MGCR 352 FINAL EXAM | COMPREHENSIVE MANAGEMENT STUDY
GUIDE, PRACTICE QUESTIONS & ANSWERS 2026/2027
Market Product Strategies - ANS ✔✔Market Penetration
Product Development
Market Development
Diversification
Market Penetration - ANS ✔✔selling MORE products in EXISTING markets
Product Development - ANS ✔✔selling NEW products in EXISTING markets
Market Development - ANS ✔✔selling EXISTING products in NEW markets (either geographic or new
segments)
Diversification - ANS ✔✔selling NEW products in NEW markets
The Strategic Marketing Process (3) - ANS ✔✔1. Swot Analysis
2. Market-Product Focus and Goal Setting
3. Marketing Program
Marketing exchanges are driven by... - ANS ✔✔1. Needs - physical, social, individual
2. Wants - needs shaped by culture
3. Demands - wants combined with buying power -> getting what you want the most for the best price
What can you sell in Marketing? - ANS ✔✔products, services, experiences
What are the Five Marketing Philosophies? - ANS ✔✔1. Production Philosophy
2. Product Philosophy
3. Selling Philosophy
4. Marketing Philosophy
5. Societal Marketing Philosophy
Production Philosophy - ANS ✔✔focus on affordability and availability of their products (toothpaste)
Product Philosophy - ANS ✔✔focus on quality and innovation (macbook)
Selling Philosophy - ANS ✔✔focus on promoting and hard selling a product (marketing something you
don't want, like life insurance)
**Marketing Philosophy - ANS ✔✔focus on customer satisfaction and relationships with the consumer
(harley davidson)
Societal Marketing Philosophy - ANS ✔✔focus on a long term value to both consumer and society
(terms)
, Push Strategy - ANS ✔✔inside out selling -> advertising, promotion, price to PUSH. Leads to marketing
myopia (the failure to recognize value and benefits). Includes Production Philosophy, Product Philosophy,
and Selling Philosophy.
Pull Strategy - ANS ✔✔outside-in selling -> firms PULLING info out of consumers, using it to create.
requires information about customers, competitors, and markets. Includes Marketing Philosophy and
Societal Marketing Philosophy.
Understanding the Customer - ANS ✔✔Customer Perceived Value
Customer Satisfaction
Relationship Marketing
Customer Perceived Value - ANS ✔✔the subjective view of the marketing offer, compared to others
Customer Satisfaction - ANS ✔✔the subjective view of the value received from the marketing offers in
return for a price. Delight -> value -> price.
Relationship Marketing - ANS ✔✔creating financial benefits, social benefits, and structural ties through
relationship building
Customer Lifetime Value - ANS ✔✔the value of all the purchases that a customer makes over a lifetime
What is a Market Segment? - ANS ✔✔A small group of relatively homogenous buyers that can be
targeted. Shared characteristics that give them a specific want/need.
What are the 5 types of segmentation? - ANS ✔✔Geographic, Demographic, Psychographic, Behavioural
(sought benefits), Behavioural (usage rate)
What are the three strategies to evaluate segmentation? - ANS ✔✔Size and Growth of Segment
Structural Attractiveness
Objectives and Resources
What is targeting? - ANS ✔✔picking the segment that is most appropriate for your marketing strategy -
what groups will respond to your 4Ps?
Mass Marketing - ANS ✔✔no segments and a single mix (coca-cola)
Differentiated Marketing - ANS ✔✔large segments with specific marketing mixes (kids & young adults)
Niche Marketing - ANS ✔✔small segments with specific marketing mixes
Micromarketing - ANS ✔✔customized marketing to individuals
What is Positioning? - ANS ✔✔the place that an offering occupies in the consumer's minds on attributes
relative to competitors products
Product Differentiation - ANS ✔✔What you DO to the product to make it different
GUIDE, PRACTICE QUESTIONS & ANSWERS 2026/2027
Market Product Strategies - ANS ✔✔Market Penetration
Product Development
Market Development
Diversification
Market Penetration - ANS ✔✔selling MORE products in EXISTING markets
Product Development - ANS ✔✔selling NEW products in EXISTING markets
Market Development - ANS ✔✔selling EXISTING products in NEW markets (either geographic or new
segments)
Diversification - ANS ✔✔selling NEW products in NEW markets
The Strategic Marketing Process (3) - ANS ✔✔1. Swot Analysis
2. Market-Product Focus and Goal Setting
3. Marketing Program
Marketing exchanges are driven by... - ANS ✔✔1. Needs - physical, social, individual
2. Wants - needs shaped by culture
3. Demands - wants combined with buying power -> getting what you want the most for the best price
What can you sell in Marketing? - ANS ✔✔products, services, experiences
What are the Five Marketing Philosophies? - ANS ✔✔1. Production Philosophy
2. Product Philosophy
3. Selling Philosophy
4. Marketing Philosophy
5. Societal Marketing Philosophy
Production Philosophy - ANS ✔✔focus on affordability and availability of their products (toothpaste)
Product Philosophy - ANS ✔✔focus on quality and innovation (macbook)
Selling Philosophy - ANS ✔✔focus on promoting and hard selling a product (marketing something you
don't want, like life insurance)
**Marketing Philosophy - ANS ✔✔focus on customer satisfaction and relationships with the consumer
(harley davidson)
Societal Marketing Philosophy - ANS ✔✔focus on a long term value to both consumer and society
(terms)
, Push Strategy - ANS ✔✔inside out selling -> advertising, promotion, price to PUSH. Leads to marketing
myopia (the failure to recognize value and benefits). Includes Production Philosophy, Product Philosophy,
and Selling Philosophy.
Pull Strategy - ANS ✔✔outside-in selling -> firms PULLING info out of consumers, using it to create.
requires information about customers, competitors, and markets. Includes Marketing Philosophy and
Societal Marketing Philosophy.
Understanding the Customer - ANS ✔✔Customer Perceived Value
Customer Satisfaction
Relationship Marketing
Customer Perceived Value - ANS ✔✔the subjective view of the marketing offer, compared to others
Customer Satisfaction - ANS ✔✔the subjective view of the value received from the marketing offers in
return for a price. Delight -> value -> price.
Relationship Marketing - ANS ✔✔creating financial benefits, social benefits, and structural ties through
relationship building
Customer Lifetime Value - ANS ✔✔the value of all the purchases that a customer makes over a lifetime
What is a Market Segment? - ANS ✔✔A small group of relatively homogenous buyers that can be
targeted. Shared characteristics that give them a specific want/need.
What are the 5 types of segmentation? - ANS ✔✔Geographic, Demographic, Psychographic, Behavioural
(sought benefits), Behavioural (usage rate)
What are the three strategies to evaluate segmentation? - ANS ✔✔Size and Growth of Segment
Structural Attractiveness
Objectives and Resources
What is targeting? - ANS ✔✔picking the segment that is most appropriate for your marketing strategy -
what groups will respond to your 4Ps?
Mass Marketing - ANS ✔✔no segments and a single mix (coca-cola)
Differentiated Marketing - ANS ✔✔large segments with specific marketing mixes (kids & young adults)
Niche Marketing - ANS ✔✔small segments with specific marketing mixes
Micromarketing - ANS ✔✔customized marketing to individuals
What is Positioning? - ANS ✔✔the place that an offering occupies in the consumer's minds on attributes
relative to competitors products
Product Differentiation - ANS ✔✔What you DO to the product to make it different
