)the "great awakening" where customers became the central focus of the
organization, "customer is key"
Relationship Marketing - (ANSWER)customer centric, collaborative relationships, green marketing
, MAR 3023 FSU EXAM 1 | QUESTIONS AND ANSWERS | 2026 UPDATE | WITH COMPLETE
SOLUTION
Societal Marketing Era - (ANSWER)"Green Marketing" focus is adding society's best interests to the mix
Popular Macro-Marketing Strategies - (ANSWER)creating value, segmentation markets, identifying
opportunities
Creating Value - (ANSWER)small banks- pay more buy give you more for your money; hotels- 24 hour
check in
Segmenting Customers - (ANSWER)different products for different customers; hotels for different
needs: luxury, time, ect
Market Opportunities - (ANSWER)where circumstance and timing meet to create strategic windows;
Core Competencies - (ANSWER)things a firm does well; i.e. Starbucks and their comfortable stores
Strategic Planning (Origin of Marketing Strategy) - (ANSWER)establishes an organizational mission and
goals, corporate strategy, marketing objectives, marketing strategy, and finally a marketing plan
SWOT Analysis - (ANSWER)strength, weakness, opportunity, threat
SBU's - (ANSWER)strategic business unit; a division or unity within a large parent company
Marketing Strategy Example - (ANSWER)product= use the rankings(how is FSU ranked; distribution=
we're in different places (campuses); pricing= tuition(FSU); promotions= ads (FSU commercial)
Market Share - (ANSWER)the percentage of a market that actually buys a specific product
Key to Internal Marketing - (ANSWER)empowerment- giving employees the power to act immediately,
decisively, and without fear in order to attain satisfaction and delight
SOLUTION
What is Marketing? - (ANSWER)"Marketing is the answer to the question of why you buy a product";
Product Development is a core marketing function
Good Products - (ANSWER)identify unmet consumer needs and then develop products
Great Marketers - (ANSWER)develop products that people want or need, price them at a level that
maximizes profits, and distribute them to where consumers are
Why Do We Need the Visible Side of Marketing? - (ANSWER)time/reality and it's powerful
Time in Marketing - (ANSWER)overtime, when companies create millions of products, then comes
imitation; the market reacts to competitor products that have similar products
Power - (ANSWER)why are cash strapped students buying Fiji water? advertising and branding
4 P's - (ANSWER)Product, Place, Price, Promotion
Simple Trade Era - (ANSWER)products were made by hand, grown, or traded in small quantities
Production Era - (ANSWER)inward focus, technical development; demand exceeds supply
Sales Era - (ANSWER)sell what we make, focus on aggressive promotion
The Marketing Era - (ANSWER)the "great awakening" where customers became the central focus of the
organization, "customer is key"
Relationship Marketing - (ANSWER)customer centric, collaborative relationships, green marketing
, MAR 3023 FSU EXAM 1 | QUESTIONS AND ANSWERS | 2026 UPDATE | WITH COMPLETE
SOLUTION
Societal Marketing Era - (ANSWER)"Green Marketing" focus is adding society's best interests to the mix
Popular Macro-Marketing Strategies - (ANSWER)creating value, segmentation markets, identifying
opportunities
Creating Value - (ANSWER)small banks- pay more buy give you more for your money; hotels- 24 hour
check in
Segmenting Customers - (ANSWER)different products for different customers; hotels for different
needs: luxury, time, ect
Market Opportunities - (ANSWER)where circumstance and timing meet to create strategic windows;
Core Competencies - (ANSWER)things a firm does well; i.e. Starbucks and their comfortable stores
Strategic Planning (Origin of Marketing Strategy) - (ANSWER)establishes an organizational mission and
goals, corporate strategy, marketing objectives, marketing strategy, and finally a marketing plan
SWOT Analysis - (ANSWER)strength, weakness, opportunity, threat
SBU's - (ANSWER)strategic business unit; a division or unity within a large parent company
Marketing Strategy Example - (ANSWER)product= use the rankings(how is FSU ranked; distribution=
we're in different places (campuses); pricing= tuition(FSU); promotions= ads (FSU commercial)
Market Share - (ANSWER)the percentage of a market that actually buys a specific product
Key to Internal Marketing - (ANSWER)empowerment- giving employees the power to act immediately,
decisively, and without fear in order to attain satisfaction and delight
