MARK 3000 MCMANUS TEST 1 EXAM LATEST 2025
WITH CORRECT QUESTIONS AND DETAILED
ANSWERS/ALREADY GRADED A+
what is marketing? - CORRECT ANSWER-organizational function and set of
processes for *creating, capturing, communicating, and delivering VALUE* to
customers and managing customer relationships in ways that benefit the
organization and its stakeholders
what are other characteristics of marketing? - CORRECT ANSWER-used to
anticipate and determine the *NEEDS and WANTS of consumers* and satisfying
those needs and wants through the use of the 4 Ps
what is marketing's relationship to corporate strategy? - CORRECT ANSWER-
marketing sits within the corporate strategy
what is corporate strategy's relationship to business environment? - CORRECT
ANSWER-corporate strategy sits within the business environment
what is value? - CORRECT ANSWER-ratio of what is given up for what is
obtained
,both parties must believe they are getting ______ for an exchange to occur -
CORRECT ANSWER-both parties must believe they are getting VALUE for an
exchange to occur
how is value created? - CORRECT ANSWER-value is created through the
marketing mix (aka the 4 Ps)
what are 4 ways firms can create value? - CORRECT ANSWER-1. adding value
(use marketing to introduce their good to the marketplace at a time/place
consumers want)
2. marketing analytics (gather info about customers and competitors)
3. ethical & societal dilemma (balance costs/benefits of their offerings for
themselves, consumers, communities, and society)
4. social & mobile marketing (use new technology and connect with customers)
what are the 4 Ps AKA the marketing mix? - CORRECT ANSWER-product,
promotion, place, and price
what is product (of the 4Ps)? - CORRECT ANSWER-*CREATING value* through a
variety of offerings (i.e. goods, services, and ideas) to satisfy customer needs
what is promotion (of the 4Ps)? - CORRECT ANSWER-*COMMUNICATING value
proposition (ads)*
,communication by a marketer that performs/persuades/reminds potential buyers
about a product or service; influences the opinions of potential buyers or elicits a
response (i.e. purchase)
what is place (of the 4Ps)? - CORRECT ANSWER-*DELIVERING the value
proposition* or supply chain management
all activities needed to get the product to the right customer when the customer
wants it (includes marketing channel & supply chain management)
what is price (of the 4Ps)? - CORRECT ANSWER-*CAPTURING value*
everything the buyer gives up in exchange for the product; amount the customer
is willing to pay that also created profit; determined based on potential buyer's
belief about its value
what may a buyer be willing to give up for a product? - CORRECT ANSWER-a
buyer may be willing to give up *money, time, or energy* for a product
what are some traits about the production era? - CORRECT ANSWER-FOCUS:
internal capability and technology (believed a good product would sell itself)
Q: what does the firm do best?
what are some traits about the sales era? - CORRECT ANSWER-FOCUS:
aggressive sales techniques (production & distribution techniques improved)
Q: how can we sell more of what we make?
, what are some traits about the value based marketing orientation? - CORRECT
ANSWER-PURPOSE: organizations needed to satisfy *consumer* needs/wants
while also meeting organizational objectives (customer became king)
GOAL: provide more value than competitors
Q: what does the customer want
what are some traits about the societal marketing orientation? - CORRECT
ANSWER-FOCUS: enhancing benefits to society (ex. reducing carbon footpring)
Q: how do I meet customer needs AND benefit society?
what is an example of ford being in the production era? - CORRECT ANSWER-at
the time, ford's prevailing philosophy was "if we build it, they will buy it"
(produced cars with no real input from customers)
what is an example of ford being in the marketing era? - CORRECT ANSWER-at
this time, ford became more aware and open to customer's current and future
demands
what are 4 reasons for why marketing is important? - CORRECT ANSWER-1.
satisfies customers' needs and wants
2. can be entrepreneurial
3. expands global presence
4. strengthens channel (supply chain) relationships
WITH CORRECT QUESTIONS AND DETAILED
ANSWERS/ALREADY GRADED A+
what is marketing? - CORRECT ANSWER-organizational function and set of
processes for *creating, capturing, communicating, and delivering VALUE* to
customers and managing customer relationships in ways that benefit the
organization and its stakeholders
what are other characteristics of marketing? - CORRECT ANSWER-used to
anticipate and determine the *NEEDS and WANTS of consumers* and satisfying
those needs and wants through the use of the 4 Ps
what is marketing's relationship to corporate strategy? - CORRECT ANSWER-
marketing sits within the corporate strategy
what is corporate strategy's relationship to business environment? - CORRECT
ANSWER-corporate strategy sits within the business environment
what is value? - CORRECT ANSWER-ratio of what is given up for what is
obtained
,both parties must believe they are getting ______ for an exchange to occur -
CORRECT ANSWER-both parties must believe they are getting VALUE for an
exchange to occur
how is value created? - CORRECT ANSWER-value is created through the
marketing mix (aka the 4 Ps)
what are 4 ways firms can create value? - CORRECT ANSWER-1. adding value
(use marketing to introduce their good to the marketplace at a time/place
consumers want)
2. marketing analytics (gather info about customers and competitors)
3. ethical & societal dilemma (balance costs/benefits of their offerings for
themselves, consumers, communities, and society)
4. social & mobile marketing (use new technology and connect with customers)
what are the 4 Ps AKA the marketing mix? - CORRECT ANSWER-product,
promotion, place, and price
what is product (of the 4Ps)? - CORRECT ANSWER-*CREATING value* through a
variety of offerings (i.e. goods, services, and ideas) to satisfy customer needs
what is promotion (of the 4Ps)? - CORRECT ANSWER-*COMMUNICATING value
proposition (ads)*
,communication by a marketer that performs/persuades/reminds potential buyers
about a product or service; influences the opinions of potential buyers or elicits a
response (i.e. purchase)
what is place (of the 4Ps)? - CORRECT ANSWER-*DELIVERING the value
proposition* or supply chain management
all activities needed to get the product to the right customer when the customer
wants it (includes marketing channel & supply chain management)
what is price (of the 4Ps)? - CORRECT ANSWER-*CAPTURING value*
everything the buyer gives up in exchange for the product; amount the customer
is willing to pay that also created profit; determined based on potential buyer's
belief about its value
what may a buyer be willing to give up for a product? - CORRECT ANSWER-a
buyer may be willing to give up *money, time, or energy* for a product
what are some traits about the production era? - CORRECT ANSWER-FOCUS:
internal capability and technology (believed a good product would sell itself)
Q: what does the firm do best?
what are some traits about the sales era? - CORRECT ANSWER-FOCUS:
aggressive sales techniques (production & distribution techniques improved)
Q: how can we sell more of what we make?
, what are some traits about the value based marketing orientation? - CORRECT
ANSWER-PURPOSE: organizations needed to satisfy *consumer* needs/wants
while also meeting organizational objectives (customer became king)
GOAL: provide more value than competitors
Q: what does the customer want
what are some traits about the societal marketing orientation? - CORRECT
ANSWER-FOCUS: enhancing benefits to society (ex. reducing carbon footpring)
Q: how do I meet customer needs AND benefit society?
what is an example of ford being in the production era? - CORRECT ANSWER-at
the time, ford's prevailing philosophy was "if we build it, they will buy it"
(produced cars with no real input from customers)
what is an example of ford being in the marketing era? - CORRECT ANSWER-at
this time, ford became more aware and open to customer's current and future
demands
what are 4 reasons for why marketing is important? - CORRECT ANSWER-1.
satisfies customers' needs and wants
2. can be entrepreneurial
3. expands global presence
4. strengthens channel (supply chain) relationships
