PRINCIPLES OF MARKETING (MKTG
3310) - EXAM 1 QUESTIONS AND
ANSWERS GRADED A+ 2026
What type of misconception is the idea that "the lower price is always better?" -
ANS "misconception that Marketing is common sense"
-ex.: Walmart is cheaper but customer service is awful
What is the reality of the matter that "lowest price is NOT always better" - ANS sometimes
higher prices are better
-ex.: wine
(shows quality)
What type of misconception is the idea that "better service leads to higher profits?" -
ANS "misconception that Marketing is common sense"
-ex.: Walmart is cheaper and diritier, but Target is more pricey but nicer
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,What is the reality of the matter that "better service leads to higher profits?" - ANS people
will pay for a certain level of service
*you get what you pay for*
What type of misconception is the idea that "more choice is better?" - ANS "misconception
that Marketing is common sense"
What is the reality of the matter that "more choice is better?" - ANS limited choices are
better for BOTH the customer and the company
-Company: less stuff to deal with (less product to make and market)
[The more you have the more you have to manage (most companies have their own
conglomerate little sections - ex.: Johnson and Johnson contacts)]
-Customer: so many choices are confusing & overwhelming (ex.: 50 different brands of mustard)
[- Reason many companies went out of business (Walmart ran them out of business - little
stores had too much despaired inventory - Ex.: car lot inventory]
[- Specialty retailers make life easier (ex.: PetSmart - can answer questions about pet food and
more expertise)]
What does this quote debunk about common myth about marketing:
"Sales is irrelevant if marketing is doing its job" - ANS "misconception that Marketing is
Equivalent to Sales and Advertising"
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
,What is the reality of the matter that "marketing is the same as sales and advertising?" -
ANS Marketing is a much broader concept that also includes product design, pricing,
choosing where, when, and how to sell products to customers, and a variety of other decisions
What are the 4 P's of Marketing? - ANS Product, Price, Place, Promotion
Give an example of the 4 P's of Marketing in action in a business, namely Apple. - ANS when
introducing a new iPhone, Apple has to decide which feature it should have (product), how
much it should sell for (price), where to sell it (place), and how to persuade people to buy it
(promotion)
What is the reality of the misconception that "Marketing Makes people buy things they don't
need"? - ANS "Marketing doesn't influence needs, really - marketing influences wants"
-Marketing can influence wants
-Customer has control and only buys things for which he or she has demand
What are the definitonal statistics behind the misconception that "Marketing Makes people buy
things they don't need"? - ANS -Need: a lack of means of subsistence
-Want: desire for something that fulfills a need
-Demand: want plus buying power AND willingness
What is the reality behind the misconception that "Marketing is an art, and you either have the
gift or you don't?" - ANS "marketing is a grind" - you can come up with a good new idea
-Creativity does NOT guarantee marketing success
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
, -The list of clever ad campaigns and brands that created buzz but then failed is quite long
[ Ex.: Pets.com ads...... Pets.com performance
In the 90s there was a huge boom of online businesses]
[Ex.: voter.com during 2000 presidential election b/t Bush and Gore
Sold it for millions but it died out quick because there were no more elections]
-There are the companies that plod along with no exciting marketing but are quite successful
[ex.: UPS ; P&G]
-Creativity can enhance good marketing but is not sufficient for success
What is the reality behind the misconception that "Marketing Does Not Involve Numbers?" -
ANS -Marketing is full of numbers
[Will we make or lose moeney?]
[How much should we charge to make a profit?]
[How many customers do we need to cover our expenses?]
-Marketers need basic math skills
-Anyone who is not comfortable calculating basic marketing functions (i.e.: profit, markup,
margins, breakeven) should not seek a career in marketing
-Most common marketing math involves only addition, subtraction, multiplication, and division
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
4
3310) - EXAM 1 QUESTIONS AND
ANSWERS GRADED A+ 2026
What type of misconception is the idea that "the lower price is always better?" -
ANS "misconception that Marketing is common sense"
-ex.: Walmart is cheaper but customer service is awful
What is the reality of the matter that "lowest price is NOT always better" - ANS sometimes
higher prices are better
-ex.: wine
(shows quality)
What type of misconception is the idea that "better service leads to higher profits?" -
ANS "misconception that Marketing is common sense"
-ex.: Walmart is cheaper and diritier, but Target is more pricey but nicer
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,What is the reality of the matter that "better service leads to higher profits?" - ANS people
will pay for a certain level of service
*you get what you pay for*
What type of misconception is the idea that "more choice is better?" - ANS "misconception
that Marketing is common sense"
What is the reality of the matter that "more choice is better?" - ANS limited choices are
better for BOTH the customer and the company
-Company: less stuff to deal with (less product to make and market)
[The more you have the more you have to manage (most companies have their own
conglomerate little sections - ex.: Johnson and Johnson contacts)]
-Customer: so many choices are confusing & overwhelming (ex.: 50 different brands of mustard)
[- Reason many companies went out of business (Walmart ran them out of business - little
stores had too much despaired inventory - Ex.: car lot inventory]
[- Specialty retailers make life easier (ex.: PetSmart - can answer questions about pet food and
more expertise)]
What does this quote debunk about common myth about marketing:
"Sales is irrelevant if marketing is doing its job" - ANS "misconception that Marketing is
Equivalent to Sales and Advertising"
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
,What is the reality of the matter that "marketing is the same as sales and advertising?" -
ANS Marketing is a much broader concept that also includes product design, pricing,
choosing where, when, and how to sell products to customers, and a variety of other decisions
What are the 4 P's of Marketing? - ANS Product, Price, Place, Promotion
Give an example of the 4 P's of Marketing in action in a business, namely Apple. - ANS when
introducing a new iPhone, Apple has to decide which feature it should have (product), how
much it should sell for (price), where to sell it (place), and how to persuade people to buy it
(promotion)
What is the reality of the misconception that "Marketing Makes people buy things they don't
need"? - ANS "Marketing doesn't influence needs, really - marketing influences wants"
-Marketing can influence wants
-Customer has control and only buys things for which he or she has demand
What are the definitonal statistics behind the misconception that "Marketing Makes people buy
things they don't need"? - ANS -Need: a lack of means of subsistence
-Want: desire for something that fulfills a need
-Demand: want plus buying power AND willingness
What is the reality behind the misconception that "Marketing is an art, and you either have the
gift or you don't?" - ANS "marketing is a grind" - you can come up with a good new idea
-Creativity does NOT guarantee marketing success
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
, -The list of clever ad campaigns and brands that created buzz but then failed is quite long
[ Ex.: Pets.com ads...... Pets.com performance
In the 90s there was a huge boom of online businesses]
[Ex.: voter.com during 2000 presidential election b/t Bush and Gore
Sold it for millions but it died out quick because there were no more elections]
-There are the companies that plod along with no exciting marketing but are quite successful
[ex.: UPS ; P&G]
-Creativity can enhance good marketing but is not sufficient for success
What is the reality behind the misconception that "Marketing Does Not Involve Numbers?" -
ANS -Marketing is full of numbers
[Will we make or lose moeney?]
[How much should we charge to make a profit?]
[How many customers do we need to cover our expenses?]
-Marketers need basic math skills
-Anyone who is not comfortable calculating basic marketing functions (i.e.: profit, markup,
margins, breakeven) should not seek a career in marketing
-Most common marketing math involves only addition, subtraction, multiplication, and division
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
4
