1 | P a g e | © copyright 2024/2025 | Grade A+
NUSC 4272 Exam #1 Questions and
Answers (100% Pass)
Difference between macro & micro-marketing
✓ Macro: looking at the economy's entire marketing system
Micro: look at individual company
Different types of economies
✓ Russia-- centrally planned economy, globally integrated market
economy
China-- socialist market economy
Law of diminishing demand
✓ Consumer--
if the price of a commodity is raised; a smaller quantity will be demanded
if the price of a commodity is lowered; a greater quantity will be demanded
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
History of marketing
✓ Late 1800s Industrial Revolution:
>> beginning of mass production and marketing
>> products made more economically
>> focus of distribution
1920s:
>> advertising and sales focus
1950s:
>> marketing department
>> consumer research
>> advise management of how to design, price, distribute and promote
Today:
>> focusing on satisfying the customer
>> customer satisfaction-- customer's positive, neutral, or negative feelings
about the value received from a product
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
>> customer loyalty-- refers to the frequency with which a customer
consistently purchases a specific brand
Marketing Concepts
✓ Management philosophy of how a company views customers and the
sale of their products (goods, services, ideas)
>> manufacturing/production concept-- available & affordable--
concentrate on production & distribution efficiency
>> product concept-- customers prefer existing product, should focus on
improvement
Selling concept-- need a large selling & promotion effort
Marketing concept-- determine needs & wants of target market and satisfy
these needs more than their competitors
Societal marketing concept-- organization determine needs and wants and
company needs to deliver these to improve consumer's and society's well-
being (social marketing)
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
Marketing strategy: target market
✓ Fairly homogeneous group of customers to whom a company wishes
to appeal
>> must have a clear focus
>> target (niche) vs. mass marketing
>> define characteristics and needs
>> age, income, ethnicity, religious background, education
Marketing strategy: marketing mix
✓ Controllable variables which the company combines in order to satisfy
the target group
Product
>> developing the right product for the customer
Price
>> market price
>> what is it worth to the consumer
Place
Master01 | October, 2024/2025 | Latest update
NUSC 4272 Exam #1 Questions and
Answers (100% Pass)
Difference between macro & micro-marketing
✓ Macro: looking at the economy's entire marketing system
Micro: look at individual company
Different types of economies
✓ Russia-- centrally planned economy, globally integrated market
economy
China-- socialist market economy
Law of diminishing demand
✓ Consumer--
if the price of a commodity is raised; a smaller quantity will be demanded
if the price of a commodity is lowered; a greater quantity will be demanded
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
History of marketing
✓ Late 1800s Industrial Revolution:
>> beginning of mass production and marketing
>> products made more economically
>> focus of distribution
1920s:
>> advertising and sales focus
1950s:
>> marketing department
>> consumer research
>> advise management of how to design, price, distribute and promote
Today:
>> focusing on satisfying the customer
>> customer satisfaction-- customer's positive, neutral, or negative feelings
about the value received from a product
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
>> customer loyalty-- refers to the frequency with which a customer
consistently purchases a specific brand
Marketing Concepts
✓ Management philosophy of how a company views customers and the
sale of their products (goods, services, ideas)
>> manufacturing/production concept-- available & affordable--
concentrate on production & distribution efficiency
>> product concept-- customers prefer existing product, should focus on
improvement
Selling concept-- need a large selling & promotion effort
Marketing concept-- determine needs & wants of target market and satisfy
these needs more than their competitors
Societal marketing concept-- organization determine needs and wants and
company needs to deliver these to improve consumer's and society's well-
being (social marketing)
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
Marketing strategy: target market
✓ Fairly homogeneous group of customers to whom a company wishes
to appeal
>> must have a clear focus
>> target (niche) vs. mass marketing
>> define characteristics and needs
>> age, income, ethnicity, religious background, education
Marketing strategy: marketing mix
✓ Controllable variables which the company combines in order to satisfy
the target group
Product
>> developing the right product for the customer
Price
>> market price
>> what is it worth to the consumer
Place
Master01 | October, 2024/2025 | Latest update
