UF MAR3023 EXAM 1 {LATEST 2026 -2027
update} QUESTIONS AND ANSWERS 100%
CORRECT
What is marketing? - correct answer Product development to satisfy unmet consumer
needs
Great Marketing (3 things) - correct answer 1. Develop products that people want or
need
2. Price them at a level that maximizes profits
3. Distribute them to where consumers are
Marketing Defininition - correct answer The process by which companies determine
what products or services may be of interest to customers and the strategy to use in
sales, communications and business development
,Simple Trade Era - correct answer (Pre-1860's) Products were made by hand, grown,
or traded in small quantites. It lasted up until the Industrial Revolution
Production Era - correct answer (Pre-1920's) Demand exceeded supply. Model T,
demand was there so Ford could afford to make one color. Inward focus, technical
development
Sales Era - correct answer (1920's) Sell what we make. "Changing their minds". Focus
on: aggressive promotion (vaccuum). Short term profit maximization
Marketing Era - correct answer (1940's-1990's) Customers became the central focus of
the organization. Make what we sell
Relationship Marketing Era - correct answer (1920's-2010) Long term relations and
customer retention. Rewards Cards. Chick fil a and Disney
, Societal Marketing Era - correct answer (1960's-present) Green Marketing. Add
society's best interest into the mix. Corporate social repsonsibility. Firm now serves 3
entities (stockholders, customers, society)
The 4 P's - correct answer Product: speaks to customers needs
Place: makes products avalible in quantities desired
Promotion: inform individuals or groups about the organizaition and its product
services (adverstising, public relations, personal selling, promotions, gorilla
marketing, viral marketing)
Pricing: decisions and actions associated with establishing pricing objectives and
policies
Popular macro-marketing strategies - correct answer Creating (value, relationships),
segmenting markets, identifying opportunities
update} QUESTIONS AND ANSWERS 100%
CORRECT
What is marketing? - correct answer Product development to satisfy unmet consumer
needs
Great Marketing (3 things) - correct answer 1. Develop products that people want or
need
2. Price them at a level that maximizes profits
3. Distribute them to where consumers are
Marketing Defininition - correct answer The process by which companies determine
what products or services may be of interest to customers and the strategy to use in
sales, communications and business development
,Simple Trade Era - correct answer (Pre-1860's) Products were made by hand, grown,
or traded in small quantites. It lasted up until the Industrial Revolution
Production Era - correct answer (Pre-1920's) Demand exceeded supply. Model T,
demand was there so Ford could afford to make one color. Inward focus, technical
development
Sales Era - correct answer (1920's) Sell what we make. "Changing their minds". Focus
on: aggressive promotion (vaccuum). Short term profit maximization
Marketing Era - correct answer (1940's-1990's) Customers became the central focus of
the organization. Make what we sell
Relationship Marketing Era - correct answer (1920's-2010) Long term relations and
customer retention. Rewards Cards. Chick fil a and Disney
, Societal Marketing Era - correct answer (1960's-present) Green Marketing. Add
society's best interest into the mix. Corporate social repsonsibility. Firm now serves 3
entities (stockholders, customers, society)
The 4 P's - correct answer Product: speaks to customers needs
Place: makes products avalible in quantities desired
Promotion: inform individuals or groups about the organizaition and its product
services (adverstising, public relations, personal selling, promotions, gorilla
marketing, viral marketing)
Pricing: decisions and actions associated with establishing pricing objectives and
policies
Popular macro-marketing strategies - correct answer Creating (value, relationships),
segmenting markets, identifying opportunities
