MKT 300 Exam questions with
answers well graded A+
Marketing - ANS✅✅is 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.
Marketing Requires 4 Ps - ANS✅✅Product,
Price, Place, and Promotion (know examples)
Product - ANS✅✅Creates Value. The fundamental
purpose of Marketing is to create value by. developing a variety of
offerings, including goods, services, and ideas, to satisfy
customer needs.
Price - ANS✅✅Capturing Value. Price is everything a buyer
gives up (money, time, energy)
in exchange for the product - what is the buyer willing to pay for a product?
Place - ANS✅✅Delivering the Value Proposition
Place, or supply chain management, describes all
activities necessary to get the product to the right
customer when the customer wants it. Where would you find this
product in the store?
Promotion - ANS✅✅Communicating value. Promotion is communication by a
marketer that informs, persuades, and reminds potential buyers about a product or service to
influence their opinions
or elicit a response
Marketing Impacts Various
Stakeholders - ANS✅✅Society, customers, employees, supply chain
, Value Driven Companies - ANS✅✅Share information
across their
organization
Balance customer's
benefits and costs
Build relationships
with customers
Sustainable Competitive Advantage*** - ANS✅✅Customer excellence, product excellence,
locational excellence, operational excellence (know definition and examples)
Customer Excellence - ANS✅✅Retaining loyal customers, customer service
Operational Excellence - ANS✅✅Efficient operations, excellent supply chain management
Step 1 of the Marketing Plan (planning phase)* - ANS✅✅Business Vision and Mission
Step 2 of the Marketing Plan (planning phase) - ANS✅✅Situation analysis +SWOT
Step 3 of the Marketing Plan (implementation phase) - ANS✅✅Identifying opportunities -
segmentation, targeting, positioning (Marketing strategy)
Step 4 of the Marketing Plan (implementation phase) - ANS✅✅Implement marketing fix. 4 P's
(Marketing strategy)
Step 5 of the Marketing Plan (control phase) - ANS✅✅Evaluate performance using marketing
metrics
3 Phases of a Strategic Plan* - ANS✅✅Planning, Implementing, Controlling
answers well graded A+
Marketing - ANS✅✅is 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.
Marketing Requires 4 Ps - ANS✅✅Product,
Price, Place, and Promotion (know examples)
Product - ANS✅✅Creates Value. The fundamental
purpose of Marketing is to create value by. developing a variety of
offerings, including goods, services, and ideas, to satisfy
customer needs.
Price - ANS✅✅Capturing Value. Price is everything a buyer
gives up (money, time, energy)
in exchange for the product - what is the buyer willing to pay for a product?
Place - ANS✅✅Delivering the Value Proposition
Place, or supply chain management, describes all
activities necessary to get the product to the right
customer when the customer wants it. Where would you find this
product in the store?
Promotion - ANS✅✅Communicating value. Promotion is communication by a
marketer that informs, persuades, and reminds potential buyers about a product or service to
influence their opinions
or elicit a response
Marketing Impacts Various
Stakeholders - ANS✅✅Society, customers, employees, supply chain
, Value Driven Companies - ANS✅✅Share information
across their
organization
Balance customer's
benefits and costs
Build relationships
with customers
Sustainable Competitive Advantage*** - ANS✅✅Customer excellence, product excellence,
locational excellence, operational excellence (know definition and examples)
Customer Excellence - ANS✅✅Retaining loyal customers, customer service
Operational Excellence - ANS✅✅Efficient operations, excellent supply chain management
Step 1 of the Marketing Plan (planning phase)* - ANS✅✅Business Vision and Mission
Step 2 of the Marketing Plan (planning phase) - ANS✅✅Situation analysis +SWOT
Step 3 of the Marketing Plan (implementation phase) - ANS✅✅Identifying opportunities -
segmentation, targeting, positioning (Marketing strategy)
Step 4 of the Marketing Plan (implementation phase) - ANS✅✅Implement marketing fix. 4 P's
(Marketing strategy)
Step 5 of the Marketing Plan (control phase) - ANS✅✅Evaluate performance using marketing
metrics
3 Phases of a Strategic Plan* - ANS✅✅Planning, Implementing, Controlling
