MBA 706 Minseong Kim Exam 1.
Newest 2026-2027. Questions and
Correct Answers. Graded A
4 purposes of a marketing plan - ANS1. explains how goals and objectives
will be reached
2. serves as a road map for implementing strategies
3. informs employees of their roles and functions
4. provides specifics regarding allocation of resources and marketing
activities
4 qualities of a good marketing plan - ANS1.comprehensive
2. flexible
3. consistent
4. logical
5 conditions of exchange - ANS1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other
party.
5 types of utility - ANSform, place, time, possession, psychological
1
,2005 marketing definition focuses on - ANSdelivering value and enhancing
customer relationships
2007 marketing definition focuses on - ANSmeeting human and social
needs
A mission statement should be - ANSclear, concise and explain the firm's
reason for existence
a situation analysis should be - ANSorganized, systematic, supported by
sufficient resources, and an ongoing cyclical process
a vision statement - ANSexplains where the firm would like to go and is
future oriented
aggressive - ANSinternal strengths/external opportunities
all functional plans have two target markets which are - ANSinternal -
employees, managers, and executives
external - customers, investors, suppliers and society
All organizations require effective planning and a sound marketing strategy
to - ANSachieve goals and objectives
assessment - ANSassess key competitors strengths and weaknesses
2
, authority to approve marketing plans created by marketing managers is
vested in - ANSupper level executives
backstage technology - ANSAdvances that are not noticeable to
customers...these advances make marketing activities more efficient and
effective
Examples: computer technology, RFID, near-field communication
brand competitors - ANSFirms that market products with similar features
and benefits to the same customers at similar prices
branding - ANSThe promotion of a product or service by identifying it with
distinct characteristics (usually associated with public perception, quality or
effectiveness)
broad based decisions regarding firm mission vision goals and allocation of
resources are made where? - ANStop of the corporate hierarchy by top
management - narrowly defined decisions are then considered toward the
bottom of the org chart
capabilities - ANSFocus the analysis on competitors' marketing capabilities
challenges of marketing strategy - ANSUnending Change
People-Driven Nature of Marketing
Lack of Rules for Choosing Marketing Activities
Increasing Customer Expectations
Declining Customer Satisfaction and Brand Loyalty
3
Newest 2026-2027. Questions and
Correct Answers. Graded A
4 purposes of a marketing plan - ANS1. explains how goals and objectives
will be reached
2. serves as a road map for implementing strategies
3. informs employees of their roles and functions
4. provides specifics regarding allocation of resources and marketing
activities
4 qualities of a good marketing plan - ANS1.comprehensive
2. flexible
3. consistent
4. logical
5 conditions of exchange - ANS1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other
party.
5 types of utility - ANSform, place, time, possession, psychological
1
,2005 marketing definition focuses on - ANSdelivering value and enhancing
customer relationships
2007 marketing definition focuses on - ANSmeeting human and social
needs
A mission statement should be - ANSclear, concise and explain the firm's
reason for existence
a situation analysis should be - ANSorganized, systematic, supported by
sufficient resources, and an ongoing cyclical process
a vision statement - ANSexplains where the firm would like to go and is
future oriented
aggressive - ANSinternal strengths/external opportunities
all functional plans have two target markets which are - ANSinternal -
employees, managers, and executives
external - customers, investors, suppliers and society
All organizations require effective planning and a sound marketing strategy
to - ANSachieve goals and objectives
assessment - ANSassess key competitors strengths and weaknesses
2
, authority to approve marketing plans created by marketing managers is
vested in - ANSupper level executives
backstage technology - ANSAdvances that are not noticeable to
customers...these advances make marketing activities more efficient and
effective
Examples: computer technology, RFID, near-field communication
brand competitors - ANSFirms that market products with similar features
and benefits to the same customers at similar prices
branding - ANSThe promotion of a product or service by identifying it with
distinct characteristics (usually associated with public perception, quality or
effectiveness)
broad based decisions regarding firm mission vision goals and allocation of
resources are made where? - ANStop of the corporate hierarchy by top
management - narrowly defined decisions are then considered toward the
bottom of the org chart
capabilities - ANSFocus the analysis on competitors' marketing capabilities
challenges of marketing strategy - ANSUnending Change
People-Driven Nature of Marketing
Lack of Rules for Choosing Marketing Activities
Increasing Customer Expectations
Declining Customer Satisfaction and Brand Loyalty
3
