COMMERCE 1MA3 Midterm Exam (Latest
2026/2027) Full Questions and 100% Correct
Answers (Verified Success)
marketing -✓✓set of business practices designed to plan for and present an
organization's products or services in ways that build effective customer relations
• marketers build value by: (4) -✓✓making loyal customer bases
distinguishing from competitors
strong brand and customer appeal
constantly protecting the brand
• value looks at ________ ________ ________ ______ vs _______ ______ _______
______ -✓✓what the customer gets; what they gave up
• core aspects of marketing (6) -✓✓satisfying needs and wants
entails a market exchange
requires marketing mix decisions
performed by individuals or organizations
occurs in may settings
helps create value
• basic necessity (ex: food) -✓✓need
• way someone fulfills a need; can be shaped by culture, knowledge, personality -
✓✓want
• marketing mix (4Ps) -✓✓product- CREATING VALUE
price- TRANSACTING VALUE (everything customer gives in exchange)
place- DELIVERING VALUE (all activities to get prod to customer when and where they
want it= supply chain management)
promotion- COMMUNICATING VALUE (used to inform, persuade, and remind potential
buyers)
• marketing became a field in the 1900s due to ____________ ________ ___ ________
-✓✓technological advances in transportation
• four orientations of marketing -✓✓- product orientation
- sales orientation
- market orientation
- value-based orientation
REMEMBER: PSMV
,• product orientation -✓✓(turn of 20th cent-1920s) companies focused on:
-developing and distributing innovative products with LITTLE CONCERN ABOUT
WHAT BEST SATISFIES CUSTOMER'S NEEDS
-assumed demand > supply "if you make it someone will buy it"
-this era began due to innovation in transportation
• sales orientation -✓✓(1920s-1950s) view marketing as a SELLING FUNCTION, where
companies try to SELL AS MANY PRODUCTS AS POSSIBLE, rather than focusing on
what consumers really want
-accept any sale they can get -> TRANSACTIONAL FOCUS
- this era began due to innovation in production technology
• marketing orientation -✓✓(1950s-1990s) companies focus on WHAT CONSUMERS
REALLY WANT before they make,design, or sell
• value-based orientation -✓✓(1990s- present) companies focus on the TRIPLE
BOTTOM LINE, investment on LIFETIME OF RELATIONSHIPS rather than just one
sale- customer lifetime value (CLV)
• customer lifetime value (CLV) -✓✓all the money that a customer brings a company
throughout their relationship
• Q: What must companies do to be value-driven? -✓✓Share information
Balance benefits + costs
Build customer relationships
Use technology +social media to connect with customers
• Becoming value-driven- sharing information -✓✓ex: Zara collects purchase information
and research customer trends to determine what customers may want in the future,
then coordinate this with other departments to forecast sales and coordinate deliveries
• Becoming value-driven- balance benefits + costs -✓✓understand and focus on key
benefits, and eliminate cost of less strategic benefits
• Becoming value-driven- build relationships with customers -✓✓long-term view and
using data to assist in maintaining customer relationships
• Becoming value-driven- use technology and social media to connect with customers -
✓✓embrace social media since users are driving the way brands use social media
• why is marketing important? (4) -✓✓expands a firm's global presence
pervasive across channel members (each step in supply chain requires marketing, and
all focus on creating value)
enriches society (strong social orientation shows that firm can be trusted with business)
can be entrepreneurial (equally important to small and large firms)
, • the group of firms and set of techniques and approaches that firms use to make and
deliver a given set of goods and services -✓✓supply chain
• thoughts, opinions, philosophies, and intellectual concepts -✓✓ideas
• the controllable set of activities that a firm uses in response to the wants of it's target
markets -✓✓marketing mix (4 Ps)
• a business philosophy and set of strategies, programs, and systems that focus on
identifying and building loyalty among customers -✓✓customer relationship
management (CRM)
• the groups of people who need or want a company's product or service and have the
ability and willingness to buy them -✓✓market
• written document of current market situation, opportunities & threats, marketing
objectives & strategies specified in terms of 4 Ps, action programs and projected
income -✓✓marketing plan
• method of building customer relationships based on the philosophy that buyers and
sellers should develop a long-term relationship -✓✓relational orientation
• the customer segment whom the firm is interested in selling to -✓✓target market
• a marketing strategy identifies (3) -✓✓the target market
related marketing mix (4Ps)
the bases upon which the firm plans to build a sustainable competitive advantage
• something that a firm does persistently better than it's competitors that is not easily
copied and can thus be maintained over a period of time -✓✓sustainable competitive
advantage
• developing customer value (4) -✓✓customer excellence (retain loyal customers and
good customer service)
operational excellence (operating efficiently, strong supplier relations, excellent supply
chain management --> cyclical)
product excellence (high quality products with high perceived value and effective
branding + positioning)
locational excellence (good online presence and physical location)
• developing marketing plan -✓✓PLANNING PHASE
1- business mission and objectives
2- situational analysis (SWOT)
