COMMERCE 1MA3 Final Exam (Latest
2026/2027) Full Questions and 100%
Correct Answers (Verified Success)
• marketing -✓✓a set of business practices designed to plan for and present an
organization's products or services in ways that build effective customer relationships
• marketing plan -✓✓specifies a firm's marketing activities for a specific period of time
• need -✓✓basic necessities of life like food, clothes, shelter, safety
• want -✓✓a particular way a person chooses to fulfil their need, which is inspired by a
person's knowledge, culture, and personality
• demand -✓✓demonstrated by your ability and willingness to act on your needs and
wants
• market -✓✓world of trade, consists of a group of people who need/want a company's
products/services and have the ability/willingness to buy them
• target market -✓✓consumer segment whom the firm is interested in selling its
products/services
• exchange -✓✓trade of things of value between the buyer and seller so that each is
better off as a result (underlies every good buyer-seller relationship)
• goods -✓✓tangible items
• services -✓✓intangible customer benefits that are produced and cannot be separated
from the producer
• ideas -✓✓thoughts, opinions, philosophies, and intellectual concepts that can also be
marketed
• marketing mix -✓✓4 Ps: product, price, place, and promotion
controllable set of activities that a firm uses to respond to the wants of its target markets
• product -✓✓creating value (product service, brand, size, quality, features, packaging,
warranty)
• price -✓✓transacting value (list price, discounts, allowances, costs, payment period,
credit terms)
,everything the buyer gives up for a product (money, time, energy)
• place -✓✓delivering value (marketing channels, distribution intensity, locations, supply
chain, logistics)
• supply chain management -✓✓efficiently integrating the suppliers, manufacturers,
warehouses, and stores into a seamless value chain where merchandise is produced at
the right place and time
• promotion -✓✓communicating value (advertising, sales promotion, personal selling,
public relations, direct marketing, electronic media)
informs, persuades, and reminds potential buyers about the product/service to influence
their opinions
• b2c marketing -✓✓business sells to consumers
• b2b marketing -✓✓business sells to another business
• c2c marketing -✓✓consumer sells to another consumer
• 4 orientations of marketing -✓✓product orientation, sales orientation, market
orientation, value based orientation
• product orientation -✓✓focuses on creating their product with no concern about if it
satisfies customer needs, believes that a good product would sell itself
• sales orientation -✓✓focuses on short term sales, heavy on personal selling and
advertising, profit comes from sales volume rather than repeat business from satisfied
customers
• market orientation -✓✓focuses on what consumers want/need before they design and
make their products/services, satisfied customers become long term loyal customers
• value based orientation -✓✓focuses on giving more value than their competitors, value
reflects the relationship of benefits to costs, worried more about loyal customers than
money made
• value cocreation -✓✓when customers collaborate to create the product/service
• 4 steps of value based orientation -✓✓sharing information, balancing benefits with
costs, building relationships with customers, connecting with customers using
social/mobile market
,• sharing information (4 steps of value based orientation) -✓✓share info about
customers/competitors across their own organization and with firms involved in getting
the the product/service to the marketplace
• balancing benefits with costs (4 steps of value based orientation) -✓✓value oriented
marketers measure benefits against costs, use available customer data to find
opportunities to better satisfy customers to develop long term loyalties
• building relationships with customers (4 steps of value based orientation) -✓✓involves
relational orientation, customer relationship management (CRM)
• relational orientation -✓✓building a relationship with customers based on the
philosophy that buyers and sellers should develop a long term relationship
• customer relationship management (CRM) -✓✓customer relationship management,
philosophy and a set of strategies, programs, and systems that focus on identifying and
building loyalty among the firm's most valued customers
• connecting with customers using social/mobile media (4 steps of value based
orientation) -✓✓social media allows marketers to connect & serve customers more
effectively via location services, online booking, etc.
