©FYNDLAY 2024/2025 ALL RIGHTS RESERVED.
MKT 3301 Final Exam Questions And
Answers 100% Verified And Updated.
Define customer satisfaction - Answer✔the extent to which a product's perceived performance
meets a buyer's expectations
Describe the basic objectives of a firm (there are 3) - Answer✔customer satisfaction, a total
company effort, profit (and/or) other measures of long term success
What are the Universal functions of marketing? - Answer✔buying, selling, transporting, storing,
standardization and grading, financing, risk taking, and market information
Identify what must occur for marketing to take place? - Answer✔
Explain the marketing concept and how it should guide firms - Answer✔The marketing concept
means that an organization aims all of its efforts at satisfying its customers - at a profit. 1.
customer satisfaction 2. a total company effort 3. profit as an objective, not just sales
Know the comprehensive definition of marketing provided in text book - Answer✔Marketing is
the performance of activities that seek to accomplish an organization's objectives by anticipating
customer or client needs and directing a flow of need-satisfying goods and services from
producer to customer or client.
Explain the concept of the triple bottom line - Answer✔measures an organization's economic,
social, and environmental outcomes as a measure of long-term success
Production and market orientations - Answer✔production orientation: making whatever products
that are easy to produce and then trying to sell them. marketing orientation: means trying to carry
out the marketing concept.
List the elements in the marketing mix (the "4Ps" of marketing) - Answer✔product, place,
promotion, and price
What are the components of a marketing strategy? - Answer✔a marketing strategy specifies a
target market and a related marketing mix. It is a big picture of what a firm will do in some
market. Two interrelated parts are needed: 1. a target market
2. a marketing mix
1|Page
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED.
What is a target market? - Answer✔a fairly homogenous group of customers to whom a
company wants to appeal
Define the four types of market opportunities-
market penetration, market development,
product development and diversification - Answer✔market penetration: means trying to increase
sales of a firm's present products in its present markets- probably through a more aggressive
marketing mix.
market development: means trying to increase sales by selling present products in a new market.
product development: means offering new or improved products for present markets.
diversification: means moving into totally different lines of business.
Understand how changes in the various external environmental forces can affect consumer
behaviors and decisions - Answer✔
Know the marketing external environmental variables - Economic, legal, political, competition,
technology, social/cultural - Answer✔1. economical - refers to macroeconomic factors, including
national income, economic growth, and inflation.
2. technological - the application of science to convert an economy's resources to output.
3. political & legal - the attitudes and reactions of people, social critics, and governments all
affect the political environment. Legal focuses on important laws in the US that regulate
marketing prices.
4. cultural & social - affects how and why people live and behave as they do.
Know these major laws that impact businesses - - Answer✔FTC, Robinson Patman, Magnuson-
Moss
How does the authors define a market? different criteria - Answer✔"In general, a market is a
group of potential customers with similar needs who are willing to change something of value
with sellers offering various goods and services--that is, ways of satisfying those needs."
Distinguish between a market segment and market segmentation - Answer✔market segment: a
relatively homogeneous group of customers who will respond to a marketing mix in a similar
way.
market segmentation: is a two-step process of 1) naming broad product-markets and 2)
segmenting these broad product-markets in order to select target markets and develop suitable
marketing mixes.
Explain the bases (variables or dimensions) that may be used to segment markets
how do you describe the members of a target market using the variables/dimensions -
demographic,
2|Page
MKT 3301 Final Exam Questions And
Answers 100% Verified And Updated.
Define customer satisfaction - Answer✔the extent to which a product's perceived performance
meets a buyer's expectations
Describe the basic objectives of a firm (there are 3) - Answer✔customer satisfaction, a total
company effort, profit (and/or) other measures of long term success
What are the Universal functions of marketing? - Answer✔buying, selling, transporting, storing,
standardization and grading, financing, risk taking, and market information
Identify what must occur for marketing to take place? - Answer✔
Explain the marketing concept and how it should guide firms - Answer✔The marketing concept
means that an organization aims all of its efforts at satisfying its customers - at a profit. 1.
customer satisfaction 2. a total company effort 3. profit as an objective, not just sales
Know the comprehensive definition of marketing provided in text book - Answer✔Marketing is
the performance of activities that seek to accomplish an organization's objectives by anticipating
customer or client needs and directing a flow of need-satisfying goods and services from
producer to customer or client.
Explain the concept of the triple bottom line - Answer✔measures an organization's economic,
social, and environmental outcomes as a measure of long-term success
Production and market orientations - Answer✔production orientation: making whatever products
that are easy to produce and then trying to sell them. marketing orientation: means trying to carry
out the marketing concept.
List the elements in the marketing mix (the "4Ps" of marketing) - Answer✔product, place,
promotion, and price
What are the components of a marketing strategy? - Answer✔a marketing strategy specifies a
target market and a related marketing mix. It is a big picture of what a firm will do in some
market. Two interrelated parts are needed: 1. a target market
2. a marketing mix
1|Page
, ©FYNDLAY 2024/2025 ALL RIGHTS RESERVED.
What is a target market? - Answer✔a fairly homogenous group of customers to whom a
company wants to appeal
Define the four types of market opportunities-
market penetration, market development,
product development and diversification - Answer✔market penetration: means trying to increase
sales of a firm's present products in its present markets- probably through a more aggressive
marketing mix.
market development: means trying to increase sales by selling present products in a new market.
product development: means offering new or improved products for present markets.
diversification: means moving into totally different lines of business.
Understand how changes in the various external environmental forces can affect consumer
behaviors and decisions - Answer✔
Know the marketing external environmental variables - Economic, legal, political, competition,
technology, social/cultural - Answer✔1. economical - refers to macroeconomic factors, including
national income, economic growth, and inflation.
2. technological - the application of science to convert an economy's resources to output.
3. political & legal - the attitudes and reactions of people, social critics, and governments all
affect the political environment. Legal focuses on important laws in the US that regulate
marketing prices.
4. cultural & social - affects how and why people live and behave as they do.
Know these major laws that impact businesses - - Answer✔FTC, Robinson Patman, Magnuson-
Moss
How does the authors define a market? different criteria - Answer✔"In general, a market is a
group of potential customers with similar needs who are willing to change something of value
with sellers offering various goods and services--that is, ways of satisfying those needs."
Distinguish between a market segment and market segmentation - Answer✔market segment: a
relatively homogeneous group of customers who will respond to a marketing mix in a similar
way.
market segmentation: is a two-step process of 1) naming broad product-markets and 2)
segmenting these broad product-markets in order to select target markets and develop suitable
marketing mixes.
Explain the bases (variables or dimensions) that may be used to segment markets
how do you describe the members of a target market using the variables/dimensions -
demographic,
2|Page
