Marketing 350 Final Exam || with 100% Accurate Solutions.
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Course
Mktg 350
Institution
Mktg 350
Core aspects of marketing correct answers Marketing helps create value, occurs in many settings, can be performed by both individuals and organizations, requires product, price, place, and promotion decisions, entails an exchange, is about satisfying customer needs and wants.
Exchange correct an...
Marketing 350 Final Exam || with 100% Accurate Solutions.
Core aspects of marketing correct answers Marketing helps create value, occurs in many settings,
can be performed by both individuals and organizations, requires product, price, place, and
promotion decisions, entails an exchange, is about satisfying customer needs and wants.
Exchange correct answers The trade of things of value between the buyer and seller so that each
is better off
• Fundamental purpose of marketing is to create value by goods, services, ideas to satisfy
customer needs
Marketing Mix correct answers • 4 P's (Marketing Mix)
• Product - Creating value
• Price - Capturing Value
• Placement - Delivering Value
• Promotion- Communicate value
Production, sales, marketing and value-based era correct answers • Production Era: start of 20th
century, good product will sell itself, more concerned with product innovation than customer
needs, product was mainly sold in retail
• Sales Era: great depression, emphasis shifts to sales, where they will try to push the product
(1920-1950)
• Marketing Era: Focused on satisfying customer needs (1950-1990)
• Value Based Marking: not only satisfying but giving them a better bang for their buck, what the
customer wants? And what they're willing to pay? (1990-Present)
4 strategies for building a sustainable competitive advantage correct answers • Customer
excellence - excellent customer service
o Ritz-Carlton
o Nordstrom's
• Operational Excellence - efficient operations, and excellent supply chain management, strong
HR and supplier relationships.
o Wal-Mart
• Product Excellence - branding product well, so that we know exactly what customer is looking
for, clear distinctive brand image, high perceived value
o Apple
• Locational Excellence - Location is key
Segmentation correct answers • Market segment consists of consumers who respond similarly to
a firm's marketing efforts.
, Positioning correct answers • When the firm decides which segments to pursue, it must
determine how it wants to be positioned within those segments.
4 market/product growth strategies (based on exh. 2.7) correct answers Market Penetration
Market Development
Product Development
Diversification
Creating an ethical climate correct answers • Values (Comes from mission statement often times,
clarity is important)
o Establish
o Share
o Understand
• Rules
o Management commitment
o Employee Dedication
• Controls
o Reward
o Punishment
Corporate social responsibility (and exh. 4.2) correct answers • Describes 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
Importance of monitoring the marketing environment correct answers • Marketing Environment:
all factors outside the company that have an impact or influence on it
• Framework
• Consumers are center of focus
• Immediate Environment consists of
o Company
o Competition
o Corporate Partners
• Broader Environments
o Culture
o Economic
o Social
o Demographics
o Political/Legal
o Technology
Macro-environment factors correct answers • Outside the company, helps to adapt and prepare
for what is coming
Culture correct answers • The artifacts, the dress, behavior, tastes, food preferences, ceremonies,
language differences, all work together to influence someone's culture
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