MAR3023 EXAM QUESTIONS AND ANSWERS WITH COMPLETE
SOLUTIONS GRADED A++ LATEST UPDATE
What is Peter Drucker's definition of marketing?
"The aim of marketing is to make selling unnecessary."
Peter Drucker say's, "The aim of marketing is to _____ and ____ customers so
well the _____ or _____ service fits them and ______ itself."
Know, understand, product, service, sells.
What is Marketing?
Marketing is the answer to the question of why you buy a product.
What makes Starbucks a good product?
1. It tastes good.
2. Delivers benefits: caffeine and great atmosphere.
T/F: There would be no firms without marketing.
True, No product = No firm
What is the core marketing function?
Product development
What is the first goal of marketing?
To identify unmet customer needs and then develop products that fill those needs.
What is an example of the first goal of marketing?
The Model T (Henry Ford) filled the needs of customers that still rode the horse and
buggy.
, T/F: Identifying the price that maximizes revenue is also part of marketing.
True
T/F: Getting Coke to where you can buy it is also part of Marketing.
True, Channels/Distribution/Logistics (M-W-R-C) and place all involve marketing.
What are the 3 key factors of marketing that creates great products?
1. Develop products that people want or need. (Product)
2. Price them at a level that maximizes profits.
(Price)
3. Distribute them to where consumers are.
(Place)
What are examples of "game changer" products?
iPhone, iPad, Kindle Fire, and Spanx By Sara Blakely (FSU Alumni, Youngest self-
made female billionaire)
What are examples of "game changer" pricing/distribution?
Red box, (funded by McD's) and put an end to Blockbusters by buying them out.
If marketers hit their mark with the product, price, and distribution, there's little
need for what?
Advertisement
What brands hit their mark with product development, price, and distribution?
Siracha hot sauce, Lululemon, and Krispy Kreme doughnuts
What is the foundation of every business?
Marketing
What makes marketing the foundation of every business?
SOLUTIONS GRADED A++ LATEST UPDATE
What is Peter Drucker's definition of marketing?
"The aim of marketing is to make selling unnecessary."
Peter Drucker say's, "The aim of marketing is to _____ and ____ customers so
well the _____ or _____ service fits them and ______ itself."
Know, understand, product, service, sells.
What is Marketing?
Marketing is the answer to the question of why you buy a product.
What makes Starbucks a good product?
1. It tastes good.
2. Delivers benefits: caffeine and great atmosphere.
T/F: There would be no firms without marketing.
True, No product = No firm
What is the core marketing function?
Product development
What is the first goal of marketing?
To identify unmet customer needs and then develop products that fill those needs.
What is an example of the first goal of marketing?
The Model T (Henry Ford) filled the needs of customers that still rode the horse and
buggy.
, T/F: Identifying the price that maximizes revenue is also part of marketing.
True
T/F: Getting Coke to where you can buy it is also part of Marketing.
True, Channels/Distribution/Logistics (M-W-R-C) and place all involve marketing.
What are the 3 key factors of marketing that creates great products?
1. Develop products that people want or need. (Product)
2. Price them at a level that maximizes profits.
(Price)
3. Distribute them to where consumers are.
(Place)
What are examples of "game changer" products?
iPhone, iPad, Kindle Fire, and Spanx By Sara Blakely (FSU Alumni, Youngest self-
made female billionaire)
What are examples of "game changer" pricing/distribution?
Red box, (funded by McD's) and put an end to Blockbusters by buying them out.
If marketers hit their mark with the product, price, and distribution, there's little
need for what?
Advertisement
What brands hit their mark with product development, price, and distribution?
Siracha hot sauce, Lululemon, and Krispy Kreme doughnuts
What is the foundation of every business?
Marketing
What makes marketing the foundation of every business?
