MKT 473 MARKETING MANAGEMENT:
POLICY AND STRATEGY EXAM QUESTIONS
WITH 100% CORRECT ANSWERS
\.Marketing as an Art and a Science - ANSWERS-Art:
-human relationships in exchange
-brands have human like qualities
-creativity and art displayed in product styles, merchandising, and advertising
Science:
-Data-driven research decisions
-systematic process for making rational marketing decisions
-big data, track eye movements in stores
-customer journeys tracked at various touch points to improve efficiency and
performance
\.Marketing Process - ANSWERS-SWOT analysis
Business Plan
Market Segmenting
Market Mix
\.4 Eras of Marketing - ANSWERS--production - Prior to 1900s
,-sales - prior to 1920s
-marketing - prior to 1950s
-relationship - prior to 1980s
\.Era 1 - ANSWERS--Commodity approach:
-focused on a particular product category
-Institutional approach:
-focused on a particular institutional type (retailer, wholesaler, broker, B2B, B2C,
B2G)
-functional approach:
-focused on a particular activity (promotion, distribution, pricing, product
development, customer service)
\.Era 2 - ANSWERS-functional approach:
-physically supplying the market
-creating opportunities for exchange
-undertaking auxiliary or facilitating functions
Efficiency:
-associations, newsletters, journals, textbooks
-1925 Journal of Retailing
-1936-37 AMA established, Journal of Marketing first journal
-Today, AMA supports four primary journals
\.Era 3 - ANSWERS-Knowledge Development
,-marketing concept
-market segmentation
-marketing mix (4 P's)
-brand image
-marketing management as analysis (look at environment we are operating in),
planning (make decisions on targeting), implementation (decide where you are
going to place message), and control (testing)
-market myopia
Emergence of Science
-national effort to infuse math and statistics
-development of computer as a research tool
-focus on systematic process of gathering and analyzing data so informed
decisions could be made
-recognition of importance of qualitative and quantitative approaches to data
collection
\.Era 4 - ANSWERS--mainstream fragments
-specialty outlets and tracks
-publish or perish
-field continues to grow and evolve
-demand for business degrees holding steady, but skepticism of business degrees
is rising, with an increased transparency and awareness of business practices
-(social) crimes of omission and crimes of commission
, \.AMA definitions - ANSWERS--marketing is the performance of business activities
that direct the flow of goods and services from producers to consumers (1935)
-Marketing is the process of planning and executing the conception, pricing,
promotion, and distribution of ideas, goods, and services to create exchanges that
satisfy individual and organizational objectives (1985)
-Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and it stakeholders (2004)
-Marketing is the activity...
\.Era 5 - ANSWERS-societal marketing
\.aggregate marketing system - ANSWERS--concerns about supply and demand
-macro marketing concept
-huge and sprawling human institution, embedded in the daily life of its society
-marketing monitors the wants and needs of its citizens, and works to deliver
satisfactions of these
-suppliers, producers, consumers, and the institutions that support these
relationships
-derived demand
-macro way of looking at suppliers, producers, and consumers and thinking about
how they work together every day to meet the needs of consumers
\.Marketing's contributions - ANSWERS--accumulate over time
-diffuse through a society
-occur within the context of everyday life
POLICY AND STRATEGY EXAM QUESTIONS
WITH 100% CORRECT ANSWERS
\.Marketing as an Art and a Science - ANSWERS-Art:
-human relationships in exchange
-brands have human like qualities
-creativity and art displayed in product styles, merchandising, and advertising
Science:
-Data-driven research decisions
-systematic process for making rational marketing decisions
-big data, track eye movements in stores
-customer journeys tracked at various touch points to improve efficiency and
performance
\.Marketing Process - ANSWERS-SWOT analysis
Business Plan
Market Segmenting
Market Mix
\.4 Eras of Marketing - ANSWERS--production - Prior to 1900s
,-sales - prior to 1920s
-marketing - prior to 1950s
-relationship - prior to 1980s
\.Era 1 - ANSWERS--Commodity approach:
-focused on a particular product category
-Institutional approach:
-focused on a particular institutional type (retailer, wholesaler, broker, B2B, B2C,
B2G)
-functional approach:
-focused on a particular activity (promotion, distribution, pricing, product
development, customer service)
\.Era 2 - ANSWERS-functional approach:
-physically supplying the market
-creating opportunities for exchange
-undertaking auxiliary or facilitating functions
Efficiency:
-associations, newsletters, journals, textbooks
-1925 Journal of Retailing
-1936-37 AMA established, Journal of Marketing first journal
-Today, AMA supports four primary journals
\.Era 3 - ANSWERS-Knowledge Development
,-marketing concept
-market segmentation
-marketing mix (4 P's)
-brand image
-marketing management as analysis (look at environment we are operating in),
planning (make decisions on targeting), implementation (decide where you are
going to place message), and control (testing)
-market myopia
Emergence of Science
-national effort to infuse math and statistics
-development of computer as a research tool
-focus on systematic process of gathering and analyzing data so informed
decisions could be made
-recognition of importance of qualitative and quantitative approaches to data
collection
\.Era 4 - ANSWERS--mainstream fragments
-specialty outlets and tracks
-publish or perish
-field continues to grow and evolve
-demand for business degrees holding steady, but skepticism of business degrees
is rising, with an increased transparency and awareness of business practices
-(social) crimes of omission and crimes of commission
, \.AMA definitions - ANSWERS--marketing is the performance of business activities
that direct the flow of goods and services from producers to consumers (1935)
-Marketing is the process of planning and executing the conception, pricing,
promotion, and distribution of ideas, goods, and services to create exchanges that
satisfy individual and organizational objectives (1985)
-Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and it stakeholders (2004)
-Marketing is the activity...
\.Era 5 - ANSWERS-societal marketing
\.aggregate marketing system - ANSWERS--concerns about supply and demand
-macro marketing concept
-huge and sprawling human institution, embedded in the daily life of its society
-marketing monitors the wants and needs of its citizens, and works to deliver
satisfactions of these
-suppliers, producers, consumers, and the institutions that support these
relationships
-derived demand
-macro way of looking at suppliers, producers, and consumers and thinking about
how they work together every day to meet the needs of consumers
\.Marketing's contributions - ANSWERS--accumulate over time
-diffuse through a society
-occur within the context of everyday life
