UWL Marketing 309 Final Exam UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
, What is Marketing? Marketing is the activity for creating, communicating, delivering and exchanging
offerings that benefit its customers, the organization, its stakeholders, and society
at large.
What is the process of Marketing? -Understanding the needs of a group of people
-Developing products or services to meet those needs
-Communicating to the group the right messages, through the right channels
-Making your product or service available in the right place
-And charging the right price
What guides marketing? Marketing seeks to discover needs and wants of customers and to satisfy those
needs and wants
What is Brand? Where your company lives in the minds of your consumers
What is needed in order for marketing to occur? -Two or more parties with unsatisfied needs
-Desire and ability to be satisfied
-A way for the parties to communicate
-Something to exchange:
Exchange is the trade of things of value between a buyer and a seller so that each
is better off after the trade
Marketing Mix (4 P's-Controllables) -Product (or service)
Development and refinement when needed
-Place (Distribution)
Where it is purchases and how it is delivered
-Promotion (Communication)
All communications including advertising, packaging, imagery, public relations
and promotions (coupons, sales, sweepstakes, etc.)
Price
Many different considerations when determining pricing strategy
Marketing responds to the _____mindset Consumer
Eras of Marketing Production, Sales, Marketing Concept, Consumer Relationship
Organization of a Marketing Department
How marketing discovers consumer needs -Meeting consumer needs with new products
-Consumers may not know or might not be able to describe what they need or
want
-38,000 new products are produced each year, 40% of which fail
-Focus on consumer benefit and learn from past mistakes
ANSWERS
, What is Marketing? Marketing is the activity for creating, communicating, delivering and exchanging
offerings that benefit its customers, the organization, its stakeholders, and society
at large.
What is the process of Marketing? -Understanding the needs of a group of people
-Developing products or services to meet those needs
-Communicating to the group the right messages, through the right channels
-Making your product or service available in the right place
-And charging the right price
What guides marketing? Marketing seeks to discover needs and wants of customers and to satisfy those
needs and wants
What is Brand? Where your company lives in the minds of your consumers
What is needed in order for marketing to occur? -Two or more parties with unsatisfied needs
-Desire and ability to be satisfied
-A way for the parties to communicate
-Something to exchange:
Exchange is the trade of things of value between a buyer and a seller so that each
is better off after the trade
Marketing Mix (4 P's-Controllables) -Product (or service)
Development and refinement when needed
-Place (Distribution)
Where it is purchases and how it is delivered
-Promotion (Communication)
All communications including advertising, packaging, imagery, public relations
and promotions (coupons, sales, sweepstakes, etc.)
Price
Many different considerations when determining pricing strategy
Marketing responds to the _____mindset Consumer
Eras of Marketing Production, Sales, Marketing Concept, Consumer Relationship
Organization of a Marketing Department
How marketing discovers consumer needs -Meeting consumer needs with new products
-Consumers may not know or might not be able to describe what they need or
want
-38,000 new products are produced each year, 40% of which fail
-Focus on consumer benefit and learn from past mistakes
