MKT 301 Midterm -- DePaul
University Comprehensive
Questions with Verified
Answers Graded A+
What is marketing? - Answer: "Organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders."
--American Marketing Association
We have moved from Transactions to Relationships. How are repeat customers more profitable?
- Answer: -Easier to serve
-Cheaper to serve
-Buy more
-Bring you business when they are satisfied with you
6 steps in the Marketing process - Answer: •Identify a customer need
•Design a product that meets that need
,•Communicate information to buyers (promote)
•Make it available at times and places that meet customer needs
•Price appropriately
•Provide service and follow-up to ensure satisfaction (and repurchase)
The four P's (or marketing mix) - Answer: •Product
•Promotion
•Place
•Price
What is exchange? - Answer: The process whereby two or more parties give something of
VALUE to each other to satisfy perceived needs.
What is utility? - Answer: how we provide value
What are the types of utility? - Answer: Production
•Form: transformation of raw materials (for example, turning flour into bread)
, Marketing
•Time: when products are available (convenience)
•Place: where products are available (location)
•Ownership: ability to transfer title (making it easier to own something—brokers)
What is Sustainable Competitive Advantage (SCA)? - Answer: •Any utility that consumers are
willing to pay for, that is not easily copied (or exceeded) by your competition, that gives you a
prolonged advantage in the marketplace
What is Universal Functions of Marketing
(other ways to provide value)? - Answer: -Exchange
•Buying (anticipating consumer needs)
•Selling (advertising and selling)
-Distribution
•Transporting (logistics)
•Storing (warehousing)
-Facilitating
•Standardizing and Grading (quality assurance)
•Financing (credit)
What is the marketing environmental framework? - Answer:
University Comprehensive
Questions with Verified
Answers Graded A+
What is marketing? - Answer: "Organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer relationships in
ways that benefit the organization and its stakeholders."
--American Marketing Association
We have moved from Transactions to Relationships. How are repeat customers more profitable?
- Answer: -Easier to serve
-Cheaper to serve
-Buy more
-Bring you business when they are satisfied with you
6 steps in the Marketing process - Answer: •Identify a customer need
•Design a product that meets that need
,•Communicate information to buyers (promote)
•Make it available at times and places that meet customer needs
•Price appropriately
•Provide service and follow-up to ensure satisfaction (and repurchase)
The four P's (or marketing mix) - Answer: •Product
•Promotion
•Place
•Price
What is exchange? - Answer: The process whereby two or more parties give something of
VALUE to each other to satisfy perceived needs.
What is utility? - Answer: how we provide value
What are the types of utility? - Answer: Production
•Form: transformation of raw materials (for example, turning flour into bread)
, Marketing
•Time: when products are available (convenience)
•Place: where products are available (location)
•Ownership: ability to transfer title (making it easier to own something—brokers)
What is Sustainable Competitive Advantage (SCA)? - Answer: •Any utility that consumers are
willing to pay for, that is not easily copied (or exceeded) by your competition, that gives you a
prolonged advantage in the marketplace
What is Universal Functions of Marketing
(other ways to provide value)? - Answer: -Exchange
•Buying (anticipating consumer needs)
•Selling (advertising and selling)
-Distribution
•Transporting (logistics)
•Storing (warehousing)
-Facilitating
•Standardizing and Grading (quality assurance)
•Financing (credit)
What is the marketing environmental framework? - Answer:
