NUSC 4272 Exam 1 Questions with Correct Answers Graded A+
Marketing overview - Answers Consists of individual & organizational activities that facilitate and
expedite satisfying exchange relationships in a dynamic environment through the creation, distribution,
promotion, and pricing of goods, services, and ideas
- American Marketing Association
- Efficient and fair system which directs an economy's flow of goods from producers to consumers and
accomplishes the objectives of society
- Need to satisfy both the customer's needs and the company's objectives
- 40 - 60% of consumer $'s goes toward marketing activities
2 levels of marketing - Answers Macro-Marketing and Micro-Marketing
- Macro looks at the economy's entire marketing system
- Micro looks at individual company
Macro-marketing - Answers Objective to create goods & services & make them available when & where
they are needed
- Economy = Producers + Consumers
- Producers: concerned with their income & production
- Consumers: concerned with what you can buy with your $
Free market economy - Answers Market driven, "Capitalism", Price is a measure of value and fluctuates
so both producers & consumers are happy
- Consumers decide what to purchase & therefore affect production
- What is someone willing to pay?
Other economies? - Answers - Russia has mixed economy
- China has a socialist market economy
Law of Diminishing Demand - Answers 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
Late 1800s/Industrial Revolution - Answers - Beginning of mass production & marketing
, - Products made more economically
- Focus of distribution
1920s - Answers Advertising & Sales focus- differentiating products
1950s - Answers - Marketing dept.
- Consumer research
- Advise mgmt of how to design, price, distribute & promote
Marketing today - Answers - Customer satisfaction: customer's positive, neutral, or negative feelings
about the value received from a product
- Customer loyalty: refers to the frequency with which a customer consistently purchases a specific
brand
Ethics of marketing - Answers - A Code of Ethics: Rules for standards of professional behavior, based on
relationships within businesses and professional organizations
- Standards of Practice: Measure of what is expected to happen
Ethical Conduct - Answers - Priority of an organization
- Through proper planning, organizing, staffing, leading, and controlling ensure that ethical conduct is
followed
- Academy of Nutrition and Dietetics Code of Ethics (AND Code of Ethics)
- Sponsorship (Advertising and Sponsorship)
Different marketing concepts - Answers 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 (Kotler, Bowen, &
Makens, 1999)
- Selling concept: need a large selling & promotion effort
- Societal marketing concept: organization determines needs and wants and co. needs to deliver these
to improve consumer's & society's well-being (social marketing)
Who's involved in marketing? - Answers - Producers
- Sellers
Marketing overview - Answers Consists of individual & organizational activities that facilitate and
expedite satisfying exchange relationships in a dynamic environment through the creation, distribution,
promotion, and pricing of goods, services, and ideas
- American Marketing Association
- Efficient and fair system which directs an economy's flow of goods from producers to consumers and
accomplishes the objectives of society
- Need to satisfy both the customer's needs and the company's objectives
- 40 - 60% of consumer $'s goes toward marketing activities
2 levels of marketing - Answers Macro-Marketing and Micro-Marketing
- Macro looks at the economy's entire marketing system
- Micro looks at individual company
Macro-marketing - Answers Objective to create goods & services & make them available when & where
they are needed
- Economy = Producers + Consumers
- Producers: concerned with their income & production
- Consumers: concerned with what you can buy with your $
Free market economy - Answers Market driven, "Capitalism", Price is a measure of value and fluctuates
so both producers & consumers are happy
- Consumers decide what to purchase & therefore affect production
- What is someone willing to pay?
Other economies? - Answers - Russia has mixed economy
- China has a socialist market economy
Law of Diminishing Demand - Answers 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
Late 1800s/Industrial Revolution - Answers - Beginning of mass production & marketing
, - Products made more economically
- Focus of distribution
1920s - Answers Advertising & Sales focus- differentiating products
1950s - Answers - Marketing dept.
- Consumer research
- Advise mgmt of how to design, price, distribute & promote
Marketing today - Answers - Customer satisfaction: customer's positive, neutral, or negative feelings
about the value received from a product
- Customer loyalty: refers to the frequency with which a customer consistently purchases a specific
brand
Ethics of marketing - Answers - A Code of Ethics: Rules for standards of professional behavior, based on
relationships within businesses and professional organizations
- Standards of Practice: Measure of what is expected to happen
Ethical Conduct - Answers - Priority of an organization
- Through proper planning, organizing, staffing, leading, and controlling ensure that ethical conduct is
followed
- Academy of Nutrition and Dietetics Code of Ethics (AND Code of Ethics)
- Sponsorship (Advertising and Sponsorship)
Different marketing concepts - Answers 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 (Kotler, Bowen, &
Makens, 1999)
- Selling concept: need a large selling & promotion effort
- Societal marketing concept: organization determines needs and wants and co. needs to deliver these
to improve consumer's & society's well-being (social marketing)
Who's involved in marketing? - Answers - Producers
- Sellers
