MKTG 400 Exam queries and
answers graded 100%
What is marketing? - ANS✅✅activity for creating, communicating, delivering, and exchanging
offerings that benefit customers, the organization, its stakeholders, and society at large.
Marketing focuses on _______ and _______ consumer needs - ANS✅✅discovering and satisfying
What 4 factors are needed for marketing to occur? - ANS✅✅1. 2 or more parties with unsatisfied
needs 2. desire and ability to have their needs satisfied 3. a way for the parties to communicate 4.
something to exchange
An organization can't satisfy the needs of all consumers, so it must focus on one or more subgroups,
which are its __________ - ANS✅✅target markets
What are the 4 marketing mix elements that make up the organization's marketing program? -
ANS✅✅product, price, promotion, place
What are environmental forces? - ANS✅✅the uncontrollable forces that affect a marketing
decision. They consist of social, economic, technological, competitive, and regulatory forces.
What are the 2 characteristics of the marketing concept? - ANS✅✅1. strive to satisfy the needs of
consumers 2. trying to achieve the organization's goals
What is the difference between ultimate consumers and organizational buyers? -
ANS✅✅Ultimate- people who use the products and services purchased for a household.
Organizational- manufacturers, wholesalers, retailers, and government agencies that buy products
and services for their own use for resale.
What is the difference between a for-profit and a non profit organization? - ANS✅✅for-profit:
privately owned that serves customers to earn a profit so it can survive. Non-profit:
nongovernmental, that serves its customers but does not have profit as a goal. The goals might be
operational efficiency or client satisfaction.
, What are examples of a functional level in an organization? - ANS✅✅groups of specialists from
marketing, finance, manufacturing/operations, accounting, information systems, research and
development, and HR focus on specific strategic direction for organization.
What is meaning of organization's mission? - ANS✅✅clear, concise, meaningful, inspirational, and
long-term statement of organization's function in society (to identify its customers, markets,
products, and tech. (VISION)
Difference between organization's business and its goals? - ANS✅✅business: clear, broad,
underlying industry or market sector of organization's offering. Goals/objectives: statements of
accomplishment of a task to be achieved by a specific time. Long and short term performance
targets.
difference between marketing dashboard and marketing metric? - ANS✅✅dashboard: visual
display of the essential info related to achieving a marketing objective. (each variable displayed on
dashboard is a marketing metric) Metric: measure of the quantitative value or trend of a marketing
action or result.
What is business portfolio analysis? - ANS✅✅managers use to quantify performance measures
and growth targets to analyze their firms SBUs as though they are collection of separate
investments. (to find which ones generates cash and which ones require cash to fund organization's
growth opportunities.
What are the 4 market-product strategies in diversification analysis? - ANS✅✅1. Market
penetration 2. Market development 3. Product development 4. Diversification
market penetration - ANS✅✅increase sales of current products in current markets
market development - ANS✅✅sell current products to new markets
product development - ANS✅✅selling new products to current markets
diversification - ANS✅✅developing new products and selling them in new markets (high risk)
What are the 3 steps of planning phase of strategic marketing process? - ANS✅✅1. Conducting
situation analysis (SWOT) 2. Developing a market-product focus and customer value proposition 3.
designing a marketing program
answers graded 100%
What is marketing? - ANS✅✅activity for creating, communicating, delivering, and exchanging
offerings that benefit customers, the organization, its stakeholders, and society at large.
Marketing focuses on _______ and _______ consumer needs - ANS✅✅discovering and satisfying
What 4 factors are needed for marketing to occur? - ANS✅✅1. 2 or more parties with unsatisfied
needs 2. desire and ability to have their needs satisfied 3. a way for the parties to communicate 4.
something to exchange
An organization can't satisfy the needs of all consumers, so it must focus on one or more subgroups,
which are its __________ - ANS✅✅target markets
What are the 4 marketing mix elements that make up the organization's marketing program? -
ANS✅✅product, price, promotion, place
What are environmental forces? - ANS✅✅the uncontrollable forces that affect a marketing
decision. They consist of social, economic, technological, competitive, and regulatory forces.
What are the 2 characteristics of the marketing concept? - ANS✅✅1. strive to satisfy the needs of
consumers 2. trying to achieve the organization's goals
What is the difference between ultimate consumers and organizational buyers? -
ANS✅✅Ultimate- people who use the products and services purchased for a household.
Organizational- manufacturers, wholesalers, retailers, and government agencies that buy products
and services for their own use for resale.
What is the difference between a for-profit and a non profit organization? - ANS✅✅for-profit:
privately owned that serves customers to earn a profit so it can survive. Non-profit:
nongovernmental, that serves its customers but does not have profit as a goal. The goals might be
operational efficiency or client satisfaction.
, What are examples of a functional level in an organization? - ANS✅✅groups of specialists from
marketing, finance, manufacturing/operations, accounting, information systems, research and
development, and HR focus on specific strategic direction for organization.
What is meaning of organization's mission? - ANS✅✅clear, concise, meaningful, inspirational, and
long-term statement of organization's function in society (to identify its customers, markets,
products, and tech. (VISION)
Difference between organization's business and its goals? - ANS✅✅business: clear, broad,
underlying industry or market sector of organization's offering. Goals/objectives: statements of
accomplishment of a task to be achieved by a specific time. Long and short term performance
targets.
difference between marketing dashboard and marketing metric? - ANS✅✅dashboard: visual
display of the essential info related to achieving a marketing objective. (each variable displayed on
dashboard is a marketing metric) Metric: measure of the quantitative value or trend of a marketing
action or result.
What is business portfolio analysis? - ANS✅✅managers use to quantify performance measures
and growth targets to analyze their firms SBUs as though they are collection of separate
investments. (to find which ones generates cash and which ones require cash to fund organization's
growth opportunities.
What are the 4 market-product strategies in diversification analysis? - ANS✅✅1. Market
penetration 2. Market development 3. Product development 4. Diversification
market penetration - ANS✅✅increase sales of current products in current markets
market development - ANS✅✅sell current products to new markets
product development - ANS✅✅selling new products to current markets
diversification - ANS✅✅developing new products and selling them in new markets (high risk)
What are the 3 steps of planning phase of strategic marketing process? - ANS✅✅1. Conducting
situation analysis (SWOT) 2. Developing a market-product focus and customer value proposition 3.
designing a marketing program
