MKT 300 - EXAM ONE QUESTIONS
WITH CORRECT ANSWERS
One of these is NOT part of the Marketing Mix:
A) Price
B) Product
C) Purchasing
D) Distribution
E) Promotion - ANS ✔✔CORRECT = C) Purchasing
For Hot Diggity, which one part of the marketing mix is most flexible (easiest and quickest to
change)?
A) Promotion
B) Distribution
C) Price
D) Product - ANS ✔✔CORRECT = C) Price
What does it mean to be customer focused (as opposed to company-focused or product-
focused)? - ANS ✔✔Companies define their products not as what they make or produce, but as
what they do to satisfy customers.
A specific group of customers on whom an organization focuses its marketing efforts: - ANS
✔✔Target Market
In marketing - Why companies should define themselves by the benefits they offer rather than
by the products they sell? - ANS ✔✔There should be an exchange of value.
,Why part of our brains (the mesolimbic dopamine system) makes it difficult to keep a consistent
customer focus? - ANS ✔✔Hot spots in the brain show heightened activity in the region of the
brain associated with pleasure, like food, money or sex. Those same regions are
triggered when we talk about ourselves.
The four components of the marketing mix: - ANS ✔✔Product, Price, Promotion, Distribution
(Place)
Marketing Mix - Product: - ANS ✔✔*A "product" can be a good, a service, or an idea*
- Good - A physical entity that you can touch
- Service - involves human (and maybe mechanical) efforts to provide intangible benefits
- Idea - A concept, a philosophy, an image, or an issue
- The product also involves features, packaging, support (like warranty and
repair services) and more
- Marketers make product variable decisions to relate to customers' needs and wants
PRODUCT EXAMPLE: - ANS ✔✔CHEERIOS
- Ingredients (incl. gluten- free)
- Packaging
- Branding
- Shapes
- etc
, Marketing Mix - Price: - ANS ✔✔*Price is a critical, comparable part of the mix*
- Can be used as a competitive tool
- Can position your product with a premium image
- Must be considered in terms of your own costs of providing the product
- Is the most flexible, easy-to-change component of the marketing mix
Marketing Mix - Promotion: - ANS ✔✔*Promotion involves communication activities and
selling.*
It can:
- Increase public awareness of the organization and of new or existing products
- Help create a direct response such as accessing a website to order a product
- Inform customers about product features
- Persuade people to take a particular stance on a political or social issue
- Remind people and reinforce interest in established products
Where do you think each of these CocaCola products should be classified as a star, cash cow,
dog, or question mark?
A) Coca-Cola soft drink
B) Sprite Zero soft drink
C) Hi-C juice drink
D) Dasani bottled water - ANS ✔✔A) Coca-Cola soft drink - Cash Cow
B) Sprite Zero soft drink - Star
C) Hi-C juice drink - Dog?
WITH CORRECT ANSWERS
One of these is NOT part of the Marketing Mix:
A) Price
B) Product
C) Purchasing
D) Distribution
E) Promotion - ANS ✔✔CORRECT = C) Purchasing
For Hot Diggity, which one part of the marketing mix is most flexible (easiest and quickest to
change)?
A) Promotion
B) Distribution
C) Price
D) Product - ANS ✔✔CORRECT = C) Price
What does it mean to be customer focused (as opposed to company-focused or product-
focused)? - ANS ✔✔Companies define their products not as what they make or produce, but as
what they do to satisfy customers.
A specific group of customers on whom an organization focuses its marketing efforts: - ANS
✔✔Target Market
In marketing - Why companies should define themselves by the benefits they offer rather than
by the products they sell? - ANS ✔✔There should be an exchange of value.
,Why part of our brains (the mesolimbic dopamine system) makes it difficult to keep a consistent
customer focus? - ANS ✔✔Hot spots in the brain show heightened activity in the region of the
brain associated with pleasure, like food, money or sex. Those same regions are
triggered when we talk about ourselves.
The four components of the marketing mix: - ANS ✔✔Product, Price, Promotion, Distribution
(Place)
Marketing Mix - Product: - ANS ✔✔*A "product" can be a good, a service, or an idea*
- Good - A physical entity that you can touch
- Service - involves human (and maybe mechanical) efforts to provide intangible benefits
- Idea - A concept, a philosophy, an image, or an issue
- The product also involves features, packaging, support (like warranty and
repair services) and more
- Marketers make product variable decisions to relate to customers' needs and wants
PRODUCT EXAMPLE: - ANS ✔✔CHEERIOS
- Ingredients (incl. gluten- free)
- Packaging
- Branding
- Shapes
- etc
, Marketing Mix - Price: - ANS ✔✔*Price is a critical, comparable part of the mix*
- Can be used as a competitive tool
- Can position your product with a premium image
- Must be considered in terms of your own costs of providing the product
- Is the most flexible, easy-to-change component of the marketing mix
Marketing Mix - Promotion: - ANS ✔✔*Promotion involves communication activities and
selling.*
It can:
- Increase public awareness of the organization and of new or existing products
- Help create a direct response such as accessing a website to order a product
- Inform customers about product features
- Persuade people to take a particular stance on a political or social issue
- Remind people and reinforce interest in established products
Where do you think each of these CocaCola products should be classified as a star, cash cow,
dog, or question mark?
A) Coca-Cola soft drink
B) Sprite Zero soft drink
C) Hi-C juice drink
D) Dasani bottled water - ANS ✔✔A) Coca-Cola soft drink - Cash Cow
B) Sprite Zero soft drink - Star
C) Hi-C juice drink - Dog?
