MGT 8803 – Final Review – Marketing
{LATEST 2026 -2027 update} QUESTIONS
AND ANSWERS 100% CORRECT - Georgia
Institute Of Technology
Marketing Plan - correct answer Marketing Strategy + Time Related Details
What Marketing Mix
Target
When
Resources allocate
Expected results
Means of control
4 P's - correct answer Elements of a marketing mix:
,Product:
Place: Right product, place, time, quantity, condition
Price:
Promotion
Marketing Environment - correct answer 2 Parts: Direct and Indirect
Direct Marketing Environment:
- Resources and Objectives of the Firm: Company resources that give competitive
advantage
- Customers:
,- Competitors: maintain awareness of competitors and potential competitors in
environment.
External Marketing Environment:
- Cultural and Social Environment: shared beliefs/attitudes. Important to understand
customer drivers.
- Political and Legal: Government intervention, and laws protecting consumers.
- Technological:
- Economic: Economy, Interest Rates, Rapid Changes
Market Situation Types - correct answer Monopoly: one company serves all customers
Monopolistic Competition: multiple firms, with differing marketing mixes (per customer
perception) Typical in US.
, Oligopoly: Few firms control market. HIgh barrier to entry.
Pure Competition: Many firms, commodity like competition (price driven).
Generic Market Definition 3 parts - correct answer Customer Needs
Customer Types
Geographic Area
Product Market Definition (4 Parts) - correct answer Customer Needs
Customer Types
Geographic Area
{LATEST 2026 -2027 update} QUESTIONS
AND ANSWERS 100% CORRECT - Georgia
Institute Of Technology
Marketing Plan - correct answer Marketing Strategy + Time Related Details
What Marketing Mix
Target
When
Resources allocate
Expected results
Means of control
4 P's - correct answer Elements of a marketing mix:
,Product:
Place: Right product, place, time, quantity, condition
Price:
Promotion
Marketing Environment - correct answer 2 Parts: Direct and Indirect
Direct Marketing Environment:
- Resources and Objectives of the Firm: Company resources that give competitive
advantage
- Customers:
,- Competitors: maintain awareness of competitors and potential competitors in
environment.
External Marketing Environment:
- Cultural and Social Environment: shared beliefs/attitudes. Important to understand
customer drivers.
- Political and Legal: Government intervention, and laws protecting consumers.
- Technological:
- Economic: Economy, Interest Rates, Rapid Changes
Market Situation Types - correct answer Monopoly: one company serves all customers
Monopolistic Competition: multiple firms, with differing marketing mixes (per customer
perception) Typical in US.
, Oligopoly: Few firms control market. HIgh barrier to entry.
Pure Competition: Many firms, commodity like competition (price driven).
Generic Market Definition 3 parts - correct answer Customer Needs
Customer Types
Geographic Area
Product Market Definition (4 Parts) - correct answer Customer Needs
Customer Types
Geographic Area
