MAR 3023 EXAM 1 QUESTIONS AND ANSWERS
what is marketing - CORRECT ANSWER✅✅process by which companies determine what products or
services may be of interest to costumers
marketing is about - CORRECT ANSWER✅✅- products and customers
- why you buy a product
tha aim of marketing - CORRECT ANSWER✅✅to know and understand costumers so well that the
product or service fits them and sells itself.
great products - CORRECT ANSWER✅✅identify unmet consumer needs and then develop products that
fill those needs
great marketers - CORRECT ANSWER✅✅1. develop products that people want or need
2. price then at a level that maximized profit
3. distribute them everywhere consumers are
why is marketing misunderstood - CORRECT ANSWER✅✅most people think of marketing as advertising
why is the visible side of marketing needed - CORRECT ANSWER✅✅1. time/reality
2. its powerful
3. works well
history of marketing - CORRECT ANSWER✅✅1. simple trade era
2. production era
3. sales era
4. the marketing era
5. relationship marketing era
6. societal marketing era
, simple trade era (pre- 1860s) - CORRECT ANSWER✅✅Products were made by hand, grown, or traded in
small quantities
production era (1860s-1920s) - CORRECT ANSWER✅✅- inward focus, technical development.
- sellers market, demand exceeded supply
- cheap and efficient
sales era (1920s-1940s) - CORRECT ANSWER✅✅"Changing their minds"
Focus on:
Sell what we make
Aggressive promotion
Short-term profit maximization
the marketing era (1940s - 1990s) - CORRECT ANSWER✅✅The "great awakening" where customers
became the central focus of the organization
Began with the development of marketing departments (1940-1960) and then transferred to the rest of
the firm (1960-1990)
Focus on:
Customer is the key — "delight"
Make what we sell
relationship marketing era (1990s- 2010) - CORRECT ANSWER✅✅Focus is on long-term relationships &
customer retention.
societal marketing era (2010- present) - CORRECT ANSWER✅✅"Green Marketing"
what is marketing - CORRECT ANSWER✅✅process by which companies determine what products or
services may be of interest to costumers
marketing is about - CORRECT ANSWER✅✅- products and customers
- why you buy a product
tha aim of marketing - CORRECT ANSWER✅✅to know and understand costumers so well that the
product or service fits them and sells itself.
great products - CORRECT ANSWER✅✅identify unmet consumer needs and then develop products that
fill those needs
great marketers - CORRECT ANSWER✅✅1. develop products that people want or need
2. price then at a level that maximized profit
3. distribute them everywhere consumers are
why is marketing misunderstood - CORRECT ANSWER✅✅most people think of marketing as advertising
why is the visible side of marketing needed - CORRECT ANSWER✅✅1. time/reality
2. its powerful
3. works well
history of marketing - CORRECT ANSWER✅✅1. simple trade era
2. production era
3. sales era
4. the marketing era
5. relationship marketing era
6. societal marketing era
, simple trade era (pre- 1860s) - CORRECT ANSWER✅✅Products were made by hand, grown, or traded in
small quantities
production era (1860s-1920s) - CORRECT ANSWER✅✅- inward focus, technical development.
- sellers market, demand exceeded supply
- cheap and efficient
sales era (1920s-1940s) - CORRECT ANSWER✅✅"Changing their minds"
Focus on:
Sell what we make
Aggressive promotion
Short-term profit maximization
the marketing era (1940s - 1990s) - CORRECT ANSWER✅✅The "great awakening" where customers
became the central focus of the organization
Began with the development of marketing departments (1940-1960) and then transferred to the rest of
the firm (1960-1990)
Focus on:
Customer is the key — "delight"
Make what we sell
relationship marketing era (1990s- 2010) - CORRECT ANSWER✅✅Focus is on long-term relationships &
customer retention.
societal marketing era (2010- present) - CORRECT ANSWER✅✅"Green Marketing"
