MKT 320F UNITS 1-3 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

MKT 320F UNITS 1-3 EXAM QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 Unit 1 learning objectives - Answers Framework for Marketing Strategy, Customer Centricity Unit 2 learning objectives - Answers Marketing Environment, Marketing Intelligence Unit 3 learning objectives - Answers Customer behavior, B2B Marketing 2 fundamental core activities of marketing - Answers discover customers' needs, satisfy the customers' needs goal of marketing - Answers generate growth and revenue for an organization The 5 C's - Answers company, competitors, CUSTOMERS, context, collaborators Company - Answers consider the companies strengths and weaknesses and ensure that the product and approach fit the company's skill set Collaborators - Answers external assets that may be accessed to complement those of the company Customer - Answers Understand how potential customers make decisions on what products to purchase Decision Making Unit - Answers the group involved in any aspect of the buying decision Competition - Answers what products are you competing with/ will be in the future and how can you create more value (benefits minus cost) for customers than the other options (competitors) Context - Answers Shape what is possible, and it's always changing. Illustrated by technology and the internet. Value is vulnerable to shifts in culture. In other words, it's the Marketing Environment Production Orientation - Answers Internal capabilities of the firm. What can we build for people? Sales Orientation - Answers Aggressive sales techniques and belief that high sales result in high profits. Convincing people to buy things Market Orientation - Answers The need to deeply understand the customers needs and satisfy those needs in the marketplace, over and over. Societal Orientation - Answers In addition to satisfying customer needs, what more could the organization do to make society better/ the world a better place? Customer Centricity - Answers aligning your entire company's development and delivery of products and services with the current and future needs of a select group of customers in order to maximize their long-term financial value to the firm Steps of Customer Centricity - Answers (1) Understanding the customer (2) Build a customer centric culture/ organization (3) Serve the customer Understand the Customer - Answers Understanding what they value (their perception of value) for the products and services you're putting out in the marketplace. In understanding the customer, customers want... - Answers the greatest benefits with the lowest possible cost Economic benefit - Answers priced well, helps me save/ make money Functional benefit - Answers the features of the product work well for me and my needs Psychological benefit - Answers the product makes me happy, makes me feel better/ smart/ pampered/ etc. Economic cost - Answers How expensive the product is, compared to the benefits of it. Is it worth the cost? Time cost - Answers The time it takes to evaluate, obtain, use, and dispose of the product. Customer Perceived Value - Answers Marketers aim to increase CPV by increasing Total Customer Benefits and decreasing Total Customer Cost Most important customer benefits - Answers product benefit, services benefit, personal benefit, image benefit Most important customer costs - Answers Monetary cost, time cost, energy cost, psychological cost Building a customer centric organization comes down to... - Answers Coordination, Cooperation, Capability, Connection Coordination - Answers putting the structures/ mechanisms in place in order for organizations to be customer centric Cooperation - Answers encouraging team members/ employees to work together. It takes everyone to make it work Capability - Answers Making sure our employees have the skills/ are trained to be customer centric. What it means and how to do it. Connection - Answers When we can't achieve coordination, cooperation, and capability well enough internally to create the proper value for customers, we connect with outside organizations to help us fill in the gaps. *outside help* To serve customers, you need to... - Answers prioritize customer relationship decisions over brand decisions. Meaning, the brand needs to and should evolve over time to stay in line with their customers wants and needs. Sticking with "what the brand is about" will guarantee you to lose customers over time. Brand decisions needs to be made less important than customer relationship decisions. Marketing Plan - Answers A document that captures the Marketing Strategy Formation, the analysis and decisions and outcomes Explain the Marketing Strategy Formation Framework - Answers 5 C's are apart of the analysis that then goes into the first step of the decision process called Aspiration which consists of segmenting, targeting, and positioning (STP). Then it goes into step two called Action Plan which consists of the Marketing Mix which is the 4 P's (Product + Promotion + Place = Value Creating Price = Value Capturing). Then finally the Action Plan leads to the outcomes with the customer outcomes being, acquisition, retention, and buy rate, which is directly correlated to sales, profits, and franchise. Explain the Marketing Plan graphic - Answers Business mission statement, into Situation or SWOT analysis, into objectives, into Marketing Strategy (that whole graphic), into implementation/ evaluation/ control Marketing Environment - Answers Everything external to our organization and our competitors & collaborators. The forces in the marketplace that are going to impact our 5 C's (excluding context because Marketing Environment is context) What is STEEP - Answers The 5 factors we look for in a marketing scan What does STEEP stand for? - Answers Social/ demographic Technological Environmental (Natural) Economy Political/ Legal Continuum of Competition - Answers understanding how intense the competition in our marketplace/ the marketplace we want to move into is. *The intensity of the competition is based on the number of competitors in that marketplace Monopoly - Answers Only one company, so not really in competition with anyone. Holds almost all the power. Oligopoly - Answers Very few powerful competitors that rule the marketplace for that specific product Monopolistic Competition - Answers Not as many competitors as pure competition, but more than oligopoly. A lot of good competition. Companies are doing a good job here. This is most of the U.S. economy. Pure competition - Answers More competition than monopolistic competition Primary Purpose of laws in our capitalist economy - Answers to protect competition and prevent monopolies Secondary Purpose of laws in our capitalist economy - Answers to protect customers What is the SWOT analysis/ what does it stand for? - Answers Strategic Analytical Tool: - Strengths - Weaknesses - Opportunities - Threats What are opportunities in the SWOT analysis? - Answers Positive external factors for the organization to consider going after or taking advantage of in the marketplace How is the SWOT analysis divided on the axes? - Answers Strengths and Weaknesses are internal to the organization whereas Opportunities and Threats are external. AND Strengths and Opportunities are positive, while Weaknesses and Threats are negative. Internal vs. External - Answers If a company is doing something, "company is doing this thing," it is INTERNAL. Outside of company control is external. Don't confuse Weakness and Threat from the SWOT analysis. What is the purpose of Porters 5 Forces? - Answers They help us understand the nature of competition in a marketplace.