SI CHEN EXAM 1 MBA 706 EXAMINATION
TEST 2026 COMPLETE QUESTIONS AND
SOLUTIONS
⩥ What is the AMA definition of marketing?. Answer: Marketing is the
activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.
⩥ What is Professor Philip Kotler definition of marketing?. Answer:
Marketing is:
To create, to communicate, and to deliver value to a target market at a
profit
⩥ CCDVTP Stands for. Answer: This is Professors Philip Kotler
definition of marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
,⩥ What is the traditionally Marketing Mix? (ORDER IS IMPOTANT ).
Answer: The 4Ps, with product being first and the most important
- Product
- Price
- Place
- Promotion
⩥ a set of marketing tools that the firm uses to pursue its marketing
objectives in the target. Answer: Marketing mix
⩥ If we were to do a mix-and-match of the 4Ps with the 4 verbs from the
AMA definition we would get:. Answer: Product -->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate
⩥ _______ are the tools that firms can use/manipulate to achieve their
goals and are the foundation of the marketing framework. Answer:
traditional 4ps
⩥ list some examples of additional 4ps. Answer: personnel, personality
of a store/brand
people--> employees
physical evidence --> inside the store
, Process Management --) shopping experience
⩥ Decisions on the 4Ps affect ___ buys from the firm and _____ they
buy, and ultimately the profitability of the firm.. Answer: who; how
many
⩥ In a very simple economic model: a retailer's profits =. Answer: sales
revenue - costs
⩥ What is the formula for sales revenue?. Answer: Price * Qty for 1
product
⩥ determined by consumers. They will consider price (budget), product
itself (utilities), place (physical energy required), promotion (budget),
competitor's offerings, & other factors.. Answer: Quantity
⩥ Costs associated with selling goods. Answer: costs
⩥ What are the differences between customer needs and wants?.
Answer: Needs--necessities (water)
Wants -- desires (Ferrari)
⩥ Marketing entails an exchange of what?. Answer: Money, goods,
information
TEST 2026 COMPLETE QUESTIONS AND
SOLUTIONS
⩥ What is the AMA definition of marketing?. Answer: Marketing is the
activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.
⩥ What is Professor Philip Kotler definition of marketing?. Answer:
Marketing is:
To create, to communicate, and to deliver value to a target market at a
profit
⩥ CCDVTP Stands for. Answer: This is Professors Philip Kotler
definition of marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
,⩥ What is the traditionally Marketing Mix? (ORDER IS IMPOTANT ).
Answer: The 4Ps, with product being first and the most important
- Product
- Price
- Place
- Promotion
⩥ a set of marketing tools that the firm uses to pursue its marketing
objectives in the target. Answer: Marketing mix
⩥ If we were to do a mix-and-match of the 4Ps with the 4 verbs from the
AMA definition we would get:. Answer: Product -->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate
⩥ _______ are the tools that firms can use/manipulate to achieve their
goals and are the foundation of the marketing framework. Answer:
traditional 4ps
⩥ list some examples of additional 4ps. Answer: personnel, personality
of a store/brand
people--> employees
physical evidence --> inside the store
, Process Management --) shopping experience
⩥ Decisions on the 4Ps affect ___ buys from the firm and _____ they
buy, and ultimately the profitability of the firm.. Answer: who; how
many
⩥ In a very simple economic model: a retailer's profits =. Answer: sales
revenue - costs
⩥ What is the formula for sales revenue?. Answer: Price * Qty for 1
product
⩥ determined by consumers. They will consider price (budget), product
itself (utilities), place (physical energy required), promotion (budget),
competitor's offerings, & other factors.. Answer: Quantity
⩥ Costs associated with selling goods. Answer: costs
⩥ What are the differences between customer needs and wants?.
Answer: Needs--necessities (water)
Wants -- desires (Ferrari)
⩥ Marketing entails an exchange of what?. Answer: Money, goods,
information
