MAR 3023 FSU Exam 1 BRADY |99 Questions &
Answers
What is the official definition of marketing? - Process of creating, promoting, distributing,
and pricing goods and services
-What is Dr. Brady definition of marketing? - the answer to WHY you buy a product
-Does the marketing function drive revenues? - yes
-What are the 3 goals of marketers? - 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? - When marketers get the product,
price, and distribution correct.
-What is a myth about marketing? - 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. - true
-What are the 3 reasons advertisements are important - 1. time/ reality
2. its powerful
3. works well
-How is time important regarding advertisements? - 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. - False
-how do companies retaliate to competitors? - Great companies release products to
prevent competition from targeting weakness.
Ex- Spanx introduced low cost model
-How are brands a powerful aspect of advertisin? - 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? - 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 - Products
Pricing
Placement
Promotion
-True or False: Some products are the same product just branded differently. - True
-What are the historical eras of marketing? - 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 - -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? - -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? - -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? - -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? - -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? - -60s-present
-focus on social responsibility
-businesses must value society's best interest as well
Answers
What is the official definition of marketing? - Process of creating, promoting, distributing,
and pricing goods and services
-What is Dr. Brady definition of marketing? - the answer to WHY you buy a product
-Does the marketing function drive revenues? - yes
-What are the 3 goals of marketers? - 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? - When marketers get the product,
price, and distribution correct.
-What is a myth about marketing? - 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. - true
-What are the 3 reasons advertisements are important - 1. time/ reality
2. its powerful
3. works well
-How is time important regarding advertisements? - 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. - False
-how do companies retaliate to competitors? - Great companies release products to
prevent competition from targeting weakness.
Ex- Spanx introduced low cost model
-How are brands a powerful aspect of advertisin? - 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? - 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 - Products
Pricing
Placement
Promotion
-True or False: Some products are the same product just branded differently. - True
-What are the historical eras of marketing? - 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 - -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? - -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? - -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? - -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? - -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? - -60s-present
-focus on social responsibility
-businesses must value society's best interest as well
