MRKT 305 TEST 1 QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026

MRKT 305 TEST 1 QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026 Chapter One - Answers 1 social psychology - Answers the scientific study of how we think about, influence, and relate to one another evolutionary psychology - Answers the study of the evolution of behavior and the mind, using principles of natural selection Marketing - Answers 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. Goods - Answers the physical objects that someone produces Services - Answers intangible products ideas - Answers Intellectual concepts—thoughts, opinions, and philosophies. 4ps - Answers Product, Price, Place, Promotion Uncontrollable environment factors - Answers Social, economic, technological, competitive, and regulatory factors 5 conditions for an exchange to occur - Answers 1. There must be at least two parties to the exchange 2. Each party has something of value to the other party 3. Each party must be capable of communication and delivery 4. Each party must be free to accept or reject the exchange 5. Each party believes it is desirable to exchange with the other party Business sells to consumer (B2C) - Answers Target Business sells to a business (B2B) - Answers Walmart Supplier Consumer sells to consumer (C2C) - Answers Facebook Market Place Product Orientation (popular prior to the 1920's) - Answers Focuses on the internal capabilities of the firm rather than onthe desires and needs of the marketplace Sales Orientation (popular1920's- 1950's) - Answers Based on the belief that people will buy more goods andservices if aggressive persuasion techniques are used Marketing Orientation - Answers Firms that are market oriented assume that a sale does not depend onan aggressive sales force but rather on a customer's decision topurchase a product Customer Value - Answers the relationship between benefits and the sacrifice necessary to obtain those benefits value co-creation - Answers Customers act as collaborators to createa product or service that appeals mostly to them Relationship orientation - Answers a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship social marketing orientation - Answers the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals' and society's long-term best interests Chapter 2 - Answers 2 Strategic Planning - Answers the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities Strategic Business Unit (SBU) - Answers a subgroup of a single business or collection of related businesses within the larger organization Marketing Strategy Identifies - Answers 1) a firm's target market(s) (2) a related marketing mix - its 4 P's (3) the bases on which the firm plans to build a sustainable competitive advantage. customer excellence - Answers Retaining loyal customers and excellent customer service Operational Excellence - Answers Creating efficient operations and excellent supply chain and human resource management Product excellence - Answers having products with high perceived value and effective branding and positioning locational excellence - Answers having a good physical location and internet presence Marketing Plan - Answers a written document that acts as a guidebook of marketing activities for the marketing manager Elements of a Marketing Plan - Answers Business Mission Statement SWOT Analysis Objectives Marketing Strategy Implementation Evaluation Control Phases of the Marketing Plan - Answers planning, implementation, control SWOT analysis - Answers strengths - internal, weaknesses - Internal, opportunities - external, threats - external Competitive Advantage - Answers a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition cost competitive advantage - Answers being the low-cost competitor in an industry while maintaining satisfactory profit margins product/service differentiation competitive advantage - Answers The provision of something that isunique and valuable to buys beyond simply offering a lower price that that of the competition Niche Competive Advantage - Answers the advantage achieved when a firm seeks to target and effectively serve a small segment of the market Marketing Objectives/Goals - Answers statement of what can be accomplished through marketing activities Should be 1. realistic 2. measurable 3. time specific 4. compared to a benchmark marketing strategy - Answers involves the activities of selecting and describing one or more target markets and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets segmentation, targeting, and positioning (STP) - Answers when a firm divides themarketplace into segments, determines which of those segments it shouldpursue, and decides how to best meet the needs of those segments market segment - Answers a group of individuals or organizations who share oneor more characteristics, have relatively similar product needs, andrespond to marketing actions in a similar manner Market Positioning - Answers involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products Implementation - Answers the process that turns a marketing plan into action assignments and ensures that these assignments are executed in a way that accomplishes the plan's objective Evaluation - Answers gauging the extent to which the marketing objectives have been achieved during the specified time period Marketing Audit - Answers a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization Related Diversification - Answers current market or marketing mix shares something in common with the new opportunity Unrelated Diversification - Answers the new business lacks any common elements with the present business Digital Marketing - Answers all online marketing activities including social media and mobile marketing Social Media - Answers online and mobile technologies that create and distribute content to facilitate online interactions 4E Framework for Digital Marketing - Answers Excite the customer with relevant offerings Educate them about the offering (Experience) Help them experience products, whether directly or indirectly (Engage) Give them an opportunity to engage with the firm's digital marketing activities 7C Online Marketing Framework - Answers 1. Core goals 2. Context elements (design & navigation) 3. Content 4. Community 5. Communication 6. Commerce 7. Connection