BA 303 EXAM 1 QUESTIONS & ANSWERS
Areas of responsibility for marketing: - Answer --selling
-promotion
-product management
-product development
-pricing
-distributing
-advertising
-public relations
Marketing - Answer -the process of planning and executing the conception, pricing,
promotion, and distribution of ideas, goods, and services in order to create mutually
beneficial exchanges that satisfy the individual and organization objectives
marketing mix: - Answer -the various ingredients that must be planned, and then
executed in order to accomplish an effective marketing policy
4 P's - Answer -1. product
2. place
3. price
4. promotion
product - Answer -refers to what the business or non-profit organization offers to its
prospective customers or clients
place - Answer -refers to how goods and services actually get to a prospective
customer for sales consideration and eventual consumption
what are two major considerations for place? - Answer -1. channels of distribution
2. physical distribution
price: - Answer -refers to the amount of consideration a buyer must exchange in order
to purchase a product
what does price determine? - Answer -whether the customer will purchase the product
and whether there is enough revenue generated for the organization to achieve a profit
promotion: - Answer -refers to the need to communicate information to potential
customers about a product to create awareness and desire for the product
what are some various forms of promotion? (5) - Answer -1. advertising
2. publicity
3. sales promotions
4. personal selling
,5. visual presentations
what are the 4 evolutions of marketing? - Answer -1. production era
2. sales era
3. marketing era
4. relationship marketing era
what are the 3 pillars of marketing? - Answer -1. customer orientation
2. integrated marketing
3. customer satisfaction
1.) customer orientation: - Answer -the customer (not the product) should be the focal
point of the planning process
2.) integrated marketing: - Answer -all marketing activities need to be planned and
coordinated
3.) customer satisfaction: - Answer -the end result of a marketing effort should be two-
fold
1. profit for the organization
2. a satisfied customer
environmental factors that affect marketing fall into 2 categories: - Answer -1. external
factors/internal factors
2. microenvironmental factors/macroenviormental factors
-external factors: - Answer -typically uncontrollable
-internal factors: - Answer -controllable to some extent
-micro environmental factors: - Answer -directly effect organizations marketing effort
-macro environmental factors: - Answer -indirectly effect organizations marketing effort
environmental scanning - Answer -developing a formal system to monitor changes in
the environment concerning key factors that might effect marketing plans
6 external environmental factors: - Answer -1. social forces
2. economic conditions
3. political and legal
4. technology
5. nature and natural resources
6. competition
, 1.) social forces includes changing what 3 things? - Answer -1. cultural norms and
societal issues
2. customer tastes and preferences
3. demographics
-cultural norms and societal issues: - Answer -Includes changes in basic values and
beliefs within a society that may influence many aspects of an individual's behavior.
Also includes changes to the demographic composition of the population.
-customer tastes and preferences: - Answer -customers taste and references
constantly change... influencing product desirability.
-demographics: - Answer -composition of the population
2.) economic environment - Answer -markets and thus marketing require purchasing
power as well as people.
economic environment come as a result of what? - Answer -size and condition of the
economy
what do economic conditions help? - Answer -influence an organizations chances of
success
what are some factors to consider with economic environment? - Answer --Purchasing
power of markets
-Per capita expenditures
-Employment rates
-Cost of Capital
-Rate of inflation
-Growth rate of the economy
3.) Government and political environment - Answer -legal and political decisions can
have a major effect on a variety of products and on the method used to market these
products
what does the government do? - Answer -passes laws and then determines the degree
of enforcement of these laws
3 purposes of laws: - Answer -1. protection of business organizations from each other
2. protection of customers from unfair business practices
3. protection of society from business interest that may be harmful to society
4.) Technological environment: - Answer -changes in technology tends to effect
marketing
most dynamic: - Answer -technology
Areas of responsibility for marketing: - Answer --selling
-promotion
-product management
-product development
-pricing
-distributing
-advertising
-public relations
Marketing - Answer -the process of planning and executing the conception, pricing,
promotion, and distribution of ideas, goods, and services in order to create mutually
beneficial exchanges that satisfy the individual and organization objectives
marketing mix: - Answer -the various ingredients that must be planned, and then
executed in order to accomplish an effective marketing policy
4 P's - Answer -1. product
2. place
3. price
4. promotion
product - Answer -refers to what the business or non-profit organization offers to its
prospective customers or clients
place - Answer -refers to how goods and services actually get to a prospective
customer for sales consideration and eventual consumption
what are two major considerations for place? - Answer -1. channels of distribution
2. physical distribution
price: - Answer -refers to the amount of consideration a buyer must exchange in order
to purchase a product
what does price determine? - Answer -whether the customer will purchase the product
and whether there is enough revenue generated for the organization to achieve a profit
promotion: - Answer -refers to the need to communicate information to potential
customers about a product to create awareness and desire for the product
what are some various forms of promotion? (5) - Answer -1. advertising
2. publicity
3. sales promotions
4. personal selling
,5. visual presentations
what are the 4 evolutions of marketing? - Answer -1. production era
2. sales era
3. marketing era
4. relationship marketing era
what are the 3 pillars of marketing? - Answer -1. customer orientation
2. integrated marketing
3. customer satisfaction
1.) customer orientation: - Answer -the customer (not the product) should be the focal
point of the planning process
2.) integrated marketing: - Answer -all marketing activities need to be planned and
coordinated
3.) customer satisfaction: - Answer -the end result of a marketing effort should be two-
fold
1. profit for the organization
2. a satisfied customer
environmental factors that affect marketing fall into 2 categories: - Answer -1. external
factors/internal factors
2. microenvironmental factors/macroenviormental factors
-external factors: - Answer -typically uncontrollable
-internal factors: - Answer -controllable to some extent
-micro environmental factors: - Answer -directly effect organizations marketing effort
-macro environmental factors: - Answer -indirectly effect organizations marketing effort
environmental scanning - Answer -developing a formal system to monitor changes in
the environment concerning key factors that might effect marketing plans
6 external environmental factors: - Answer -1. social forces
2. economic conditions
3. political and legal
4. technology
5. nature and natural resources
6. competition
, 1.) social forces includes changing what 3 things? - Answer -1. cultural norms and
societal issues
2. customer tastes and preferences
3. demographics
-cultural norms and societal issues: - Answer -Includes changes in basic values and
beliefs within a society that may influence many aspects of an individual's behavior.
Also includes changes to the demographic composition of the population.
-customer tastes and preferences: - Answer -customers taste and references
constantly change... influencing product desirability.
-demographics: - Answer -composition of the population
2.) economic environment - Answer -markets and thus marketing require purchasing
power as well as people.
economic environment come as a result of what? - Answer -size and condition of the
economy
what do economic conditions help? - Answer -influence an organizations chances of
success
what are some factors to consider with economic environment? - Answer --Purchasing
power of markets
-Per capita expenditures
-Employment rates
-Cost of Capital
-Rate of inflation
-Growth rate of the economy
3.) Government and political environment - Answer -legal and political decisions can
have a major effect on a variety of products and on the method used to market these
products
what does the government do? - Answer -passes laws and then determines the degree
of enforcement of these laws
3 purposes of laws: - Answer -1. protection of business organizations from each other
2. protection of customers from unfair business practices
3. protection of society from business interest that may be harmful to society
4.) Technological environment: - Answer -changes in technology tends to effect
marketing
most dynamic: - Answer -technology
