UCF MAR 3023 EXAM 1 QUESTIONS
AND ANSWERS ALL CORRECT
A growth strategy that employs the existing marketing mix and focuses the firm's efforts
on existing customers. - Answer- Market Penetration Strategy
A growth strategy that employs the existing marketing offering to reach new market
segments, whether domestic or international. - Answer- Market Development Strategy
A growth strategy that offers a new product or service to a firm's current target market. -
Answer- Product Development Strategy
A growth strategy whereby a firm introduces a new product or service to a market
segment that it does not currently serve. - Answer- Diversification Strategy
A growth strategy whereby the current target market and/or marketing mix shares
something in common with the new opportunity. - Answer- Related Diversification
A growth strategy whereby a new business lacks any common elements with the
present business. - Answer- Unrelated Diversification
The set of values within a marketing firm, or in the marketing division of any firm, that
guide decision making and behavior. - Answer- Ethical Climate
Having a set of values that guides decision making and behavior creates a positive
_______________. - Answer- Ethical Climate
Every individual is a product of his or her culture, upbringing, genes, and various other
influences. - Answer- Why people act unethically.
Refers to the voluntary actions taken by a company to address the ethical, social, and
environmental impacts of its business operations and the concerns of its stakeholders. -
Answer- Corporate Social Responsibility (CSR)
4 Steps in Ethical Decision-Making Framework - Answer- Identifying Issues, Gather
Information and identify stakeholders, Brainstorm and evaluate alternatives, Choose a
course of action
Marketing Environment
, (Immediate Environment) - Answer- Consumers surrounded by Company, Competition,
Corporate Partners
Marketing Environment
(Macro Environment) - Answer- Immediate Environment surrounded by Demographics,
Social, Technology, Economic, Political, Culture
If you found this helpful, *Venmo* me @*ASerros* to show your appreciation! Good
luck! - Answer-
An organizational function and a set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders. - Answer-
Marketing
A written document composed of an analysis of the current marketing situation,
opportunities and threats for the firm, marketing objectives and strategy specified in
terms of the four Ps, action programs, and projected or pro forma income (and other
financial) statements. - Answer- Marketing Plan
The trade of things of value between the buyer and the seller so that each is better off
as a result. - Answer- Exchange
Core Aspects of Marketing ... - Answer- Product, Price, Place, Promotion (4 P's)
Creating value - Answer- Product
Capturing value - Answer- Price
Delivering value - Answer- Place
Communicating value - Answer- Promotion
B2C - Answer- Business-to-consumer marketing
B2B - Answer- Business-to-business marketing
C2C - Answer- Consumer-to-consumer marketing
Evolution of marketing ... - Answer- Production (1900-1920), Sales (1920-1950),
Marketing (1950-1990), Value-based marketing (1990-Present)
Importance of marketing ... - Answer- Can be entrepreneurial, expands global presence,
pervasive across channel members, enriches society
AND ANSWERS ALL CORRECT
A growth strategy that employs the existing marketing mix and focuses the firm's efforts
on existing customers. - Answer- Market Penetration Strategy
A growth strategy that employs the existing marketing offering to reach new market
segments, whether domestic or international. - Answer- Market Development Strategy
A growth strategy that offers a new product or service to a firm's current target market. -
Answer- Product Development Strategy
A growth strategy whereby a firm introduces a new product or service to a market
segment that it does not currently serve. - Answer- Diversification Strategy
A growth strategy whereby the current target market and/or marketing mix shares
something in common with the new opportunity. - Answer- Related Diversification
A growth strategy whereby a new business lacks any common elements with the
present business. - Answer- Unrelated Diversification
The set of values within a marketing firm, or in the marketing division of any firm, that
guide decision making and behavior. - Answer- Ethical Climate
Having a set of values that guides decision making and behavior creates a positive
_______________. - Answer- Ethical Climate
Every individual is a product of his or her culture, upbringing, genes, and various other
influences. - Answer- Why people act unethically.
Refers to the voluntary actions taken by a company to address the ethical, social, and
environmental impacts of its business operations and the concerns of its stakeholders. -
Answer- Corporate Social Responsibility (CSR)
4 Steps in Ethical Decision-Making Framework - Answer- Identifying Issues, Gather
Information and identify stakeholders, Brainstorm and evaluate alternatives, Choose a
course of action
Marketing Environment
, (Immediate Environment) - Answer- Consumers surrounded by Company, Competition,
Corporate Partners
Marketing Environment
(Macro Environment) - Answer- Immediate Environment surrounded by Demographics,
Social, Technology, Economic, Political, Culture
If you found this helpful, *Venmo* me @*ASerros* to show your appreciation! Good
luck! - Answer-
An organizational function and a set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders. - Answer-
Marketing
A written document composed of an analysis of the current marketing situation,
opportunities and threats for the firm, marketing objectives and strategy specified in
terms of the four Ps, action programs, and projected or pro forma income (and other
financial) statements. - Answer- Marketing Plan
The trade of things of value between the buyer and the seller so that each is better off
as a result. - Answer- Exchange
Core Aspects of Marketing ... - Answer- Product, Price, Place, Promotion (4 P's)
Creating value - Answer- Product
Capturing value - Answer- Price
Delivering value - Answer- Place
Communicating value - Answer- Promotion
B2C - Answer- Business-to-consumer marketing
B2B - Answer- Business-to-business marketing
C2C - Answer- Consumer-to-consumer marketing
Evolution of marketing ... - Answer- Production (1900-1920), Sales (1920-1950),
Marketing (1950-1990), Value-based marketing (1990-Present)
Importance of marketing ... - Answer- Can be entrepreneurial, expands global presence,
pervasive across channel members, enriches society
