MKT 320F EXAM 1 REVIEW QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026
What is the purpose of marketing in the organization? - Answers To drive revenue into the
organization by identifying the ideal customer segment. Then using the organization's resources to
satisfy the needs of those ideal customer segment
The Basic Marketing Concept Includes: - Answers 1. Production Orientation
2. Sales Orientation
3. Market Orientation
4. Social Orientation
Production Orientation (Historical Connection) - Answers Came about during the Industrial Rev.
Sales Orientation (Historical Connection) - Answers Categories of products that companies could
produce expanded beyond the faily narrow range of what consumers needed to live life.
Market Orientation (Historical Connection) - Answers Organizations became interested in the holistic
needs of customers (satisfied customers would purchase again and refer others)
Social Marketing (Historical Connection) - Answers Emerged as customers become more interested in
purchasing from organizations that strive to make a difference.
Marketing discipline based on the Framework of Marketing Strategy: - Answers Focuses on
understanding customer needs and creating value for them
Components of the marketing discipline based on the framework of marketing strategy: - Answers 1.
Customers behave in the context of the overall marketplace
2. Identifying the best customers for the organization
3. Properly positioning the organization as the best choice for customers
4. Developing a marketing program (product/service, making the pdt/service available, pricing, and
communication.)
Key Elements of a situation Analysis (5 Cs) - Answers 1. Customer Analysis
2. Company Analysis
3. Collaborator Analysis
4. Competitive Analysis
5. Context Analysis
Customer Analysis - Answers To try and understand how potential customers make a purchase
decision in a product category
Company Analysis - Answers The company's strengths and weaknesses
Collaborator Analysis - Answers Analyzing the set of external assets that may be accessed to
complement those of the company
Competitive Analysis - Answers Creating more value (benefits minus costs) for customers than any
other options known to them (a firm must identify who its competitors are now and who they are
likely to be in the future)
Context Analysis - Answers Shapes what is possible, and the context is always changing
Aspiration decisions (STP or marketing strategy) - Answers Aspiration decision specifies what the firm
hopes to achieve in the market
Three steps of STP/Marketing Strategy - Answers Segmenting, Targeting, Positioning
Segmenting - Answers The most widely used segmentation bases are demographic (e.g., age, income,
gender, occupation), geographic (e.g., nation, region of country, urban vs. rural), and lifestyle (e.g.,
hedonistic vs. value-oriented.)
Targeting - Answers Targeting a specific group(s) to address
Positioning - Answers Determining the desired positioning in the mind of the selected customers -
External statements derive from the positioning statement.
Action Plan Decision (4 Ps) - Answers Product, Promotion, Place, Price
Product - Answers Product or service offered is the centerpiece of the marketing mix
Promotion - Answers How organizations communicate with potential customers about product
positioning
Place - Answers Refers to distribution channels, or where and how an organization decides to go to
market (4 major tasks: (1) generate demand for a product or service, (2) fulfill that demand by getting
the product to the customer, (3) provide after-sales service, and (4) gather and transmit feedback
from the customers to the manufacturer.)
Price - Answers What a buyer must give up in exchange for the seller's product and has the role of
tapping into that value to create revenues for the firm and thus to cover costs and generate a profit
What is the purpose of marketing in the organization? - Answers To drive revenue into the
organization by identifying the ideal customer segment. Then using the organization's resources to
satisfy the needs of those ideal customer segment
The Basic Marketing Concept Includes: - Answers 1. Production Orientation
2. Sales Orientation
3. Market Orientation
4. Social Orientation
Production Orientation (Historical Connection) - Answers Came about during the Industrial Rev.
Sales Orientation (Historical Connection) - Answers Categories of products that companies could
produce expanded beyond the faily narrow range of what consumers needed to live life.
Market Orientation (Historical Connection) - Answers Organizations became interested in the holistic
needs of customers (satisfied customers would purchase again and refer others)
Social Marketing (Historical Connection) - Answers Emerged as customers become more interested in
purchasing from organizations that strive to make a difference.
Marketing discipline based on the Framework of Marketing Strategy: - Answers Focuses on
understanding customer needs and creating value for them
Components of the marketing discipline based on the framework of marketing strategy: - Answers 1.
Customers behave in the context of the overall marketplace
2. Identifying the best customers for the organization
3. Properly positioning the organization as the best choice for customers
4. Developing a marketing program (product/service, making the pdt/service available, pricing, and
communication.)
Key Elements of a situation Analysis (5 Cs) - Answers 1. Customer Analysis
2. Company Analysis
3. Collaborator Analysis
4. Competitive Analysis
5. Context Analysis
Customer Analysis - Answers To try and understand how potential customers make a purchase
decision in a product category
Company Analysis - Answers The company's strengths and weaknesses
Collaborator Analysis - Answers Analyzing the set of external assets that may be accessed to
complement those of the company
Competitive Analysis - Answers Creating more value (benefits minus costs) for customers than any
other options known to them (a firm must identify who its competitors are now and who they are
likely to be in the future)
Context Analysis - Answers Shapes what is possible, and the context is always changing
Aspiration decisions (STP or marketing strategy) - Answers Aspiration decision specifies what the firm
hopes to achieve in the market
Three steps of STP/Marketing Strategy - Answers Segmenting, Targeting, Positioning
Segmenting - Answers The most widely used segmentation bases are demographic (e.g., age, income,
gender, occupation), geographic (e.g., nation, region of country, urban vs. rural), and lifestyle (e.g.,
hedonistic vs. value-oriented.)
Targeting - Answers Targeting a specific group(s) to address
Positioning - Answers Determining the desired positioning in the mind of the selected customers -
External statements derive from the positioning statement.
Action Plan Decision (4 Ps) - Answers Product, Promotion, Place, Price
Product - Answers Product or service offered is the centerpiece of the marketing mix
Promotion - Answers How organizations communicate with potential customers about product
positioning
Place - Answers Refers to distribution channels, or where and how an organization decides to go to
market (4 major tasks: (1) generate demand for a product or service, (2) fulfill that demand by getting
the product to the customer, (3) provide after-sales service, and (4) gather and transmit feedback
from the customers to the manufacturer.)
Price - Answers What a buyer must give up in exchange for the seller's product and has the role of
tapping into that value to create revenues for the firm and thus to cover costs and generate a profit
