MAR 3023 FSU Exam 1 BRADY || with 100% Errorless
Answers.
What is the official definition of marketing? correct answers Process of creating, promoting,
distributing, and pricing goods and services
What is Dr. Brady definition of marketing? correct answers the answer to WHY you buy a
product
Does the marketing function drive revenues? correct answers yes
What are the 3 goals of marketers? correct answers 1. Identify unmet needs and develop a
product or service
2. Price them at a level that maximizes profit
3. Distribute them to where consumers are
When is there little need to spend on advertising? correct answers When marketers get the
product, price, and distribution correct.
What is a myth about marketing? correct answers Marketing is just promotion and advertising.
This has been caused by "marketers" that aren't really doing marketing. Such as guerrilla
marketing
True or False: Most problems are misdiagnosed as marketing problem when its actually a core
product issue. correct answers true
What are the 3 reasons advertisements are important correct answers 1. time/ reality
2. its powerful
3. works well
How is time important regarding advertisements? correct answers Competitor products come out
quickly after new products, and often times solve errors of the original product.
Ex- Yeti and Ozark; iPhone and Android
True or False: With a great enough product, you will not need to advertise. correct answers False
how do companies retaliate to competitors? correct answers Great companies release products to
prevent competition from targeting weakness.
Ex- Spanx introduced low cost model
How are brands a powerful aspect of advertisin? correct answers Brands convince people that
their product is better, even if it truly isn't.
Ex- Bayer Aspirin costs far more than Generic aspirin, yet it's the same chemical formula; Coke
does poorly in taste tests yet the branding makes it sell
, How do brands work well? correct answers Brands make consumers lives easier, by making
purchasing decisions easier. You don't have to think hard about whether to buy Charmin toilet
paper, or off brand toilet paper.
What are the four P's correct answers Products
Pricing
Placement
Promotion
True or False: Some products are the same product just branded differently. correct answers True
What are the historical eras of marketing? correct answers Simple trade Era (pre 1860s)
Production era (pre 1920s)
Sales Era (1920s)
Marketing era (1940-1990s)
Relationship Marketing (90-2010s)
Societal Marketing (60s-present)
what was the simple trade era correct answers -pre 1860s
-products were made by hand or grown, then traded
-lasted until industrial revolution, was not efficient at all
What was the Production era? correct answers -pre 1920s
- Inward focus on what you can make efficiently, not about what the customer wanted
-Technical developments fueled this, with the assembly line becoming a major component of the
era
-Seller's market: Demand exceeds supply
what was the sales era? correct answers -1920s
-sales have to change the minds of customers because nobody had money during the depression
-aggressive short term profit maximization
what was the marketing era? correct answers -1940-1990s
-when consumers became central focus of business
-marketing was not a thing until this fundamental change
introduction of several marketing approaches
what was the relationship marketing era? correct answers -90-2010s
-focus on long term relationships with customers
-loyalty programs retain customers
-repeat customers generate 2x revenue of new customers
what was the societal marketing era? correct answers -60s-present
-focus on social responsibility
-businesses must value society's best interest as well
Answers.
What is the official definition of marketing? correct answers Process of creating, promoting,
distributing, and pricing goods and services
What is Dr. Brady definition of marketing? correct answers the answer to WHY you buy a
product
Does the marketing function drive revenues? correct answers yes
What are the 3 goals of marketers? correct answers 1. Identify unmet needs and develop a
product or service
2. Price them at a level that maximizes profit
3. Distribute them to where consumers are
When is there little need to spend on advertising? correct answers When marketers get the
product, price, and distribution correct.
What is a myth about marketing? correct answers Marketing is just promotion and advertising.
This has been caused by "marketers" that aren't really doing marketing. Such as guerrilla
marketing
True or False: Most problems are misdiagnosed as marketing problem when its actually a core
product issue. correct answers true
What are the 3 reasons advertisements are important correct answers 1. time/ reality
2. its powerful
3. works well
How is time important regarding advertisements? correct answers Competitor products come out
quickly after new products, and often times solve errors of the original product.
Ex- Yeti and Ozark; iPhone and Android
True or False: With a great enough product, you will not need to advertise. correct answers False
how do companies retaliate to competitors? correct answers Great companies release products to
prevent competition from targeting weakness.
Ex- Spanx introduced low cost model
How are brands a powerful aspect of advertisin? correct answers Brands convince people that
their product is better, even if it truly isn't.
Ex- Bayer Aspirin costs far more than Generic aspirin, yet it's the same chemical formula; Coke
does poorly in taste tests yet the branding makes it sell
, How do brands work well? correct answers Brands make consumers lives easier, by making
purchasing decisions easier. You don't have to think hard about whether to buy Charmin toilet
paper, or off brand toilet paper.
What are the four P's correct answers Products
Pricing
Placement
Promotion
True or False: Some products are the same product just branded differently. correct answers True
What are the historical eras of marketing? correct answers Simple trade Era (pre 1860s)
Production era (pre 1920s)
Sales Era (1920s)
Marketing era (1940-1990s)
Relationship Marketing (90-2010s)
Societal Marketing (60s-present)
what was the simple trade era correct answers -pre 1860s
-products were made by hand or grown, then traded
-lasted until industrial revolution, was not efficient at all
What was the Production era? correct answers -pre 1920s
- Inward focus on what you can make efficiently, not about what the customer wanted
-Technical developments fueled this, with the assembly line becoming a major component of the
era
-Seller's market: Demand exceeds supply
what was the sales era? correct answers -1920s
-sales have to change the minds of customers because nobody had money during the depression
-aggressive short term profit maximization
what was the marketing era? correct answers -1940-1990s
-when consumers became central focus of business
-marketing was not a thing until this fundamental change
introduction of several marketing approaches
what was the relationship marketing era? correct answers -90-2010s
-focus on long term relationships with customers
-loyalty programs retain customers
-repeat customers generate 2x revenue of new customers
what was the societal marketing era? correct answers -60s-present
-focus on social responsibility
-businesses must value society's best interest as well