IMPLEMENTATION PHASE
2026/2027) Full Questions and 100% Correct
Answers (Verified Success)
marketing -✓✓set of business practices designed to plan for and present an
organization's products or services in ways that build effective customer relations
• marketers build value by: (4) -✓✓making loyal customer bases
distinguishing from competitors
strong brand and customer appeal
constantly protecting the brand
• value looks at ________ ________ ________ ______ vs _______ ______ _______
______ -✓✓what the customer gets; what they gave up
• core aspects of marketing (6) -✓✓satisfying needs and wants
entails a market exchange
requires marketing mix decisions
performed by individuals or organizations
occurs in may settings
helps create value
• basic necessity (ex: food) -✓✓need
• way someone fulfills a need; can be shaped by culture, knowledge, personality -
✓✓want
• marketing mix (4Ps) -✓✓product- CREATING VALUE
price- TRANSACTING VALUE (everything customer gives in exchange)
place- DELIVERING VALUE (all activities to get prod to customer when and where they
want it= supply chain management)
promotion- COMMUNICATING VALUE (used to inform, persuade, and remind potential
buyers)
• marketing became a field in the 1900s due to ____________ ________ ___ ________
-✓✓technological advances in transportation
• four orientations of marketing -✓✓- product orientation
- sales orientation
- market orientation
- value-based orientation
REMEMBER: PSMV
,• product orientation -✓✓(turn of 20th cent-1920s) companies focused on:
-developing and distributing innovative products with LITTLE CONCERN ABOUT
WHAT BEST SATISFIES CUSTOMER'S NEEDS
-assumed demand > supply "if you make it someone will buy it"
-this era began due to innovation in transportation
• sales orientation -✓✓(1920s-1950s) view marketing as a SELLING FUNCTION, where
companies try to SELL AS MANY PRODUCTS AS POSSIBLE, rather than focusing on
what consumers really want
-accept any sale they can get -> TRANSACTIONAL FOCUS
- this era began due to innovation in production technology
• marketing orientation -✓✓(1950s-1990s) companies focus on WHAT CONSUMERS
REALLY WANT before they make,design, or sell
• value-based orientation -✓✓(1990s- present) companies focus on the TRIPLE
BOTTOM LINE, investment on LIFETIME OF RELATIONSHIPS rather than just one
sale- customer lifetime value (CLV)
• customer lifetime value (CLV) -✓✓all the money that a customer brings a company
throughout their relationship
• Q: What must companies do to be value-driven? -✓✓Share information
Balance benefits + costs
Build customer relationships
Use technology +social media to connect with customers
• Becoming value-driven- sharing information -✓✓ex: Zara collects purchase information
and research customer trends to determine what customers may want in the future,
then coordinate this with other departments to forecast sales and coordinate deliveries
• Becoming value-driven- balance benefits + costs -✓✓understand and focus on key
benefits, and eliminate cost of less strategic benefits
• Becoming value-driven- build relationships with customers -✓✓long-term view and
using data to assist in maintaining customer relationships
• Becoming value-driven- use technology and social media to connect with customers -
✓✓embrace social media since users are driving the way brands use social media
• why is marketing important? (4) -✓✓expands a firm's global presence
pervasive across channel members (each step in supply chain requires marketing, and
all focus on creating value)
enriches society (strong social orientation shows that firm can be trusted with business)
can be entrepreneurial (equally important to small and large firms)
, • the group of firms and set of techniques and approaches that firms use to make and
deliver a given set of goods and services -✓✓supply chain
• thoughts, opinions, philosophies, and intellectual concepts -✓✓ideas
• the controllable set of activities that a firm uses in response to the wants of it's target
markets -✓✓marketing mix (4 Ps)
• a business philosophy and set of strategies, programs, and systems that focus on
identifying and building loyalty among customers -✓✓customer relationship
management (CRM)
• the groups of people who need or want a company's product or service and have the
ability and willingness to buy them -✓✓market
• written document of current market situation, opportunities & threats, marketing
objectives & strategies specified in terms of 4 Ps, action programs and projected
income -✓✓marketing plan
• method of building customer relationships based on the philosophy that buyers and
sellers should develop a long-term relationship -✓✓relational orientation
• the customer segment whom the firm is interested in selling to -✓✓target market
• a marketing strategy identifies (3) -✓✓the target market
related marketing mix (4Ps)
the bases upon which the firm plans to build a sustainable competitive advantage
• something that a firm does persistently better than it's competitors that is not easily
copied and can thus be maintained over a period of time -✓✓sustainable competitive
advantage
• developing customer value (4) -✓✓customer excellence (retain loyal customers and
good customer service)
operational excellence (operating efficiently, strong supplier relations, excellent supply
chain management --> cyclical)
product excellence (high quality products with high perceived value and effective
branding + positioning)
locational excellence (good online presence and physical location)
• developing marketing plan -✓✓PLANNING PHASE
1- business mission and objectives
2- situational analysis (SWOT)
IMPLEMENTATION PHASE
