Marketing MKT 305 Exam 1 Study Guide and Practice
Questions
Inbound marketing - correct answer ✔✔ determines what problems to solve: Product strategy,
definition, and roadmap, Competitive analysis, Pricing,
Sales support
outbound marketing - correct answer ✔✔ builds awareness, preference, and demand
Advertising
Public relations
Online presence
Promotions
Sales support
what is marketing - correct answer ✔✔ management process through which goods and services
move from concept to the customer. It includes the coordination of four elements called the 4
P's of marketing
why is it needed? - correct answer ✔✔ to find customers to buy your goods or services
marketing orientation - correct answer ✔✔ meeting customers needs and demands by tailoring
product through product mix
product orientation - correct answer ✔✔ whatever a company makes or supplies is the focus of
managements attention, not tailoring it to customers needs
marketing strategy - correct answer ✔✔ specifies a target market and a related marketing mix
, marketing strategy plan - correct answer ✔✔ A marketing plan is a written statement of a
marketing strategy and the timeline for supporting activities. should define:
What marketing mix will be offered
Who the target market is
How long the offer will last
What resources (dollars and time) are required
What results are expected
4 P's - correct answer ✔✔ Product - What you're providing to the target market
Place - How you get your product to the target market
Promotion - How you communicate with your target market
Price - How much you charge your target market
target marketing - correct answer ✔✔ Can be large or small. Must trade off breadth for
precision.
i.e. more possible customers vs. higher conversion rate
Axe Body Spray - young men
Lexus - wealthy, educated men between 30-50 yrs old
customer lifetime value - correct answer ✔✔ The total value of all purchases made by a
customer during their relationship with a company
SWOT - correct answer ✔✔ A technique used to analyze projects, businesses, people, and
opportunities
S - Strengths; internal
W - Weaknesses;internal
Questions
Inbound marketing - correct answer ✔✔ determines what problems to solve: Product strategy,
definition, and roadmap, Competitive analysis, Pricing,
Sales support
outbound marketing - correct answer ✔✔ builds awareness, preference, and demand
Advertising
Public relations
Online presence
Promotions
Sales support
what is marketing - correct answer ✔✔ management process through which goods and services
move from concept to the customer. It includes the coordination of four elements called the 4
P's of marketing
why is it needed? - correct answer ✔✔ to find customers to buy your goods or services
marketing orientation - correct answer ✔✔ meeting customers needs and demands by tailoring
product through product mix
product orientation - correct answer ✔✔ whatever a company makes or supplies is the focus of
managements attention, not tailoring it to customers needs
marketing strategy - correct answer ✔✔ specifies a target market and a related marketing mix
, marketing strategy plan - correct answer ✔✔ A marketing plan is a written statement of a
marketing strategy and the timeline for supporting activities. should define:
What marketing mix will be offered
Who the target market is
How long the offer will last
What resources (dollars and time) are required
What results are expected
4 P's - correct answer ✔✔ Product - What you're providing to the target market
Place - How you get your product to the target market
Promotion - How you communicate with your target market
Price - How much you charge your target market
target marketing - correct answer ✔✔ Can be large or small. Must trade off breadth for
precision.
i.e. more possible customers vs. higher conversion rate
Axe Body Spray - young men
Lexus - wealthy, educated men between 30-50 yrs old
customer lifetime value - correct answer ✔✔ The total value of all purchases made by a
customer during their relationship with a company
SWOT - correct answer ✔✔ A technique used to analyze projects, businesses, people, and
opportunities
S - Strengths; internal
W - Weaknesses;internal
