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MKTG 3310 EXAM 1 2026 LATEST
QUESTIONS AND ANSWERS| ACE
YOUR GRADES.
What are the 5 cognitive biases we went over - correct answer -
Gambler's fallacy: Thinking a trend must continue (hot hands)
Anchoring bias: Relying heavily on the 1st piece of info
Confirmation bias: The tendency to look for confirming evidence
Survivorship bias: Conclusions based only on survivors
Sunk cost fallacy: Following a course of action due to past costs
What is critical thinking? - correct answer -reflective thinking
involved in the
evaluation of evidence relevant to a
claim so that a sound or good
conclusion can be drawn from the
evidence.
What are the micro and macro environmental forces? (lecture and
pgs 42-54) - correct answer -micro:•Company
•Customers / Consumers
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•Suppliers
•Intermediaries /Resellers
•Primary competitors
•secondary competitors (substitutes from similar products)
•Unexpected competitors (substitutes from different products)
•Public....Macro:•Social
•Political
•Economic
•Natural
•Technological
ROI: - correct answer -ROI gives the percentage net profit return
on some investment, usually simply
expressed as total costs. However, managers can more narrowly
consider ROI as
returns on specific investments.
How would you answer the statements that marketing is
advertising, not necessary, selling more things to more people...,
or the devil? - correct answer -
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What are the Consumer Bill of Rights current consumer "rights"
(lecture and pg 49) - correct answer -the right to safety
the right to be informed
the right to choose
the tight to be heard
the right to service
What is the argument that consumers need protected rights and
not to be held to a "buyer beware" mentality? (lecture) - correct
answer -
What is social responsibility? (lecture and pg 16) - correct
answer -Companies acting at least in part in the best interests of
society rather than their own interests.
Competitive advantage (lecture and pg 26) - correct answer -An
advantage over competitors gained by offering customers greater
value.
relative market share - correct answer -Compares a firm's
marketing success to that of the key competitors in a product
category. Measured in percent. The metric can include several
MKTG 3310 EXAM 1 2026 LATEST
QUESTIONS AND ANSWERS| ACE
YOUR GRADES.
What are the 5 cognitive biases we went over - correct answer -
Gambler's fallacy: Thinking a trend must continue (hot hands)
Anchoring bias: Relying heavily on the 1st piece of info
Confirmation bias: The tendency to look for confirming evidence
Survivorship bias: Conclusions based only on survivors
Sunk cost fallacy: Following a course of action due to past costs
What is critical thinking? - correct answer -reflective thinking
involved in the
evaluation of evidence relevant to a
claim so that a sound or good
conclusion can be drawn from the
evidence.
What are the micro and macro environmental forces? (lecture and
pgs 42-54) - correct answer -micro:•Company
•Customers / Consumers
, Page | 2
•Suppliers
•Intermediaries /Resellers
•Primary competitors
•secondary competitors (substitutes from similar products)
•Unexpected competitors (substitutes from different products)
•Public....Macro:•Social
•Political
•Economic
•Natural
•Technological
ROI: - correct answer -ROI gives the percentage net profit return
on some investment, usually simply
expressed as total costs. However, managers can more narrowly
consider ROI as
returns on specific investments.
How would you answer the statements that marketing is
advertising, not necessary, selling more things to more people...,
or the devil? - correct answer -
, Page | 3
What are the Consumer Bill of Rights current consumer "rights"
(lecture and pg 49) - correct answer -the right to safety
the right to be informed
the right to choose
the tight to be heard
the right to service
What is the argument that consumers need protected rights and
not to be held to a "buyer beware" mentality? (lecture) - correct
answer -
What is social responsibility? (lecture and pg 16) - correct
answer -Companies acting at least in part in the best interests of
society rather than their own interests.
Competitive advantage (lecture and pg 26) - correct answer -An
advantage over competitors gained by offering customers greater
value.
relative market share - correct answer -Compares a firm's
marketing success to that of the key competitors in a product
category. Measured in percent. The metric can include several
