MKT 441 Exam 1 – Study Guide, Practice Questions & Exam Review
How would you define marketing in layman terms? - ✔✔"See a need, fill a need!"
4 P's of marketing - ✔✔Product, Price, Place, Promotion
The wheel of marketing - ✔✔The 4 P's plus (nature, competition, economy, technology,
culture, legal & political)
What are the decisions that the marketer needs to make to be able to successfully fulfill
consumer wants and needs? - ✔✔The 4 P's are the input for the marketing decisions
Foundation Assumption of Marketing? - ✔✔
How does marketing research fit in with the foundation assumption of marketing? - ✔✔-
Marketing research guides the marketer in making decisions related to: specify the 4 Ps,
understand the competition/environment, identify the target market
-It helps to support or refute the study hypotheses
-It assists in making data-driven recommendations to client on how to improve
Who is at the center of the marketing wheel? - ✔✔The consumer (in target market) is king.
Marketing Research - ✔✔The application of the scientific method in searching for the truth
about marketing phenomena.
The process of marketing research includes... - ✔✔-idea and theory development
-problem definition
, -gathering information
-analyzing data
-communicating the findings and their implications
The definition of marketing research suggests that MR research information is: - ✔✔-not
intuitive or haphazardly gathered
-accurate and objective
-relevant to all aspects of the marketing mix
-limited by one's definition of marketing
Applied Research - ✔✔conducted to solve specific problems for a specific client or business
Basic Research - ✔✔Expands the boundaries of knowledge
Scientific Method - ✔✔(steps we take to learn)
Prior knowledge or observation which leads to hypothesis -> hypothesis test -> conclusion
Marketing Concept/ Marketing-oriented firm - ✔✔a central idea in modern marketing thinking
that focuses on how the firm provides value to customers
Data - ✔✔Facts and figures
Information - ✔✔data formatted
Mkt intelligence - ✔✔explanatory power enabling effective decisions
Characteristics of valuable data - ✔✔-relevance
How would you define marketing in layman terms? - ✔✔"See a need, fill a need!"
4 P's of marketing - ✔✔Product, Price, Place, Promotion
The wheel of marketing - ✔✔The 4 P's plus (nature, competition, economy, technology,
culture, legal & political)
What are the decisions that the marketer needs to make to be able to successfully fulfill
consumer wants and needs? - ✔✔The 4 P's are the input for the marketing decisions
Foundation Assumption of Marketing? - ✔✔
How does marketing research fit in with the foundation assumption of marketing? - ✔✔-
Marketing research guides the marketer in making decisions related to: specify the 4 Ps,
understand the competition/environment, identify the target market
-It helps to support or refute the study hypotheses
-It assists in making data-driven recommendations to client on how to improve
Who is at the center of the marketing wheel? - ✔✔The consumer (in target market) is king.
Marketing Research - ✔✔The application of the scientific method in searching for the truth
about marketing phenomena.
The process of marketing research includes... - ✔✔-idea and theory development
-problem definition
, -gathering information
-analyzing data
-communicating the findings and their implications
The definition of marketing research suggests that MR research information is: - ✔✔-not
intuitive or haphazardly gathered
-accurate and objective
-relevant to all aspects of the marketing mix
-limited by one's definition of marketing
Applied Research - ✔✔conducted to solve specific problems for a specific client or business
Basic Research - ✔✔Expands the boundaries of knowledge
Scientific Method - ✔✔(steps we take to learn)
Prior knowledge or observation which leads to hypothesis -> hypothesis test -> conclusion
Marketing Concept/ Marketing-oriented firm - ✔✔a central idea in modern marketing thinking
that focuses on how the firm provides value to customers
Data - ✔✔Facts and figures
Information - ✔✔data formatted
Mkt intelligence - ✔✔explanatory power enabling effective decisions
Characteristics of valuable data - ✔✔-relevance
