MGT 8803 Marketing Updated Study Guide
Questions and Answers (2026) | Focused
Revision Pack | Grade A+
• Marketing -✓✓the creation and satisfaction of demand for a product or service
• Strategy -✓✓a set of ideas that outline how a product line or brand will achieve
its objectives
• Tactic -✓✓a specific action or method that contributes to achieving a goal
• Things a firm should do in marketing -✓✓analyze needs
predict wants
estimate demand
determine where
estimate price
decide promotion
estimate competition
provide service
• Universal Marketing Functions -✓✓Buying
Selling
Transporting
Storing
Standardization & Grading
Financing
Risk Taking
Market Information
• Buying -✓✓looking for and evaluating goods and services
• Selling -✓✓promoting the product to prospective buyers
• Transporting -✓✓moving goods from one place to another place
• Storing -✓✓holding an inventory of goods until needed by customers
, • Standardization & Grading -✓✓sorting products by size and quality
• Financing -✓✓providing necessary cash and credit to produce, transport, store,
promote, sell, and buy products
• Risk Taking -✓✓assuming responsibility for uncertainties
• Market Information -✓✓the collection, analysis, and distribution of all the
information needed to plan, implement, and control marketing activities
• Marketing Concept & Customer Value -✓✓Take customer's point of view
Customer value reflects costs & benefits
Customer may not dwell on value
Where does competition fit?
Customer value builds relationships
• Strategy - 5 C's -✓✓customer, company, competitors, collaborators, context
• Customers -✓✓potential buyers with wants and needs that the company aims to
fulfill with its offerings (focal point)
• Company -✓✓organization or business unit providing certain goods or services
(the offering); look internally to define positioning, messaging, differentiators,
capabilities, etc.
• SWOT -✓✓strengths, weaknesses, opportunities, threats
• Competitors -✓✓organizations that offer products or services that aim to fulfill
the same wants and needs of the same customers as the company's offering
• Competitive Matrix -✓✓an analysis tool that captures elements such as features
and benefits provided by an organization's competitors
• Collaborators -✓✓external business entities that work with the company to create
value for customers
ex. raw material suppliers, distributors, marketing agencies, 3rd party retailers
Questions and Answers (2026) | Focused
Revision Pack | Grade A+
• Marketing -✓✓the creation and satisfaction of demand for a product or service
• Strategy -✓✓a set of ideas that outline how a product line or brand will achieve
its objectives
• Tactic -✓✓a specific action or method that contributes to achieving a goal
• Things a firm should do in marketing -✓✓analyze needs
predict wants
estimate demand
determine where
estimate price
decide promotion
estimate competition
provide service
• Universal Marketing Functions -✓✓Buying
Selling
Transporting
Storing
Standardization & Grading
Financing
Risk Taking
Market Information
• Buying -✓✓looking for and evaluating goods and services
• Selling -✓✓promoting the product to prospective buyers
• Transporting -✓✓moving goods from one place to another place
• Storing -✓✓holding an inventory of goods until needed by customers
, • Standardization & Grading -✓✓sorting products by size and quality
• Financing -✓✓providing necessary cash and credit to produce, transport, store,
promote, sell, and buy products
• Risk Taking -✓✓assuming responsibility for uncertainties
• Market Information -✓✓the collection, analysis, and distribution of all the
information needed to plan, implement, and control marketing activities
• Marketing Concept & Customer Value -✓✓Take customer's point of view
Customer value reflects costs & benefits
Customer may not dwell on value
Where does competition fit?
Customer value builds relationships
• Strategy - 5 C's -✓✓customer, company, competitors, collaborators, context
• Customers -✓✓potential buyers with wants and needs that the company aims to
fulfill with its offerings (focal point)
• Company -✓✓organization or business unit providing certain goods or services
(the offering); look internally to define positioning, messaging, differentiators,
capabilities, etc.
• SWOT -✓✓strengths, weaknesses, opportunities, threats
• Competitors -✓✓organizations that offer products or services that aim to fulfill
the same wants and needs of the same customers as the company's offering
• Competitive Matrix -✓✓an analysis tool that captures elements such as features
and benefits provided by an organization's competitors
• Collaborators -✓✓external business entities that work with the company to create
value for customers
ex. raw material suppliers, distributors, marketing agencies, 3rd party retailers
