MKTG 350 Final Exam ||A Verified A+ Pass.
Core Aspects of Marketing correct answers Affects various stakeholders, Can be performed by
both individuals and organizations, Entails an exchange, Helps create value, Requires 4 p's
decisions, Satisfying customer needs and wants
Exchange correct answers Can be monetary or barter, Countries barter or counter trade products
Marketing Mix correct answers Price, Product, Place, Promotion
Production era correct answers Focused on producing the best product, Turn of the century
Sales era correct answers After the great depression, Began producing more than what was being
bought, so they had to figure out a way to sell it
Marketing era correct answers 50s-90s, Began trying to satisfy customer needs, focusing on how
they can produce and sell
Value-based era correct answers Giving the customers exactly what they want, but at a better
value, you get what you pay for but price is not the most important factor
sustainable competitive advantage strategies correct answers Customer excellence, Operational
excellence, Product excellence, Locational excellence
Customer excellence correct answers Retaining loyal customers, Customer service
Operational excellence correct answers Efficient operations, excellent supply chain management,
Low price is not sustainable, someone can always under price you (Walmart)
Product excellence correct answers Occurs by having products with high perceived value and
effective branding and positioning, doesn't have to be most expensive product
Locational excellence correct answers Three most important things in retailing- location,
location, location
SWOT correct answers Strengths, Weaknesses, Opportunities, Threats
Segmentation correct answers take a large, heterogeneous market, and subdivide it into smaller,
homogeneous segments
Positioning correct answers develop a clear, distinctive, desirable understanding of your product
compared to the competition, place your product occupies in the mind of the consumer
market/product growth strategies correct answers current marketing penetration, new product
development, new market development, diversification
, current marketing penetration correct answers sell more current products to current customers.
You can do this with a sales promotion
new product development correct answers new product, same customers
new market development correct answers developing new market/customers, but with the same
product, geographic or demographic
diversification correct answers new market and new customers, related/unrelated
Ethical Climate Creation correct answers boss, corporate social responsibility, impacts
Boss creates correct answers values- establish, share, understand, rules-management
commitment, employee dedication, controls-reward or punishment
corporate social responsibility correct answers the voluntary actions taken by a company to
address the ethical, social, and environmental impacts of its business operations and the concerns
of its stakeholders
Impacts correct answers employees and their families, current and potential customers,
community and environment-society, partners and competitors-marketplace
monitoring the marketing environment correct answers know what to sell and who to sell to
Macro-environment correct answers know what's going on in each category
Culture
Culture correct answers country culture vs. Regional culture
Demographics definition correct answers provides an easily understood snapshot of the typical
consumer in a specific target market
Demographics include correct answers education, ethnicity, gender, generational cohorts,
income, social trends
Technology correct answers has impacted every aspect of marketing, new products, new forms
of communication, new retail channels
Economic correct answers foreign currency fluctuations, combined with inflation and interest
rates affect firms' ability to market goods and services, interest rate, exchange rate
functional needs correct answers more about needs, based on product function, what it does for
you
psychological needs correct answers more about wants