• marketing strategy -✓✓outlines what a firm plans to do to appeal to potential
customers to build a sustainable competitive advantage
• 3 things outlined in a market strategy -✓✓firm's target market, related marketing mix,
bases upon which the firm plans to build a sustainable competitive advantage
• sustainable competitive advantage -✓✓advantage over the competition that isn't easily
copied and can be maintained over a long period of time
• 4 strategies for developing customer value -✓✓customer excellence, operational
excellence, product excellence, locational excellence
• customer excellence -✓✓focus on retaining loyal customers and excellent customer
service
• operational excellence -✓✓achieved through efficient operations and excellent supply
chain/human resource management
• product excellence -✓✓having products with high perceived value and effective
branding and positioning
, • locational excellence -✓✓having a good physical location and internet presence
• 5 steps of a marketing plan -✓✓1. mission statement
2. swot & cdstep
3. STP
4. 4 Ps
5. evaluation
• step 1 of marketing plan -✓✓mission statement, include a broad description of the
firm's objectives and activities it plans to do, describes the business
• step 2 of marketing plan -✓✓swot analysis, cdstep
• step 3 of marketing plan -✓✓STP strategy
• step 4 of marketing plan -✓✓implement marketing mix (4 Ps)
• step 5 of marketing plan -✓✓evaluate performance using marketing metrics
• portfolio analysis -✓✓evaluating the products and businesses that make up the
company
• strategic business unit (SBU) -✓✓a subgroup of a single business or collection of
related businesses within the larger organization
• boston consulting group portfolio analysis method -✓✓circles represent brands, size
proportionate to brands annual sales, horizontal axis is relative market share, vertical
axis is market growth rate
• 5 growth strategies -✓✓market penetration strategy, market development strategy,
product development strategy, diversification, downsizing
• market penetration strategy -✓✓a growth strategy that employs the existing marketing
mix and focuses the firm's efforts on existing customers
• market development strategy -✓✓a growth strategy that employs the existing
marketing offering to reach new market segments, whether domestic or international
• product development strategy -✓✓a growth strategy that offers a new product or
service to a firm's current target market
• diversification -✓✓a growth strategy that offers a new product or service to a firm's
current target market
2026/2027) Full Questions and 100%
Correct Answers (Verified Success)
• marketing -✓✓a set of business practices designed to plan for and present an
organization's products or services in ways that build effective customer relationships
• marketing plan -✓✓specifies a firm's marketing activities for a specific period of time
• need -✓✓basic necessities of life like food, clothes, shelter, safety
• want -✓✓a particular way a person chooses to fulfil their need, which is inspired by a
person's knowledge, culture, and personality
• demand -✓✓demonstrated by your ability and willingness to act on your needs and
wants
• market -✓✓world of trade, consists of a group of people who need/want a company's
products/services and have the ability/willingness to buy them
• target market -✓✓consumer segment whom the firm is interested in selling its
products/services
• exchange -✓✓trade of things of value between the buyer and seller so that each is
better off as a result (underlies every good buyer-seller relationship)
• goods -✓✓tangible items
• services -✓✓intangible customer benefits that are produced and cannot be separated
from the producer
• ideas -✓✓thoughts, opinions, philosophies, and intellectual concepts that can also be
marketed
• marketing mix -✓✓4 Ps: product, price, place, and promotion
controllable set of activities that a firm uses to respond to the wants of its target markets
• product -✓✓creating value (product service, brand, size, quality, features, packaging,
warranty)
• price -✓✓transacting value (list price, discounts, allowances, costs, payment period,
credit terms)
,everything the buyer gives up for a product (money, time, energy)
• place -✓✓delivering value (marketing channels, distribution intensity, locations, supply
chain, logistics)
• supply chain management -✓✓efficiently integrating the suppliers, manufacturers,
warehouses, and stores into a seamless value chain where merchandise is produced at
the right place and time
• promotion -✓✓communicating value (advertising, sales promotion, personal selling,
public relations, direct marketing, electronic media)
informs, persuades, and reminds potential buyers about the product/service to influence
their opinions
• b2c marketing -✓✓business sells to consumers
• b2b marketing -✓✓business sells to another business
