MGT 6201 MARKETING EXAM PREP |
COMPREHENSIVE STUDY GUIDE, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
EXAM REVIEW
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,Things a firm should do in marketing Analyze needs
Predict wants
Estimate demand
Determine where
Estimate price
Decide promotion
Estimate competition
Provide service
Universal functions of marketing help to Overcome separations and discrepancies between hose wishing to participate in an
exchange.
Universal functions of marketing Buying
Selling
Transporting
Storing
Standardization & Grading
Financing
Risk Taking
Market Information
**All functions are needed in any marketing system
Universal functions of marketing-Buying Looking for and evaluating goods and services
Universal functions of marketing-Selling Promoting the product to prospective buyers
Universal functions of marketing-Transporting Moving the goods from one place to another
Universal functions of marketing-Storing Holding an inventory of goods until needed by customers
Universal functions of marketing-Standardization and Grading Sorting producs by size and quantity
Universal functions of marketing-Financing Providing the necessary cash and credit to produce, transport, store, promote, sell, and
buy products
Universal functions of marketing-Risk taking Assuming responsibility for uncertainties
,Universal functions of marketing-Market Information Collection, analysis, and distribution of al the information the marketer needs to plan,
implement, and control need satisfying marketing activites
Customer Value Difference between the benefits a customer sees from a marketing offering and the cost
of obtaining those benefits
When custstomer value is higher A consumer is more satisfied because the benefits exceed costs by a larger margin.
Strategy - 5C's Customers
Competitors
Collaborators
Company
Context
Purpose: To ground ourselves in the constituent compenents of strategy that we can use
as a guide for comprehensive thought and analysis
Customers Potential buyers with wants and needs that the company aims to fufill with its offerings
Consumers vs Customers Denotes the distinction between business buyers and non-business buyers
Company Organization or business unit providing certain goods or services, often referred to as
the offering.
SWOT Strengths, Weaknesses, Opportunities, and Threats
Strategy 5C's - Company Strategy Look internally to define positioning, messaging, differentiators, capabilities, etc.
Company strategy ex.: SWOT, perceptual and positioning maps, marketing mix
differentiation
Comany analysis is not mutually exclusive from competitive analysis in several ways --> To
be able to differentiate your organization, you have to be aware of what your
competition's doing
, Competitors Organizations that offer products or services that aim to fufill the same wants and needs
of the customers as the company's offering
Competitive Matrix
Porter's Five Forces
Essentially, an organization is attempting to create products and services that customers
perciece as different from those provided by others. Otherwise, what is offered is
percieved as a mere commodity, and consumers are likely to make their decisions based
solely on the cheapest price.
Competitive Matrix An analysis tool that captures elements such as feaures and benefits provided by an
organization's competitors
Porter's Five Forces A framework that intends to capture competitive analysis attributes
Collaborators External business entities that work with the company to create value for customers
Ex. Raw material suppliers, distributors, marketing agencies, and 3rd party retailers
Context Environment in which the company operates and its associated elements:
Regulations or laws
Economic conditions
Cultural norms
Technological factors
A common tool for assessing the macro level context is PESTEL analysis
PESTEL Political, Economic, Social, Technological, Environmental, and Legal Factors
Marketing Strategy Specifies a target market and a related marketing mix
Target Market A fairly homogeneous group of customers to whom a company wishes to appeal
Marketing Mix Includes the controllable variables the company puts together to satisfy the target
market
COMPREHENSIVE STUDY GUIDE, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
EXAM REVIEW
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,Things a firm should do in marketing Analyze needs
Predict wants
Estimate demand
Determine where
Estimate price
Decide promotion
Estimate competition
Provide service
Universal functions of marketing help to Overcome separations and discrepancies between hose wishing to participate in an
exchange.
Universal functions of marketing Buying
Selling
Transporting
Storing
Standardization & Grading
Financing
Risk Taking
Market Information
**All functions are needed in any marketing system
Universal functions of marketing-Buying Looking for and evaluating goods and services
Universal functions of marketing-Selling Promoting the product to prospective buyers
Universal functions of marketing-Transporting Moving the goods from one place to another
Universal functions of marketing-Storing Holding an inventory of goods until needed by customers
Universal functions of marketing-Standardization and Grading Sorting producs by size and quantity
Universal functions of marketing-Financing Providing the necessary cash and credit to produce, transport, store, promote, sell, and
buy products
Universal functions of marketing-Risk taking Assuming responsibility for uncertainties
,Universal functions of marketing-Market Information Collection, analysis, and distribution of al the information the marketer needs to plan,
implement, and control need satisfying marketing activites
Customer Value Difference between the benefits a customer sees from a marketing offering and the cost
of obtaining those benefits
When custstomer value is higher A consumer is more satisfied because the benefits exceed costs by a larger margin.
Strategy - 5C's Customers
Competitors
Collaborators
Company
Context
Purpose: To ground ourselves in the constituent compenents of strategy that we can use
as a guide for comprehensive thought and analysis
Customers Potential buyers with wants and needs that the company aims to fufill with its offerings
Consumers vs Customers Denotes the distinction between business buyers and non-business buyers
Company Organization or business unit providing certain goods or services, often referred to as
the offering.
SWOT Strengths, Weaknesses, Opportunities, and Threats
Strategy 5C's - Company Strategy Look internally to define positioning, messaging, differentiators, capabilities, etc.
Company strategy ex.: SWOT, perceptual and positioning maps, marketing mix
differentiation
Comany analysis is not mutually exclusive from competitive analysis in several ways --> To
be able to differentiate your organization, you have to be aware of what your
competition's doing
, Competitors Organizations that offer products or services that aim to fufill the same wants and needs
of the customers as the company's offering
Competitive Matrix
Porter's Five Forces
Essentially, an organization is attempting to create products and services that customers
perciece as different from those provided by others. Otherwise, what is offered is
percieved as a mere commodity, and consumers are likely to make their decisions based
solely on the cheapest price.
Competitive Matrix An analysis tool that captures elements such as feaures and benefits provided by an
organization's competitors
Porter's Five Forces A framework that intends to capture competitive analysis attributes
Collaborators External business entities that work with the company to create value for customers
Ex. Raw material suppliers, distributors, marketing agencies, and 3rd party retailers
Context Environment in which the company operates and its associated elements:
Regulations or laws
Economic conditions
Cultural norms
Technological factors
A common tool for assessing the macro level context is PESTEL analysis
PESTEL Political, Economic, Social, Technological, Environmental, and Legal Factors
Marketing Strategy Specifies a target market and a related marketing mix
Target Market A fairly homogeneous group of customers to whom a company wishes to appeal
Marketing Mix Includes the controllable variables the company puts together to satisfy the target
market
