MKT 300 Holly Hapke Exam #1 with
correct answers 2025/2026
Marketing - ANS ✔✔the process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and to develop
and maintain favorable relationships with stakeholders in a dynamic environment
Marketing Mix - ANS ✔✔marketers combine and balance 4 elements when determining how to
satisfy needs for a products
The 4 elements of the Marketing Mix - ANS ✔✔1. Product
2. Distribution
3. Promotion
4. Price
Value-Driven Market - ANS ✔✔a customer's subjective assessment of benefits relative to costs
in determining the worth of a product
Exchange - ANS ✔✔the provision or transfer of goods, services, or ideas in return for something
of value
Marketing Environment - ANS ✔✔6 forces that surround the customer and affect the marketing
mix
Marketing Environment 6 forces - ANS ✔✔1. Competitive Forces
2. Economic Forces
3. Legal and Regulatory Forces
,4. Technological Forces
5. Sociocultural Forces
6. Political Forces
Marketing Concept - ANS ✔✔a management philosophy that an organization should try to
provide products that satisfy customer's needs through a coordinated set of activities that also
allows the organization to achieve its goals (all efforts of the organization)
Evolution of the Marketing Concept - ANS ✔✔had 3 different orientations
3 Different Orientations of the Evolutions with the Marketing Concept - ANS ✔✔Production
Orientation
Sales Orientation
Market Orientation
Production Orientation - ANS ✔✔1850s-1920s
Industrial Revolution improved speed and efficiency
Large increases in available products
Sales Orientation - ANS ✔✔1920s-1960s
Many products with not enough demand
Businesses viewed sales and selling as the main means of increasing profits
Market Orientation - ANS ✔✔1960s-current
An organization-wide commitment to researching and responding to customer needs
Determine what customers want and produce those products
, Relationship Marketing - ANS ✔✔establishing long term mutually satisfying, buyer/seller
relationships
6 Global Impacts of Marketing - ANS ✔✔1. Marketing costs consume a sizable portion of buyers
money
2. Marketing helps produce profits essential to the survival of individual businesses
3. Marketing is used in nonprofit organizations
4. Marketing fuels our global economy
5. Marketing knowledge enhances consumer awareness
6. Marketing connects people through technology
Strategic Planning - ANS ✔✔● process of establishing an organizational mission and formulating
goods, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
● should be guided by a market orientation
Mission Statement - ANS ✔✔a long term vision of what the organization wants to become
● who are our customers?
● what is core competency?
Corporate Identity - ANS ✔✔should support all corporate activities
● unique symbols
● personalities
● philosophies
Growth Share Matrix - ANS ✔✔● Stars - dominate market share and good growth prospects
● Cash Cow - dominate market share and low growth prospects
● Dogs - low market share and low growth prospects
correct answers 2025/2026
Marketing - ANS ✔✔the process of creating, distributing, promoting, and pricing goods,
services, and ideas to facilitate satisfying exchange relationships with customers and to develop
and maintain favorable relationships with stakeholders in a dynamic environment
Marketing Mix - ANS ✔✔marketers combine and balance 4 elements when determining how to
satisfy needs for a products
The 4 elements of the Marketing Mix - ANS ✔✔1. Product
2. Distribution
3. Promotion
4. Price
Value-Driven Market - ANS ✔✔a customer's subjective assessment of benefits relative to costs
in determining the worth of a product
Exchange - ANS ✔✔the provision or transfer of goods, services, or ideas in return for something
of value
Marketing Environment - ANS ✔✔6 forces that surround the customer and affect the marketing
mix
Marketing Environment 6 forces - ANS ✔✔1. Competitive Forces
2. Economic Forces
3. Legal and Regulatory Forces
,4. Technological Forces
5. Sociocultural Forces
6. Political Forces
Marketing Concept - ANS ✔✔a management philosophy that an organization should try to
provide products that satisfy customer's needs through a coordinated set of activities that also
allows the organization to achieve its goals (all efforts of the organization)
Evolution of the Marketing Concept - ANS ✔✔had 3 different orientations
3 Different Orientations of the Evolutions with the Marketing Concept - ANS ✔✔Production
Orientation
Sales Orientation
Market Orientation
Production Orientation - ANS ✔✔1850s-1920s
Industrial Revolution improved speed and efficiency
Large increases in available products
Sales Orientation - ANS ✔✔1920s-1960s
Many products with not enough demand
Businesses viewed sales and selling as the main means of increasing profits
Market Orientation - ANS ✔✔1960s-current
An organization-wide commitment to researching and responding to customer needs
Determine what customers want and produce those products
, Relationship Marketing - ANS ✔✔establishing long term mutually satisfying, buyer/seller
relationships
6 Global Impacts of Marketing - ANS ✔✔1. Marketing costs consume a sizable portion of buyers
money
2. Marketing helps produce profits essential to the survival of individual businesses
3. Marketing is used in nonprofit organizations
4. Marketing fuels our global economy
5. Marketing knowledge enhances consumer awareness
6. Marketing connects people through technology
Strategic Planning - ANS ✔✔● process of establishing an organizational mission and formulating
goods, corporate strategy, marketing objectives, marketing strategy, and a marketing plan
● should be guided by a market orientation
Mission Statement - ANS ✔✔a long term vision of what the organization wants to become
● who are our customers?
● what is core competency?
Corporate Identity - ANS ✔✔should support all corporate activities
● unique symbols
● personalities
● philosophies
Growth Share Matrix - ANS ✔✔● Stars - dominate market share and good growth prospects
● Cash Cow - dominate market share and low growth prospects
● Dogs - low market share and low growth prospects
