MAR2023 UCF TEST 1 EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS
marketing
the activity, set of institutions, and processes for creating, capturing, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large
1. satisfying customer needs and wants
2. entails an exchange
3. creates value through product, price, place, and promotion decisions
4. performed by individuals and organizations
5. affects various stakeholders
What are the core aspects of marketing?
marketing plan
a written document composed of an analysis of the current marketing situation,
opportunities and threats for the firm, marketing objectives and strategy specified in
terms of the four Ps, action programs, and projected or pro forma income (and other
financial) statements
exchange
the trade of things of value between the buyer and the seller so that each is better off as
a result
four P's
,the controllable set of decisions or activities that the firm uses to respond to the wants of
its target markets; aka marketing mix
product, price, place, promotion
List the four P's.
product
Although marketing is a multifaceted function, its fundamental purpose is to create value
by developing a variety of offerings, including goods, services, and ideas, to satisfy
customer needs. What aspect of the marketing mix does this represent?
goods
Items that you can physically touch; primarily function to fulfill some need
services
intangible customer benefits that are produced by people or machines and cannot be
separated from the producer; any intangible offering that involves a deed, performance,
or effort that cannot be physically possessed.
ideas
Intellectual concepts: thoughts, opinions, and philosophies---can be marketed.
ideas
Marketing creates value by promoting ____, such as bicycle safety.
price
Everything the buyer gives up---money, time, and/or energy---in exchange for the
product. What aspect of the marketing mix does this represent?
place
, All the activities necessary to get the product to the right customer when the customer
wants it. What aspect of the marketing mix does this represent?
supply chain management
A set of approaches and techniques firms employ to efficiently and effectively integrate
their suppliers, manufacturers, warehouses, stores, and transportation intermediaries
into a seamless value chain in which merchandise is produced and distributed in the
right quantities, to the right locations, and at the right time, as well as to minimize
system wide costs while satisfying the service levels their customers require. Also called
marketing channel management.
supply chain management
Place also deals specifically with retailing and ____ ____ ____; without a strong and
efficient system, merchandise isn't available when customers want it. Then customers
are disappointed, and sales and profits suffer.
promotion
Communication by a marketer that informs, persuades, and reminds potential buyers
about a product or service to influence their opinions and elicit a response. What aspect
of the marketing mix does this represent?
production oriented era
Around the turn of the 20th century, manufacturers were concerned with product
innovation, not with satisfying the needs of individual consumers, and retail stores
typically were considered places to hold the merchandise until a consumer wanted it.
sales oriented era
COMPLETE SOLUTIONS
marketing
the activity, set of institutions, and processes for creating, capturing, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large
1. satisfying customer needs and wants
2. entails an exchange
3. creates value through product, price, place, and promotion decisions
4. performed by individuals and organizations
5. affects various stakeholders
What are the core aspects of marketing?
marketing plan
a written document composed of an analysis of the current marketing situation,
opportunities and threats for the firm, marketing objectives and strategy specified in
terms of the four Ps, action programs, and projected or pro forma income (and other
financial) statements
exchange
the trade of things of value between the buyer and the seller so that each is better off as
a result
four P's
,the controllable set of decisions or activities that the firm uses to respond to the wants of
its target markets; aka marketing mix
product, price, place, promotion
List the four P's.
product
Although marketing is a multifaceted function, its fundamental purpose is to create value
by developing a variety of offerings, including goods, services, and ideas, to satisfy
customer needs. What aspect of the marketing mix does this represent?
goods
Items that you can physically touch; primarily function to fulfill some need
services
intangible customer benefits that are produced by people or machines and cannot be
separated from the producer; any intangible offering that involves a deed, performance,
or effort that cannot be physically possessed.
ideas
Intellectual concepts: thoughts, opinions, and philosophies---can be marketed.
ideas
Marketing creates value by promoting ____, such as bicycle safety.
price
Everything the buyer gives up---money, time, and/or energy---in exchange for the
product. What aspect of the marketing mix does this represent?
place
, All the activities necessary to get the product to the right customer when the customer
wants it. What aspect of the marketing mix does this represent?
supply chain management
A set of approaches and techniques firms employ to efficiently and effectively integrate
their suppliers, manufacturers, warehouses, stores, and transportation intermediaries
into a seamless value chain in which merchandise is produced and distributed in the
right quantities, to the right locations, and at the right time, as well as to minimize
system wide costs while satisfying the service levels their customers require. Also called
marketing channel management.
supply chain management
Place also deals specifically with retailing and ____ ____ ____; without a strong and
efficient system, merchandise isn't available when customers want it. Then customers
are disappointed, and sales and profits suffer.
promotion
Communication by a marketer that informs, persuades, and reminds potential buyers
about a product or service to influence their opinions and elicit a response. What aspect
of the marketing mix does this represent?
production oriented era
Around the turn of the 20th century, manufacturers were concerned with product
innovation, not with satisfying the needs of individual consumers, and retail stores
typically were considered places to hold the merchandise until a consumer wanted it.
sales oriented era
