MRKT 450 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026
Value ( core of marketing ) - Answers is a ratio of benefits to costs, as viewed from the eyes of the
beholder (the customer)
benefit - Answers is some type of utility that the company and its products and services provides a
customer.
Utility - Answers is the want-satisfying power of a good or service.
four major kinds of utility - Answers 1. Form utility. 2. Time utility. 3. Place utility. 4. Ownership utility
Value proposition - Answers is the firm's communication of the unique value of its products to its
customers.
value chain - Answers serves as a means for firms to identify ways to create, communicate, and
deliver more customer value within a firm.
Marketing planning - Answers is the ongoing process of developing and implementing market-driven
strategies for an organization.
Market-driven strategic planning - Answers often describes the process at the corporate or strategic
business unit (S BU)level of marshaling the various resource and functional areas of the firm toward a
central purpose around the customer.
strategic business unit (SBU) - Answers is a relatively autonomous division or organizational unit of a
large company that operates independently but within the corporate umbrella, exercising control
over most of the factors affecting its long- term performance.
Portfolio analysis - Answers views SBU's and sometimes even product lines as a series of investments
from which it expects maximization of returns.
Porter's Value-Creating Support Activities - Answers firm infrastructure, resource human
management, technology development, procurement
Business Position (high, medium, and low) - Answers Assess the firm's ability to complete. Factors
include organization, growth, market share by segment, customer loyalty, margins, distributions,
technology skills, patents, marketing, and flexibility, among others
Market Attractiveness (high, medium, and low): - Answers For the market,assess size, growth,
customersatisfaction levels, competition(quantity, types, effectiveness,commitment), price
levels,profitability, technology,governmental regulations,sensitivity to economic trends,among
others.
mission statement - Answers articulates an organization's purpose, or reason for existence
strategic vision - Answers Most mission statements also include a discussion of what the company
would like to become in the future
Goals - Answers are general statements of what the firm wishes to accomplish in support of its
mission and vision.
objectives - Answers Goals become refined into specific
SMART objectives - Answers are specific, measurable, attainable, relevant and time-defined
strategy - Answers is a comprehensive plan stating how the organization will achieve its mission and
objectives
generic strategy - Answers is its overall directional strategy at the business level
• Growth. • Stability. • Retrenchment.
competitive strategy - Answers Three primary categories: are low-cost, differentiation, and focus.
Core competencies - Answers Activities the firm does well
Distinctive competencies - Answers Core competencies that are superior to competitors.
Sustainable competitive advantage: - Answers Cannot be easily duplicated by competitors.
Prospector - Answers Firm exhibits continual innovation by finding and exploiting new product and
market opportunities
Analyzers - Answers Firm relies heavily on analysis and imitation of the successes of other
organizations, especially prospectors.
Defender: - Answers Firm searches for market stability and production of only a limited product line
directed at a narrow market segment, focusing on protecting established turf
Reactor: - Answers Firm lacks any coherent strategic plan or apparent means of effectively competing;
reactors do well to merely survive in the competitive marketplace
Macro-Level External Environmental Factors - Answers Political, legal, and ethical. •
Sociocultural/demographic. • Technological. • Economic. • Natural. 27
Value ( core of marketing ) - Answers is a ratio of benefits to costs, as viewed from the eyes of the
beholder (the customer)
benefit - Answers is some type of utility that the company and its products and services provides a
customer.
Utility - Answers is the want-satisfying power of a good or service.
four major kinds of utility - Answers 1. Form utility. 2. Time utility. 3. Place utility. 4. Ownership utility
Value proposition - Answers is the firm's communication of the unique value of its products to its
customers.
value chain - Answers serves as a means for firms to identify ways to create, communicate, and
deliver more customer value within a firm.
Marketing planning - Answers is the ongoing process of developing and implementing market-driven
strategies for an organization.
Market-driven strategic planning - Answers often describes the process at the corporate or strategic
business unit (S BU)level of marshaling the various resource and functional areas of the firm toward a
central purpose around the customer.
strategic business unit (SBU) - Answers is a relatively autonomous division or organizational unit of a
large company that operates independently but within the corporate umbrella, exercising control
over most of the factors affecting its long- term performance.
Portfolio analysis - Answers views SBU's and sometimes even product lines as a series of investments
from which it expects maximization of returns.
Porter's Value-Creating Support Activities - Answers firm infrastructure, resource human
management, technology development, procurement
Business Position (high, medium, and low) - Answers Assess the firm's ability to complete. Factors
include organization, growth, market share by segment, customer loyalty, margins, distributions,
technology skills, patents, marketing, and flexibility, among others
Market Attractiveness (high, medium, and low): - Answers For the market,assess size, growth,
customersatisfaction levels, competition(quantity, types, effectiveness,commitment), price
levels,profitability, technology,governmental regulations,sensitivity to economic trends,among
others.
mission statement - Answers articulates an organization's purpose, or reason for existence
strategic vision - Answers Most mission statements also include a discussion of what the company
would like to become in the future
Goals - Answers are general statements of what the firm wishes to accomplish in support of its
mission and vision.
objectives - Answers Goals become refined into specific
SMART objectives - Answers are specific, measurable, attainable, relevant and time-defined
strategy - Answers is a comprehensive plan stating how the organization will achieve its mission and
objectives
generic strategy - Answers is its overall directional strategy at the business level
• Growth. • Stability. • Retrenchment.
competitive strategy - Answers Three primary categories: are low-cost, differentiation, and focus.
Core competencies - Answers Activities the firm does well
Distinctive competencies - Answers Core competencies that are superior to competitors.
Sustainable competitive advantage: - Answers Cannot be easily duplicated by competitors.
Prospector - Answers Firm exhibits continual innovation by finding and exploiting new product and
market opportunities
Analyzers - Answers Firm relies heavily on analysis and imitation of the successes of other
organizations, especially prospectors.
Defender: - Answers Firm searches for market stability and production of only a limited product line
directed at a narrow market segment, focusing on protecting established turf
Reactor: - Answers Firm lacks any coherent strategic plan or apparent means of effectively competing;
reactors do well to merely survive in the competitive marketplace
Macro-Level External Environmental Factors - Answers Political, legal, and ethical. •
Sociocultural/demographic. • Technological. • Economic. • Natural. 27
