MKTG 3310 EXAM 1 QUESTIONS AND
ANSWERS GRADED A+ 2026
Who determines the value of a product? - ANS Customers
If companies don't determine value, what do they do? - ANS They choose a value
proposition= the set of benefits or values it promises to deliver to its consumers to satisfy their
needs
What is customer's perceived value? - ANS The customer's evaluation of the difference
between all the benefits and all of the costs of a marketing offering relative to those of
competing offers
(What you get) - (What you give)
What is satisfaction? - ANS A pleasurable fulfillment response to a consumption experience.
Driven by disconfirmation.
How is satisfaction determined? What does this tell us about McDonald's? - ANS Even with
low expectations you can still miss the mark driven by whether or not it meets your
expectations
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, What is the ACSI and why does it matter? - ANS American Customer Satisfaction Index; An
economic indicator that measure the satisfaction of consumers across the US economy
What is a market? - ANS The set of actual and potential buyers of a product
What is the unique contribution of marketing to a firm? - ANS Engaging in activities designed
to increase its profit-acquirecashflowfromcustomers
What is marketing? - ANS Consists of creating, maintaining, and growing desirable exchange
relationships. Marketing is co-creating value.
Why is marketing an art and science? - ANS Science because you use data - art is what
contextual factors that matter when science doesn't - have to rely on things that hold true and
be able to adapt when they don't
What do I mean when I say marketing is a philosophy(marketing concept), a
discipline(Marketing ideas), a unit(marketing dept), and a set of activities(Market research)? -
ANS Philosophy- Marketing Concept
Discipline- Marketing Ideas
Unit- Marketing Dept)
Set of Activities- Market
Research
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
ANSWERS GRADED A+ 2026
Who determines the value of a product? - ANS Customers
If companies don't determine value, what do they do? - ANS They choose a value
proposition= the set of benefits or values it promises to deliver to its consumers to satisfy their
needs
What is customer's perceived value? - ANS The customer's evaluation of the difference
between all the benefits and all of the costs of a marketing offering relative to those of
competing offers
(What you get) - (What you give)
What is satisfaction? - ANS A pleasurable fulfillment response to a consumption experience.
Driven by disconfirmation.
How is satisfaction determined? What does this tell us about McDonald's? - ANS Even with
low expectations you can still miss the mark driven by whether or not it meets your
expectations
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
, What is the ACSI and why does it matter? - ANS American Customer Satisfaction Index; An
economic indicator that measure the satisfaction of consumers across the US economy
What is a market? - ANS The set of actual and potential buyers of a product
What is the unique contribution of marketing to a firm? - ANS Engaging in activities designed
to increase its profit-acquirecashflowfromcustomers
What is marketing? - ANS Consists of creating, maintaining, and growing desirable exchange
relationships. Marketing is co-creating value.
Why is marketing an art and science? - ANS Science because you use data - art is what
contextual factors that matter when science doesn't - have to rely on things that hold true and
be able to adapt when they don't
What do I mean when I say marketing is a philosophy(marketing concept), a
discipline(Marketing ideas), a unit(marketing dept), and a set of activities(Market research)? -
ANS Philosophy- Marketing Concept
Discipline- Marketing Ideas
Unit- Marketing Dept)
Set of Activities- Market
Research
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
