Page | 1
PRINCIPLES OF MARKETING (MKTG
3310) - EXAM 1 2026 LATEST
QUESTIONS AND ANSWERS| ACE
YOUR GRADES.
What type of misconception is the idea that "the lower price is
always better?" - correct answer -"misconception that Marketing
is common sense"
-ex.: Walmart is cheaper but customer service is awful
What is the reality of the matter that "lowest price is NOT always
better" - correct answer -sometimes higher prices are better
-ex.: wine
(shows quality)
What type of misconception is the idea that "better service leads
to higher profits?" - correct answer -"misconception that
Marketing is common sense"
, Page | 2
-ex.: Walmart is cheaper and diritier, but Target is more pricey but
nicer
What is the reality of the matter that "better service leads to
higher profits?" - correct answer -people will pay for a certain
level of service
*you get what you pay for*
What type of misconception is the idea that "more choice is
better?" - correct answer -"misconception that Marketing is
common sense"
What is the reality of the matter that "more choice is better?" -
correct answer -limited choices are better for BOTH the
customer and the company
-Company: less stuff to deal with (less product to make and
market)
[The more you have the more you have to manage (most
companies have their own conglomerate little sections - ex.:
Johnson and Johnson contacts)]
, Page | 3
-Customer: so many choices are confusing & overwhelming (ex.:
50 different brands of mustard)
[- Reason many companies went out of business (Walmart ran
them out of business - little stores had too much despaired
inventory - Ex.: car lot inventory]
[- Specialty retailers make life easier (ex.: PetSmart - can answer
questions about pet food and more expertise)]
What does this quote debunk about common myth about
marketing:
"Sales is irrelevant if marketing is doing its job" - correct answer
-"misconception that Marketing is Equivalent to Sales and
Advertising"
What is the reality of the matter that "marketing is the same as
sales and advertising?" - correct answer -Marketing is a much
broader concept that also includes product design, pricing,
choosing where, when, and how to sell products to customers,
and a variety of other decisions
, Page | 4
What are the 4 P's of Marketing? - correct answer -Product,
Price, Place, Promotion
Give an example of the 4 P's of Marketing in action in a business,
namely Apple. - correct answer -when introducing a new iPhone,
Apple has to decide which feature it should have (product), how
much it should sell for (price), where to sell it (place), and how to
persuade people to buy it (promotion)
What is the reality of the misconception that "Marketing Makes
people buy things they don't need"? - correct answer -"Marketing
doesn't influence needs, really - marketing influences wants"
-Marketing can influence wants
-Customer has control and only buys things for which he or she
has demand
What are the definitonal statistics behind the misconception that
"Marketing Makes people buy things they don't need"? - correct
answer --Need: a lack of means of subsistence
-Want: desire for something that fulfills a need
-Demand: want plus buying power AND willingness
PRINCIPLES OF MARKETING (MKTG
3310) - EXAM 1 2026 LATEST
QUESTIONS AND ANSWERS| ACE
YOUR GRADES.
What type of misconception is the idea that "the lower price is
always better?" - correct answer -"misconception that Marketing
is common sense"
-ex.: Walmart is cheaper but customer service is awful
What is the reality of the matter that "lowest price is NOT always
better" - correct answer -sometimes higher prices are better
-ex.: wine
(shows quality)
What type of misconception is the idea that "better service leads
to higher profits?" - correct answer -"misconception that
Marketing is common sense"
, Page | 2
-ex.: Walmart is cheaper and diritier, but Target is more pricey but
nicer
What is the reality of the matter that "better service leads to
higher profits?" - correct answer -people will pay for a certain
level of service
*you get what you pay for*
What type of misconception is the idea that "more choice is
better?" - correct answer -"misconception that Marketing is
common sense"
What is the reality of the matter that "more choice is better?" -
correct answer -limited choices are better for BOTH the
customer and the company
-Company: less stuff to deal with (less product to make and
market)
[The more you have the more you have to manage (most
companies have their own conglomerate little sections - ex.:
Johnson and Johnson contacts)]
, Page | 3
-Customer: so many choices are confusing & overwhelming (ex.:
50 different brands of mustard)
[- Reason many companies went out of business (Walmart ran
them out of business - little stores had too much despaired
inventory - Ex.: car lot inventory]
[- Specialty retailers make life easier (ex.: PetSmart - can answer
questions about pet food and more expertise)]
What does this quote debunk about common myth about
marketing:
"Sales is irrelevant if marketing is doing its job" - correct answer
-"misconception that Marketing is Equivalent to Sales and
Advertising"
What is the reality of the matter that "marketing is the same as
sales and advertising?" - correct answer -Marketing is a much
broader concept that also includes product design, pricing,
choosing where, when, and how to sell products to customers,
and a variety of other decisions
, Page | 4
What are the 4 P's of Marketing? - correct answer -Product,
Price, Place, Promotion
Give an example of the 4 P's of Marketing in action in a business,
namely Apple. - correct answer -when introducing a new iPhone,
Apple has to decide which feature it should have (product), how
much it should sell for (price), where to sell it (place), and how to
persuade people to buy it (promotion)
What is the reality of the misconception that "Marketing Makes
people buy things they don't need"? - correct answer -"Marketing
doesn't influence needs, really - marketing influences wants"
-Marketing can influence wants
-Customer has control and only buys things for which he or she
has demand
What are the definitonal statistics behind the misconception that
"Marketing Makes people buy things they don't need"? - correct
answer --Need: a lack of means of subsistence
-Want: desire for something that fulfills a need
-Demand: want plus buying power AND willingness
