MKTG 3131 EXAM 1 - GEORGIA SOUTHERN QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
Marketing definition - Answers activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large.
Goal of marketing - Answers To meet customers' needs (goods and services you need) and wants
(goods and services you do not need but would like to have) with products that customers can and
will buy
4 criteria/conditions for marketing to occur - Answers 1) Two plus parties with unsatisfied needs. Ex.
I'm hungry and domino's needs to sell pizza.
2) A desire and ability to be satisfied. Ex. if on diet, won't order if domino's goods (ability) to fill order.
3) A way for the parties to communicate.
4) Some to exchange. Ex. Pizza=$, or something of value.
Who engages in marketing and the 3 types of marketing (B2C, B2B, C2C) - Answers B2C- Business to
consumer
B2B- Business to business
C2C- Consumer to consumer
Controllable factors (aka marketing mix) - know and be able to describe the 4 P's - Answers Product,
price, place and promotion. Firm uses these to respond to wants of target markets.
Product - Answers Creates value through a good, service, idea or combination.
Price - Answers Captures value through in an exchange.
Place - Answers Represents all the activities necessary to get the product to the right customer when
they want it.
Promotion - Answers Marketers must communicate value to customers.
Stakeholders that marketing impacts - Answers Supply chain partners, society at large. Wholesalers,
retailers, or other intermediaries.
target market - Answers a set of buyers sharing common needs or characteristics that the company
decides to serve
Market - Answers a group of buyers and sellers of a particular good or service
Goals - Answers Goals- specific to objective to be accomplished, usually s.m.a.r.t.
Strategies - Answers organizations long-term course of action designed to deliver a unique customer
experience while achieving its goals. No organization could exist without.
Tactics - Answers the methods and actions taken to accomplish strategies
Why strategy is needed - Answers Can't be all things to all people. Limited resources. Need to decide
where to focus.
What is included in strategy - Answers Firms target market, marketing mix, method of obtaining
sustainable competitive advantage.
Marketing metric - Answers a measure of the value or trend of a marketing activity or result
Sustainable Competitive advantage and types of strategies that help achieve it (we talked about 4
types of excellence) - Answers Something firm can persistently do better than its competitors that
can not be easily replicated.
Longer term.
Ultimate goal to be successful.
Customer, operational, product and locational excellence.
Strategic Marketing Process- Planning - Answers step 1- define mission/vision of business
step 2-evaluate situation (internal and external) SWOT
Strategic Marketing process- Implementation - Answers Step 1- Identify and evaluate opportunities
using STP
Step 2- Implement marketing mix and allocate resources
Strategic Management Process- Control - Answers Step 1- Evaluate performance using marketing
metrics.
STP - know what each letter refers to and the definition - Answers Segmentation- Identify and
describe market segments
Targeting- Evaluate segments and decide which to go after
Positioning- Develop a marketing mix that will create a competitive advantage in the minds of the
selected target markets
BCG Axis 1 Question Mark - Answers Requires cash to build market share
Marketing definition - Answers activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large.
Goal of marketing - Answers To meet customers' needs (goods and services you need) and wants
(goods and services you do not need but would like to have) with products that customers can and
will buy
4 criteria/conditions for marketing to occur - Answers 1) Two plus parties with unsatisfied needs. Ex.
I'm hungry and domino's needs to sell pizza.
2) A desire and ability to be satisfied. Ex. if on diet, won't order if domino's goods (ability) to fill order.
3) A way for the parties to communicate.
4) Some to exchange. Ex. Pizza=$, or something of value.
Who engages in marketing and the 3 types of marketing (B2C, B2B, C2C) - Answers B2C- Business to
consumer
B2B- Business to business
C2C- Consumer to consumer
Controllable factors (aka marketing mix) - know and be able to describe the 4 P's - Answers Product,
price, place and promotion. Firm uses these to respond to wants of target markets.
Product - Answers Creates value through a good, service, idea or combination.
Price - Answers Captures value through in an exchange.
Place - Answers Represents all the activities necessary to get the product to the right customer when
they want it.
Promotion - Answers Marketers must communicate value to customers.
Stakeholders that marketing impacts - Answers Supply chain partners, society at large. Wholesalers,
retailers, or other intermediaries.
target market - Answers a set of buyers sharing common needs or characteristics that the company
decides to serve
Market - Answers a group of buyers and sellers of a particular good or service
Goals - Answers Goals- specific to objective to be accomplished, usually s.m.a.r.t.
Strategies - Answers organizations long-term course of action designed to deliver a unique customer
experience while achieving its goals. No organization could exist without.
Tactics - Answers the methods and actions taken to accomplish strategies
Why strategy is needed - Answers Can't be all things to all people. Limited resources. Need to decide
where to focus.
What is included in strategy - Answers Firms target market, marketing mix, method of obtaining
sustainable competitive advantage.
Marketing metric - Answers a measure of the value or trend of a marketing activity or result
Sustainable Competitive advantage and types of strategies that help achieve it (we talked about 4
types of excellence) - Answers Something firm can persistently do better than its competitors that
can not be easily replicated.
Longer term.
Ultimate goal to be successful.
Customer, operational, product and locational excellence.
Strategic Marketing Process- Planning - Answers step 1- define mission/vision of business
step 2-evaluate situation (internal and external) SWOT
Strategic Marketing process- Implementation - Answers Step 1- Identify and evaluate opportunities
using STP
Step 2- Implement marketing mix and allocate resources
Strategic Management Process- Control - Answers Step 1- Evaluate performance using marketing
metrics.
STP - know what each letter refers to and the definition - Answers Segmentation- Identify and
describe market segments
Targeting- Evaluate segments and decide which to go after
Positioning- Develop a marketing mix that will create a competitive advantage in the minds of the
selected target markets
BCG Axis 1 Question Mark - Answers Requires cash to build market share
