MKTG 3701 FINAL EXAM QUESTIONS
COMPLETE WITH 100% VERIFIED
ANSWERS
\.Margin Formula - ANSWERS-(Sell Price-COGS)/Sell Price
\.Sell Price Formula - ANSWERS-COGS/(1-Margin)
\.Cost Formula - ANSWERS-Sell Price(1-Margin)
\.Marketing - ANSWERS-Creating, communicating, and delivering value
\.Product Orientation - ANSWERS-Focus on efficient processes to create quality
products and reduce costs. Prior to 1920's
\.Sales Orientation - ANSWERS-Use personal selling and advertising to sell
products. Great depression era, after 1920's
\.Marketing Concept/Orientation - ANSWERS-1950's. Companies were producing
similar products and had to compete. Company-wide effort to satisfy customer
needs
,\.Customer Value - ANSWERS-Perceived benefits from a product
\.Marketing Mix - ANSWERS-Product, place (distribution), price, promotion,
participation
\.Goal of Marketing - ANSWERS-To get the right product at the right place at the
right time at the right price.
\.Strategic Planning* - ANSWERS-defining a firm's objectives and developing a
method for achieving those objectives
\.Mission Statement* - ANSWERS-a concise affirmation of the firm's long-term
purpose
\.5 Components of Marketing Plan* - ANSWERS-Executive summary, situation
analysis, marketing strategy, financials, controls
\.Controls of a Marketing Plan* - ANSWERS-How it'll monitor performance
\.Contingency Planning* - ANSWERS-Planning for failing or falling short
\.Situation Analysis (SWOT Analysis)* - ANSWERS-Includes swot analysis, market
summary, competition analysis
, \.Marketing Strategy* - ANSWERS-Actions the firm must take to achieve its
objectives
\.BCG Matrix* - ANSWERS-Describes the strengths and weaknesses of a market
\.Market Segmentation* - ANSWERS-Dividing a market into smaller market
segments
\.Marketing objectives should be...* - ANSWERS-Specific, measurable, and realistic
\.Positioning* - ANSWERS-How a firm creates a perception of its product to the
public
\.Market Penetration* - ANSWERS-selling existing products to existing market
\.Product Development* - ANSWERS-New product to existing market
\.Market Development* - ANSWERS-Existing product, new market
\.Diversification* - ANSWERS-new products, new markets
\.Competitive Advantage* - ANSWERS-When customers perceive a product to
have more value than another
COMPLETE WITH 100% VERIFIED
ANSWERS
\.Margin Formula - ANSWERS-(Sell Price-COGS)/Sell Price
\.Sell Price Formula - ANSWERS-COGS/(1-Margin)
\.Cost Formula - ANSWERS-Sell Price(1-Margin)
\.Marketing - ANSWERS-Creating, communicating, and delivering value
\.Product Orientation - ANSWERS-Focus on efficient processes to create quality
products and reduce costs. Prior to 1920's
\.Sales Orientation - ANSWERS-Use personal selling and advertising to sell
products. Great depression era, after 1920's
\.Marketing Concept/Orientation - ANSWERS-1950's. Companies were producing
similar products and had to compete. Company-wide effort to satisfy customer
needs
,\.Customer Value - ANSWERS-Perceived benefits from a product
\.Marketing Mix - ANSWERS-Product, place (distribution), price, promotion,
participation
\.Goal of Marketing - ANSWERS-To get the right product at the right place at the
right time at the right price.
\.Strategic Planning* - ANSWERS-defining a firm's objectives and developing a
method for achieving those objectives
\.Mission Statement* - ANSWERS-a concise affirmation of the firm's long-term
purpose
\.5 Components of Marketing Plan* - ANSWERS-Executive summary, situation
analysis, marketing strategy, financials, controls
\.Controls of a Marketing Plan* - ANSWERS-How it'll monitor performance
\.Contingency Planning* - ANSWERS-Planning for failing or falling short
\.Situation Analysis (SWOT Analysis)* - ANSWERS-Includes swot analysis, market
summary, competition analysis
, \.Marketing Strategy* - ANSWERS-Actions the firm must take to achieve its
objectives
\.BCG Matrix* - ANSWERS-Describes the strengths and weaknesses of a market
\.Market Segmentation* - ANSWERS-Dividing a market into smaller market
segments
\.Marketing objectives should be...* - ANSWERS-Specific, measurable, and realistic
\.Positioning* - ANSWERS-How a firm creates a perception of its product to the
public
\.Market Penetration* - ANSWERS-selling existing products to existing market
\.Product Development* - ANSWERS-New product to existing market
\.Market Development* - ANSWERS-Existing product, new market
\.Diversification* - ANSWERS-new products, new markets
\.Competitive Advantage* - ANSWERS-When customers perceive a product to
have more value than another
