MKTG1501 (Wk1) Correctly Solved Questions.
What is the core definition of marketing? correct answers Marketing is the activity, set of
institutions, and processes for creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at large.
What is the societal marketing concept? correct answers A concept that balances company
profits, consumer wants, and society's well-being to serve long-run human welfare.
What is customer centricity? correct answers A strategy that puts the customer at the center of all
business decisions to fulfill their needs and wants.
What determines value in marketing? correct answers The customer's use or experience with the
product.
How does IKEA create customer value? correct answers By offering low prices, efficient design,
convenience, and a family-friendly shopping experience.
What is the difference between needs and wants? correct answers Needs are basic requirements
(food, shelter), while wants are shaped by culture and personality.
What is marketing myopia? correct answers A short-sighted focus on products rather than the
underlying customer needs.
What are the 4 Ps of marketing? correct answers Product, Price, Place, Promotion.
What is the marketing mix? correct answers A set of marketing tools used to influence target
customers.
What is the extended marketing mix for services? correct answers 7 Ps: Product, Price, Place,
Promotion, People, Process, Physical Evidence.
What is the goal of marketing? correct answers To build long-term relationships and provide
superior customer value.
What are the components of the marketing environment? correct answers Consumer behavior,
marketing intelligence, ethics, sustainability, segmentation.
What is the role of marketers? correct answers To identify and meet customer needs profitably.
Why is marketing relevant to non-business students? correct answers It provides transferable
skills useful in many fields like engineering, media, or social sciences.
What makes a company marketing-oriented? correct answers Focusing on fulfilling customer
needs rather than just selling products.
What is the core definition of marketing? correct answers Marketing is the activity, set of
institutions, and processes for creating, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at large.
What is the societal marketing concept? correct answers A concept that balances company
profits, consumer wants, and society's well-being to serve long-run human welfare.
What is customer centricity? correct answers A strategy that puts the customer at the center of all
business decisions to fulfill their needs and wants.
What determines value in marketing? correct answers The customer's use or experience with the
product.
How does IKEA create customer value? correct answers By offering low prices, efficient design,
convenience, and a family-friendly shopping experience.
What is the difference between needs and wants? correct answers Needs are basic requirements
(food, shelter), while wants are shaped by culture and personality.
What is marketing myopia? correct answers A short-sighted focus on products rather than the
underlying customer needs.
What are the 4 Ps of marketing? correct answers Product, Price, Place, Promotion.
What is the marketing mix? correct answers A set of marketing tools used to influence target
customers.
What is the extended marketing mix for services? correct answers 7 Ps: Product, Price, Place,
Promotion, People, Process, Physical Evidence.
What is the goal of marketing? correct answers To build long-term relationships and provide
superior customer value.
What are the components of the marketing environment? correct answers Consumer behavior,
marketing intelligence, ethics, sustainability, segmentation.
What is the role of marketers? correct answers To identify and meet customer needs profitably.
Why is marketing relevant to non-business students? correct answers It provides transferable
skills useful in many fields like engineering, media, or social sciences.
What makes a company marketing-oriented? correct answers Focusing on fulfilling customer
needs rather than just selling products.
