Marketing 350 Final Exam Questions
with Correct Answers
Marketing Mix - ANSWER-• 4 P's (Marketing Mix)
• Product - Creating value
• Price - Capturing Value
• Placement - Delivering Value
• Promotion- Communicate value
Production, sales, marketing and value-based era - ANSWER-• Production Era: start
of 20th century, good product will sell itself, more concerned with product innovation
than customer needs, product was mainly sold in retail
• Sales Era: great depression, emphasis shifts to sales, where they will try to push
the product (1920-1950)
• Marketing Era: Focused on satisfying customer needs (1950-1990)
• Value Based Marking: not only satisfying but giving them a better bang for their
buck, what the customer wants? And what they're willing to pay? (1990-Present)
4 strategies for building a sustainable competitive advantage - ANSWER-• Customer
excellence - excellent customer service
o Ritz-Carlton
o Nordstrom's
• Operational Excellence - efficient operations, and excellent supply chain
management, strong HR and supplier relationships.
o Wal-Mart
• Product Excellence - branding product well, so that we know exactly what customer
is looking for, clear distinctive brand image, high perceived value
o Apple
• Locational Excellence - Location is key
SWOT - ANSWER-Strengths, weaknesses, opportunities, threat
Segmentation - ANSWER-• Market segment consists of consumers who respond
similarly to a firm's marketing efforts.
Positioning - ANSWER-• When the firm decides which segments to pursue, it must
determine how it wants to be positioned within those segments.
4 market/product growth strategies (based on exh. 2.7) - ANSWER-Market
Penetration
Market Development
, Product Development
Diversification
Creating an ethical climate - ANSWER-• Values (Comes from mission statement
often times, clarity is important)
o Establish
o Share
o Understand
• Rules
o Management commitment
o Employee Dedication
• Controls
o Reward
o Punishment
Corporate social responsibility (and exh. 4.2) - ANSWER-• Describes the voluntary
actions taken by a company to address the ethical, social, and environmental
impacts of its business operations and the concerns of its stakeholders
Importance of monitoring the marketing environment - ANSWER-• Marketing
Environment: all factors outside the company that have an impact or influence on it
• Framework
• Consumers are center of focus
• Immediate Environment consists of
o Company
o Competition
o Corporate Partners
• Broader Environments
o Culture
o Economic
o Social
o Demographics
o Political/Legal
o Technology
Macro-environment factors - ANSWER-• Outside the company, helps to adapt and
prepare for what is coming
Culture - ANSWER-• The artifacts, the dress, behavior, tastes, food preferences,
ceremonies, language differences, all work together to influence someone's culture
• Country Culture vs Regional Culture
o Country's make different product for other parts of the country
Demographics - ANSWER-• Provides an easily understood snapshot of the typical
consumer in a specific target market
o Gender
o Age
o Income
o Race
o Education
with Correct Answers
Marketing Mix - ANSWER-• 4 P's (Marketing Mix)
• Product - Creating value
• Price - Capturing Value
• Placement - Delivering Value
• Promotion- Communicate value
Production, sales, marketing and value-based era - ANSWER-• Production Era: start
of 20th century, good product will sell itself, more concerned with product innovation
than customer needs, product was mainly sold in retail
• Sales Era: great depression, emphasis shifts to sales, where they will try to push
the product (1920-1950)
• Marketing Era: Focused on satisfying customer needs (1950-1990)
• Value Based Marking: not only satisfying but giving them a better bang for their
buck, what the customer wants? And what they're willing to pay? (1990-Present)
4 strategies for building a sustainable competitive advantage - ANSWER-• Customer
excellence - excellent customer service
o Ritz-Carlton
o Nordstrom's
• Operational Excellence - efficient operations, and excellent supply chain
management, strong HR and supplier relationships.
o Wal-Mart
• Product Excellence - branding product well, so that we know exactly what customer
is looking for, clear distinctive brand image, high perceived value
o Apple
• Locational Excellence - Location is key
SWOT - ANSWER-Strengths, weaknesses, opportunities, threat
Segmentation - ANSWER-• Market segment consists of consumers who respond
similarly to a firm's marketing efforts.
Positioning - ANSWER-• When the firm decides which segments to pursue, it must
determine how it wants to be positioned within those segments.
4 market/product growth strategies (based on exh. 2.7) - ANSWER-Market
Penetration
Market Development
, Product Development
Diversification
Creating an ethical climate - ANSWER-• Values (Comes from mission statement
often times, clarity is important)
o Establish
o Share
o Understand
• Rules
o Management commitment
o Employee Dedication
• Controls
o Reward
o Punishment
Corporate social responsibility (and exh. 4.2) - ANSWER-• Describes the voluntary
actions taken by a company to address the ethical, social, and environmental
impacts of its business operations and the concerns of its stakeholders
Importance of monitoring the marketing environment - ANSWER-• Marketing
Environment: all factors outside the company that have an impact or influence on it
• Framework
• Consumers are center of focus
• Immediate Environment consists of
o Company
o Competition
o Corporate Partners
• Broader Environments
o Culture
o Economic
o Social
o Demographics
o Political/Legal
o Technology
Macro-environment factors - ANSWER-• Outside the company, helps to adapt and
prepare for what is coming
Culture - ANSWER-• The artifacts, the dress, behavior, tastes, food preferences,
ceremonies, language differences, all work together to influence someone's culture
• Country Culture vs Regional Culture
o Country's make different product for other parts of the country
Demographics - ANSWER-• Provides an easily understood snapshot of the typical
consumer in a specific target market
o Gender
o Age
o Income
o Race
o Education
