MAR 3023 PRACTICE EXAM QUESTIONS
AND ANSWERS ALL CORRECT
What are the four major growth strategies? - Answer- Market penetration, market
development, product development, diversification.
What is market penetration? - Answer- Selling existing products to existing markets.
What is market development? - Answer- Selling existing products to new markets.
What is product development? - Answer- Selling new products to existing markets.
What is diversification? - Answer- Selling new products to new markets.
What is the marketing environment? - Answer- All external and internal factors that
affect a firm's ability to develop and maintain relationships with customers.
What are the two levels of the marketing environment? - Answer- Immediate
environment and macroenvironment.
Who is at the center of the marketing environment? - Answer- The consumer.
What makes up the immediate environment? - Answer- Company, competitors,
corporate partners, and physical environment.
What does CDSTEP stand for? - Answer- Culture, demographics, social trends,
technology, economic, political/legal.
What is culture in marketing? - Answer- Shared meanings, beliefs, morals, values, and
customs of a society.
What are demographics? - Answer- Characteristics of a population used to identify
consumer markets.
Name examples of demographic variables. - Answer- Income, education, gender, race,
ethnicity.
What are social trends? - Answer- Patterns of behavior that influence consumer
preferences, such as sustainability and health.
AND ANSWERS ALL CORRECT
What are the four major growth strategies? - Answer- Market penetration, market
development, product development, diversification.
What is market penetration? - Answer- Selling existing products to existing markets.
What is market development? - Answer- Selling existing products to new markets.
What is product development? - Answer- Selling new products to existing markets.
What is diversification? - Answer- Selling new products to new markets.
What is the marketing environment? - Answer- All external and internal factors that
affect a firm's ability to develop and maintain relationships with customers.
What are the two levels of the marketing environment? - Answer- Immediate
environment and macroenvironment.
Who is at the center of the marketing environment? - Answer- The consumer.
What makes up the immediate environment? - Answer- Company, competitors,
corporate partners, and physical environment.
What does CDSTEP stand for? - Answer- Culture, demographics, social trends,
technology, economic, political/legal.
What is culture in marketing? - Answer- Shared meanings, beliefs, morals, values, and
customs of a society.
What are demographics? - Answer- Characteristics of a population used to identify
consumer markets.
Name examples of demographic variables. - Answer- Income, education, gender, race,
ethnicity.
What are social trends? - Answer- Patterns of behavior that influence consumer
preferences, such as sustainability and health.
