Principles of Marketing- Chapters 1-14 Dr. Smith
TAMU Final Exam Review Questions and Answers
Level A+ 2023
Marketing - -An organizational function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders
-Marketing Mix - -Product, Price, Place, Promotion
-Four P's - -Product, Price, Place, Promotion
-Triple Bottom Line - -A business strategy that includes social, economic, and environmental
criteria.
-Societal Marketing Concept - -a management philosophy that marketers must satisfy customers'
needs in ways that also benefit society and also deliver profit to the firm
-Green Marketing - -developing and promoting environmentally sound products and practices to
gain a competitive edge
-Value Proposition - -a marketplace offering that fairly and accurately sums up the value that
will be realized if the good or service is purchased
-Competitive Advantage - -an advantage over competitors gained by offering greater customer
value, either by having lower prices or providing more benefits that justify higher prices
-Mass Market - -all possible customers in a market, regardless of the differences in their specific
needs and wants
-Market Segment - -a subgroup of people or organizations sharing one or more characteristics
that cause them to have similar product needs
-Counter Trade - -a type of trade in which goods are paid for with other items instead of with
cash
-World Trade Organization - -An organization that replaced GATT; the WTO sets trade rules for
its member nations and mediates disputes between nations.
-World Bank - -an international bank that offers low-interest loans, advice, and information to
developing nations
, -Protectionism - -a policy adopted by a government to give domestic companies an advantage
-Import Quota - -limitations set by a government on the amount of a product allowed to enter or
leave a country
-Embargo - -a quota completely prohibiting specified goods from entering or leaving a country
-Tariffs - -Taxes on imported goods
-Economic Communities - -groups of countries that band together to promote trade among
themselves and to make it easier for member nations to compete elsewhere
-Gross Domestic Product - -the total dollar value of goods and services produced by a nation
within its boarders within a year
-Economic Infrastructure - -the quality of a country's distribution, financial, and communications
systems
-Social Norms - -specific rules dictating what is right or wrong, acceptable or unacceptable
-Market Entry Strategy - -an organizational strategy for entering a foreign market
-Licensing Agreement - -an agreement in which one firm gives another firm the right to produce
and market its product in a specific country or region in return for royalties
-Franchising - -a form of licensing involving the right to adapt an entire system of doing business
-Joint Venture - -a strategic alliance in which a new entity owned by two or more firms allows
the partners to pool their resources for common goals
-Standardization - -the process of making something conform to a standard
-Localization - -the process of making something local in character or restricting it to a particular
place.
-Straight Extension Strategy - -product strategy in which a firm offers the same product in both
domestic and foreign markets
-Product Adaptation Strategy - -product strategy in which a firm offers a similar but modified
product in foreign markets
-Code of Ethics - -written standards of behavior to which everyone in the organization must
subscribe
TAMU Final Exam Review Questions and Answers
Level A+ 2023
Marketing - -An organizational function and a set of processes for creating, communicating, and
delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders
-Marketing Mix - -Product, Price, Place, Promotion
-Four P's - -Product, Price, Place, Promotion
-Triple Bottom Line - -A business strategy that includes social, economic, and environmental
criteria.
-Societal Marketing Concept - -a management philosophy that marketers must satisfy customers'
needs in ways that also benefit society and also deliver profit to the firm
-Green Marketing - -developing and promoting environmentally sound products and practices to
gain a competitive edge
-Value Proposition - -a marketplace offering that fairly and accurately sums up the value that
will be realized if the good or service is purchased
-Competitive Advantage - -an advantage over competitors gained by offering greater customer
value, either by having lower prices or providing more benefits that justify higher prices
-Mass Market - -all possible customers in a market, regardless of the differences in their specific
needs and wants
-Market Segment - -a subgroup of people or organizations sharing one or more characteristics
that cause them to have similar product needs
-Counter Trade - -a type of trade in which goods are paid for with other items instead of with
cash
-World Trade Organization - -An organization that replaced GATT; the WTO sets trade rules for
its member nations and mediates disputes between nations.
-World Bank - -an international bank that offers low-interest loans, advice, and information to
developing nations
, -Protectionism - -a policy adopted by a government to give domestic companies an advantage
-Import Quota - -limitations set by a government on the amount of a product allowed to enter or
leave a country
-Embargo - -a quota completely prohibiting specified goods from entering or leaving a country
-Tariffs - -Taxes on imported goods
-Economic Communities - -groups of countries that band together to promote trade among
themselves and to make it easier for member nations to compete elsewhere
-Gross Domestic Product - -the total dollar value of goods and services produced by a nation
within its boarders within a year
-Economic Infrastructure - -the quality of a country's distribution, financial, and communications
systems
-Social Norms - -specific rules dictating what is right or wrong, acceptable or unacceptable
-Market Entry Strategy - -an organizational strategy for entering a foreign market
-Licensing Agreement - -an agreement in which one firm gives another firm the right to produce
and market its product in a specific country or region in return for royalties
-Franchising - -a form of licensing involving the right to adapt an entire system of doing business
-Joint Venture - -a strategic alliance in which a new entity owned by two or more firms allows
the partners to pool their resources for common goals
-Standardization - -the process of making something conform to a standard
-Localization - -the process of making something local in character or restricting it to a particular
place.
-Straight Extension Strategy - -product strategy in which a firm offers the same product in both
domestic and foreign markets
-Product Adaptation Strategy - -product strategy in which a firm offers a similar but modified
product in foreign markets
-Code of Ethics - -written standards of behavior to which everyone in the organization must
subscribe
