MKT 3301 FINAL EXAM REVIEW QUESTIONS
Customer Satisfaction - Answers - The extent to which a firm fulfills a customer's needs,
desires, and expectations.
True - Answers - Marketing encourages research and innovation.
True - Answers - The aim of marketing is to identify customers' needs and meet those
needs so well that the product almost sells itself.
How does a firm provide customer satisfaction? - Answers - by taking the customer's
point of view, the customer value which is the difference between the benefits a
customer sees from a market offering and costs of obtaining those benefits.
What are the basic objectives of a firm? - Answers - to provide a needs-fulfilling offering
and maximize profits.
What is macromarketing? - Answers - it is a social process that directs an economy's
flow of goods and services from producers to consumers in a way that effectively
matches supply and demand and accomplishes the objectives of society. It is an
emphasis on how the whole market works.
Effective marketing in an advanced economy is difficult because producers and
consumers are often close in many ways. - Answers - FALSE. You have these things
called constraints, such as separation in space, time, information, values, and
ownership.
What are the universal functions of marketing? - Answers - Buying, Selling,
Transporting, Storing, Standardization and grading, financing, risk-taking, and market
information.
What must occur for marketing to take place? - Answers - Marketing does not occur
unless 2+ parties are willing to exchange something for something else.
What is the marketing concept? - Answers - It means that an organization aims all of its
efforts at satisfying its customers @ a profit. 3 things matter here being: customer
satisfaction, total company effort, and profit which guide firms in order to be more
successful.
True - Answers - profit is the bottom line measure of the firm's success and ability to
survive.
, Marketing - Answers - it is the performance of activities that seek to accomplish an
organization's objectives by anticipating customer or client needs and directing a flow of
need-satisfying goods and services from producer to customer or client.
What is the triple bottom line? - Answers - it measures a firm's economic, social, and
environmental outcomes- as a measure of long-term success.
Discrepancies of Quantity - Answers - Production>Q a consumer is willing to buy
Discrepancies of Assortment - Answers - Producers specialize in producing a narrow
line of goods and services, while consumers need a broad assortment.
Marketing Facilitates Production and Consumption - Answers - True!
The purpose of a macro-marketing system is to overcome separations and
discrepancies - Answers - True!
Marketing evolution sequence:
1. Simple Trade Era
2. Production Era
3. Sales Era
4. Marketing Department Era
5. Marketing Company Era - Answers - This is correct!
Marketing Management Process - Answers - 1. Planning marketing activities
2. Directing the Implementation
3. Controlling these plans
Strategic (Management) Planning - Answers - It is the managerial process of developing
and maintaining a match between an organization's resources and its marketing
opportunities. ALTHOUGH MARKETING STRATEGIES ARE NOT WHOLE-COMPANY
PLANS, they should be marketing-oriented. Therefore, strategy planning= marketing
strategy planning.
What is a marketing strategy? - Answers - it specifies a target market and a related
marketing mix. It is a big picture of what a firm will do in some market. In the center you
have the target market, while the marketing mix surrounds it.
What is a target market? - Answers - A fairly homogeneous group of customers to
whom a company wishes to appeal.
What is a marketing mix? - Answers - The controllable variables the company puts
together to satisfy this target group.
target marketing is the same thing as mass marketing. - Answers - NOPE. two different
things. Mass marketing appeals to the masses instead of a specific [target].
Customer Satisfaction - Answers - The extent to which a firm fulfills a customer's needs,
desires, and expectations.
True - Answers - Marketing encourages research and innovation.
True - Answers - The aim of marketing is to identify customers' needs and meet those
needs so well that the product almost sells itself.
How does a firm provide customer satisfaction? - Answers - by taking the customer's
point of view, the customer value which is the difference between the benefits a
customer sees from a market offering and costs of obtaining those benefits.
What are the basic objectives of a firm? - Answers - to provide a needs-fulfilling offering
and maximize profits.
What is macromarketing? - Answers - it is a social process that directs an economy's
flow of goods and services from producers to consumers in a way that effectively
matches supply and demand and accomplishes the objectives of society. It is an
emphasis on how the whole market works.
Effective marketing in an advanced economy is difficult because producers and
consumers are often close in many ways. - Answers - FALSE. You have these things
called constraints, such as separation in space, time, information, values, and
ownership.
What are the universal functions of marketing? - Answers - Buying, Selling,
Transporting, Storing, Standardization and grading, financing, risk-taking, and market
information.
What must occur for marketing to take place? - Answers - Marketing does not occur
unless 2+ parties are willing to exchange something for something else.
What is the marketing concept? - Answers - It means that an organization aims all of its
efforts at satisfying its customers @ a profit. 3 things matter here being: customer
satisfaction, total company effort, and profit which guide firms in order to be more
successful.
True - Answers - profit is the bottom line measure of the firm's success and ability to
survive.
, Marketing - Answers - it is the performance of activities that seek to accomplish an
organization's objectives by anticipating customer or client needs and directing a flow of
need-satisfying goods and services from producer to customer or client.
What is the triple bottom line? - Answers - it measures a firm's economic, social, and
environmental outcomes- as a measure of long-term success.
Discrepancies of Quantity - Answers - Production>Q a consumer is willing to buy
Discrepancies of Assortment - Answers - Producers specialize in producing a narrow
line of goods and services, while consumers need a broad assortment.
Marketing Facilitates Production and Consumption - Answers - True!
The purpose of a macro-marketing system is to overcome separations and
discrepancies - Answers - True!
Marketing evolution sequence:
1. Simple Trade Era
2. Production Era
3. Sales Era
4. Marketing Department Era
5. Marketing Company Era - Answers - This is correct!
Marketing Management Process - Answers - 1. Planning marketing activities
2. Directing the Implementation
3. Controlling these plans
Strategic (Management) Planning - Answers - It is the managerial process of developing
and maintaining a match between an organization's resources and its marketing
opportunities. ALTHOUGH MARKETING STRATEGIES ARE NOT WHOLE-COMPANY
PLANS, they should be marketing-oriented. Therefore, strategy planning= marketing
strategy planning.
What is a marketing strategy? - Answers - it specifies a target market and a related
marketing mix. It is a big picture of what a firm will do in some market. In the center you
have the target market, while the marketing mix surrounds it.
What is a target market? - Answers - A fairly homogeneous group of customers to
whom a company wishes to appeal.
What is a marketing mix? - Answers - The controllable variables the company puts
together to satisfy this target group.
target marketing is the same thing as mass marketing. - Answers - NOPE. two different
things. Mass marketing appeals to the masses instead of a specific [target].
