[UW-Madison] MKT 300: Final Exam
(Answered) 100% Correct. 2025/2026.
How is Customer Satisfaction linked to the Marketing Concept?
Marketing Concept = total company's effort, profit, and customer satisfaction (There's a direct
relationship)
As a manufacturer with little competition, should you spend to create customer satisfaction?
No you shouldn't spend to create customer satisfaction.
What happens when Employees are satisfied?
They work harder, customers are satisfied and return (profit is made long-term)
Micro-Macro Dilemma
What's good for producers/consumers might not be good for society
ex: waterbottles
Social Responsibility
Obligation of a business to contribute to society and reduce it's negative effects
Marketing Ethics
Moral standards that guide marketing decisions and actions
4 Types of Market Growth Strategies
- Market Penetration
- Product Development
- Market Development
- Diversification
Market Penetration
- Selling more to existing customers
- Most effective
ex: changing branding on coke during winter to increase sales (promotions)
Product Development
- Same market, different product
- Family branding = brand extensions
ex: tide logo on different products
Market Development
, - same product, new market
- Export to new location
ex: Starbucks moving into Targets
Diversification
- New market, new target
Which of the 4 P's is most important?
They're all equally important (product, place, price, promotion)
Brand Manager should look at them equally and decide
Why is segmentation important?
Helps determine the best possible market
Segmentation
Group of homogeneous people with the same needs
Single Segment Strategy
Pick one segment and try catering to them
Multiple Segment Strategy
Different approaches for each individual segment
Combined Segment Strategy
One marketing strategy for multiple segments
Positioning USP
- Unique selling point
- What differentiates your brand from the rest
Positioning Space / Map
Map showing where your brand competes with others
(Don't want to be close to others otherwise your USP wont be useful)
Describe the learning process
- I NEED a drink to survive
- I WANT a Gatorade
- It's time to go to school (Drive)
- I am CUED by the billboard of a Slurpee to go and buy it from 7/11
What will the company do to reinforce I made the right decision?
Invest in reducing purchase dissonance because I might return the product
Purchase Dissonance
(Answered) 100% Correct. 2025/2026.
How is Customer Satisfaction linked to the Marketing Concept?
Marketing Concept = total company's effort, profit, and customer satisfaction (There's a direct
relationship)
As a manufacturer with little competition, should you spend to create customer satisfaction?
No you shouldn't spend to create customer satisfaction.
What happens when Employees are satisfied?
They work harder, customers are satisfied and return (profit is made long-term)
Micro-Macro Dilemma
What's good for producers/consumers might not be good for society
ex: waterbottles
Social Responsibility
Obligation of a business to contribute to society and reduce it's negative effects
Marketing Ethics
Moral standards that guide marketing decisions and actions
4 Types of Market Growth Strategies
- Market Penetration
- Product Development
- Market Development
- Diversification
Market Penetration
- Selling more to existing customers
- Most effective
ex: changing branding on coke during winter to increase sales (promotions)
Product Development
- Same market, different product
- Family branding = brand extensions
ex: tide logo on different products
Market Development
, - same product, new market
- Export to new location
ex: Starbucks moving into Targets
Diversification
- New market, new target
Which of the 4 P's is most important?
They're all equally important (product, place, price, promotion)
Brand Manager should look at them equally and decide
Why is segmentation important?
Helps determine the best possible market
Segmentation
Group of homogeneous people with the same needs
Single Segment Strategy
Pick one segment and try catering to them
Multiple Segment Strategy
Different approaches for each individual segment
Combined Segment Strategy
One marketing strategy for multiple segments
Positioning USP
- Unique selling point
- What differentiates your brand from the rest
Positioning Space / Map
Map showing where your brand competes with others
(Don't want to be close to others otherwise your USP wont be useful)
Describe the learning process
- I NEED a drink to survive
- I WANT a Gatorade
- It's time to go to school (Drive)
- I am CUED by the billboard of a Slurpee to go and buy it from 7/11
What will the company do to reinforce I made the right decision?
Invest in reducing purchase dissonance because I might return the product
Purchase Dissonance
