MKTG 3340 EXAM 1 QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
AMA marketing definition - Answers - activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
4 core aspects of marketing - Answers - value at the center (benefit that buyers receive
that meet their needs)
-creating
-communicating
-delivering
-exchanging
marketing mix (4Ps) - Answers - -product (creating)
-promotion (communicating)
-place (delivering)
-promotion (communicating)
the value equation - Answers - VALUE = BENEFITS RECEIVED - [PRICE + HASSLE]
The Marketing Concept - Answers - 2 primary goals of marketing:
1) discover needs and wants of customers
2) satisfy them
marketing plan - Answers - strategy for implementing the components of marketing:
-understanding customers
-creating an offering that delivers value
-communicating the value to the customer
-exchanging with the customer
-evaluating the firm's performance
marketing strategists develop a marketing plan from:
-corporate strategy
-company mission
-an understanding of the market
influenced by environmental trends:
-social responsibility
-sustainability
-service-dominant logic
-increased availability of data and effective metrics
-global nature of the business environment
, businesses that use marketing - Answers - for-profit, nonprofit, government entities, and
individuals
social marketing - Answers - marketing conducted in an effort to achieve certain social
objectives
The Value Proposition - Answers - thirty-second "elevator speech" stating the specific
benefits a product or service offering provides a buyer
-"why should I buy from you?"
-"why should I hire you?"
-firms identify their target markets when they are developing their value propositions
-can be different for different groups (different value proposition used for each group)
-feeds your strategy (once the benefits are clear, firms must develop strategies that
support the value proposition)
strategic planning - Answers - process that helps an organization allocate its resources
to capitalize on opportunities in the marketplace
-situation analysis
-mission statement objectives
-value proposition
-strategies
situation analysis - Answers - involves takes stock of where the firm or product has
been recently, where it is now, and where it is headed in terms of the organization's
marketing plans and the external forces and trends affecting it
involves analyzing:
-external factors (macro and micro)
-internal (company) environments and factors - financial, technological resources,
employee capabilities
SWOT Analysis - Answers - -Strengths
-Weaknesses
-Opportunities
-Threats
external factors - Answers - macro environment:
-economic factors
-demographic trends
-cultural and social trends
-political and legal regulations
-technological changes
-the price and availability of natural resources
ACCURATE ANSWERS
AMA marketing definition - Answers - activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
4 core aspects of marketing - Answers - value at the center (benefit that buyers receive
that meet their needs)
-creating
-communicating
-delivering
-exchanging
marketing mix (4Ps) - Answers - -product (creating)
-promotion (communicating)
-place (delivering)
-promotion (communicating)
the value equation - Answers - VALUE = BENEFITS RECEIVED - [PRICE + HASSLE]
The Marketing Concept - Answers - 2 primary goals of marketing:
1) discover needs and wants of customers
2) satisfy them
marketing plan - Answers - strategy for implementing the components of marketing:
-understanding customers
-creating an offering that delivers value
-communicating the value to the customer
-exchanging with the customer
-evaluating the firm's performance
marketing strategists develop a marketing plan from:
-corporate strategy
-company mission
-an understanding of the market
influenced by environmental trends:
-social responsibility
-sustainability
-service-dominant logic
-increased availability of data and effective metrics
-global nature of the business environment
, businesses that use marketing - Answers - for-profit, nonprofit, government entities, and
individuals
social marketing - Answers - marketing conducted in an effort to achieve certain social
objectives
The Value Proposition - Answers - thirty-second "elevator speech" stating the specific
benefits a product or service offering provides a buyer
-"why should I buy from you?"
-"why should I hire you?"
-firms identify their target markets when they are developing their value propositions
-can be different for different groups (different value proposition used for each group)
-feeds your strategy (once the benefits are clear, firms must develop strategies that
support the value proposition)
strategic planning - Answers - process that helps an organization allocate its resources
to capitalize on opportunities in the marketplace
-situation analysis
-mission statement objectives
-value proposition
-strategies
situation analysis - Answers - involves takes stock of where the firm or product has
been recently, where it is now, and where it is headed in terms of the organization's
marketing plans and the external forces and trends affecting it
involves analyzing:
-external factors (macro and micro)
-internal (company) environments and factors - financial, technological resources,
employee capabilities
SWOT Analysis - Answers - -Strengths
-Weaknesses
-Opportunities
-Threats
external factors - Answers - macro environment:
-economic factors
-demographic trends
-cultural and social trends
-political and legal regulations
-technological changes
-the price and availability of natural resources