• c2c marketing -✓✓consumer sells to another consumer
• 4 orientations of marketing -✓✓product orientation, sales orientation, market
orientation, value based orientation
• product orientation -✓✓focuses on creating their product with no concern about if it
satisfies customer needs, believes that a good product would sell itself
• sales orientation -✓✓focuses on short term sales, heavy on personal selling and
advertising, profit comes from sales volume rather than repeat business from satisfied
customers
• market orientation -✓✓focuses on what consumers want/need before they design and
make their products/services, satisfied customers become long term loyal customers
• value based orientation -✓✓focuses on giving more value than their competitors, value
reflects the relationship of benefits to costs, worried more about loyal customers than
money made
• value cocreation -✓✓when customers collaborate to create the product/service
• 4 steps of value based orientation -✓✓sharing information, balancing benefits with
costs, building relationships with customers, connecting with customers using
social/mobile market
,• sharing information (4 steps of value based orientation) -✓✓share info about
customers/competitors across their own organization and with firms involved in getting
the the product/service to the marketplace
• balancing benefits with costs (4 steps of value based orientation) -✓✓value oriented
marketers measure benefits against costs, use available customer data to find
opportunities to better satisfy customers to develop long term loyalties
• building relationships with customers (4 steps of value based orientation) -✓✓involves
relational orientation, customer relationship management (CRM)
• relational orientation -✓✓building a relationship with customers based on the
philosophy that buyers and sellers should develop a long term relationship
• customer relationship management (CRM) -✓✓customer relationship management,
philosophy and a set of strategies, programs, and systems that focus on identifying and
building loyalty among the firm's most valued customers
• connecting with customers using social/mobile media (4 steps of value based
orientation) -✓✓social media allows marketers to connect & serve customers more
effectively via location services, online booking, etc.
• marketing strategy -✓✓outlines what a firm plans to do to appeal to potential
customers to build a sustainable competitive advantage
• 3 things outlined in a market strategy -✓✓firm's target market, related marketing mix,
bases upon which the firm plans to build a sustainable competitive advantage
• sustainable competitive advantage -✓✓advantage over the competition that isn't easily
copied and can be maintained over a long period of time
• 4 strategies for developing customer value -✓✓customer excellence, operational
excellence, product excellence, locational excellence
• customer excellence -✓✓focus on retaining loyal customers and excellent customer
service
• operational excellence -✓✓achieved through efficient operations and excellent supply
chain/human resource management
• product excellence -✓✓having products with high perceived value and effective
branding and positioning
, • locational excellence -✓✓having a good physical location and internet presence
• 5 steps of a marketing plan -✓✓1. mission statement
2. swot & cdstep
3. STP
4. 4 Ps
5. evaluation
• step 1 of marketing plan -✓✓mission statement, include a broad description of the
firm's objectives and activities it plans to do, describes the business
• step 2 of marketing plan -✓✓swot analysis, cdstep
• step 3 of marketing plan -✓✓STP strategy
• step 4 of marketing plan -✓✓implement marketing mix (4 Ps)
• step 5 of marketing plan -✓✓evaluate performance using marketing metrics
• portfolio analysis -✓✓evaluating the products and businesses that make up the
company
• strategic business unit (SBU) -✓✓a subgroup of a single business or collection of
related businesses within the larger organization
• boston consulting group portfolio analysis method -✓✓circles represent brands, size
proportionate to brands annual sales, horizontal axis is relative market share, vertical
axis is market growth rate
• 5 growth strategies -✓✓market penetration strategy, market development strategy,
product development strategy, diversification, downsizing
• market penetration strategy -✓✓a growth strategy that employs the existing marketing
mix and focuses the firm's efforts on existing customers
• market development strategy -✓✓a growth strategy that employs the existing
marketing offering to reach new market segments, whether domestic or international
• product development strategy -✓✓a growth strategy that offers a new product or
service to a firm's current target market
• diversification -✓✓a growth strategy that offers a new product or service to a firm's
current target market
