MKTG 350 Final Exam with Complete
Solutions
Core Aspects of Marketing - ANS-Affects various stakeholders, Can be performed by
both individuals and organizations, Entails an exchange, Helps create value, Requires 4
p's decisions, Satisfying customer needs and wants
Exchange - ANS-Can be monetary or barter, Countries barter or counter trade products
Marketing Mix - ANS-Price, Product, Place, Promotion
Production era - ANS-Focused on producing the best product, Turn of the century
Sales era - ANS-After the great depression, Began producing more than what was
being bought, so they had to figure out a way to sell it
Marketing era - ANS-50s-90s, Began trying to satisfy customer needs, focusing on how
they can produce and sell
Value-based era - ANS-Giving the customers exactly what they want, but at a better
value, you get what you pay for but price is not the most important factor
sustainable competitive advantage strategies - ANS-Customer excellence, Operational
excellence, Product excellence, Locational excellence
Customer excellence - ANS-Retaining loyal customers, Customer service
Operational excellence - ANS-Efficient operations, excellent supply chain management,
Low price is not sustainable, someone can always under price you (Walmart)
Product excellence - ANS-Occurs by having products with high perceived value and
effective branding and positioning, doesn't have to be most expensive product
Locational excellence - ANS-Three most important things in retailing- location, location,
location
SWOT - ANS-Strengths, Weaknesses, Opportunities, Threats
Segmentation - ANS-take a large, heterogeneous market, and subdivide it into smaller,
homogeneous segments
, Positioning - ANS-develop a clear, distinctive, desirable understanding of your product
compared to the competition, place your product occupies in the mind of the consumer
market/product growth strategies - ANS-current marketing penetration, new product
development, new market development, diversification
current marketing penetration - ANS-sell more current products to current customers.
You can do this with a sales promotion
new product development - ANS-new product, same customers
new market development - ANS-developing new market/customers, but with the same
product, geographic or demographic
diversification - ANS-new market and new customers, related/unrelated
Ethical Climate Creation - ANS-boss, corporate social responsibility, impacts
Boss creates - ANS-values- establish, share, understand, rules-management
commitment, employee dedication, controls-reward or punishment
corporate social responsibility - ANS-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
Derived demand - ANS-The linkage between consumers' demand for a company's
output and its purchase of necessary inputs to manufacture or assemble that particular
output
Organizational Culture Types - ANS-autocratic, consensus, consultative, democratic
Democratic - ANS-everybody has a vote, the majority wins
Consultative - ANS-One decision maker, but they consult everybody in the company
Consensus - ANS-Everybody agrees. Very difficult, have to find a way to find a way to
get information to influencer or decision maker
Autocratic - ANS-one person makes the decision
Buying situations - ANS-new buy, modified rebuy, straight rebuy
New buy - ANS-purchasing for the first time, likely to be quite involved
Modified rebuy - ANS-purchasing a similar product but changing specifications, not
entire buying center will be involved
Solutions
Core Aspects of Marketing - ANS-Affects various stakeholders, Can be performed by
both individuals and organizations, Entails an exchange, Helps create value, Requires 4
p's decisions, Satisfying customer needs and wants
Exchange - ANS-Can be monetary or barter, Countries barter or counter trade products
Marketing Mix - ANS-Price, Product, Place, Promotion
Production era - ANS-Focused on producing the best product, Turn of the century
Sales era - ANS-After the great depression, Began producing more than what was
being bought, so they had to figure out a way to sell it
Marketing era - ANS-50s-90s, Began trying to satisfy customer needs, focusing on how
they can produce and sell
Value-based era - ANS-Giving the customers exactly what they want, but at a better
value, you get what you pay for but price is not the most important factor
sustainable competitive advantage strategies - ANS-Customer excellence, Operational
excellence, Product excellence, Locational excellence
Customer excellence - ANS-Retaining loyal customers, Customer service
Operational excellence - ANS-Efficient operations, excellent supply chain management,
Low price is not sustainable, someone can always under price you (Walmart)
Product excellence - ANS-Occurs by having products with high perceived value and
effective branding and positioning, doesn't have to be most expensive product
Locational excellence - ANS-Three most important things in retailing- location, location,
location
SWOT - ANS-Strengths, Weaknesses, Opportunities, Threats
Segmentation - ANS-take a large, heterogeneous market, and subdivide it into smaller,
homogeneous segments
, Positioning - ANS-develop a clear, distinctive, desirable understanding of your product
compared to the competition, place your product occupies in the mind of the consumer
market/product growth strategies - ANS-current marketing penetration, new product
development, new market development, diversification
current marketing penetration - ANS-sell more current products to current customers.
You can do this with a sales promotion
new product development - ANS-new product, same customers
new market development - ANS-developing new market/customers, but with the same
product, geographic or demographic
diversification - ANS-new market and new customers, related/unrelated
Ethical Climate Creation - ANS-boss, corporate social responsibility, impacts
Boss creates - ANS-values- establish, share, understand, rules-management
commitment, employee dedication, controls-reward or punishment
corporate social responsibility - ANS-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
Derived demand - ANS-The linkage between consumers' demand for a company's
output and its purchase of necessary inputs to manufacture or assemble that particular
output
Organizational Culture Types - ANS-autocratic, consensus, consultative, democratic
Democratic - ANS-everybody has a vote, the majority wins
Consultative - ANS-One decision maker, but they consult everybody in the company
Consensus - ANS-Everybody agrees. Very difficult, have to find a way to find a way to
get information to influencer or decision maker
Autocratic - ANS-one person makes the decision
Buying situations - ANS-new buy, modified rebuy, straight rebuy
New buy - ANS-purchasing for the first time, likely to be quite involved
Modified rebuy - ANS-purchasing a similar product but changing specifications, not
entire buying center will be involved
