MKT 3301 Final Review Exam Questions And
Accurate Answers
Define customer satisfaction - ANSWER is the extent to which a firm fulfills a customer's
needs, desires, and expectations.
What are the Universal functions of marketing? - ANSWER are buying, selling,
transporting, storing, standardization and grading, financing, risk taking, and market
information. They must be performed in all macro-marketing systems.
selling function - ANSWER involves promoting the product. It includes the use of
personal selling, advertising, customer service, and other direct and mass selling
methods to tell customers about the product. This is probably the most visible function
of marketing.
transporting function - ANSWER means the movement of goods from one place to
another
storing function - ANSWER involves holding goods until customers need them.
Standardization and grading - ANSWER involve sorting products according to size and
quality. This makes buying and selling easier because it reduces the need for inspection
and sampling
Financing - ANSWER provides the necessary cash and credit to produce, transport,
store, promote, sell, and buy products.
Risk taking - ANSWER involves bearing the uncertainties that are part of the marketing
process. A firm can never be sure that customers will want to buy its products. Products
can also be damaged, stolen, or outdated
Identify what must occur for marketing to take place - ANSWER
, Explain the marketing concept and how it should guide firms - ANSWER
definition of marketing provided in text book - ANSWER Marketing is the performance of
activities that seek to accomplish an organization's objectives by anticipating customer
or client needs and directing a flow of need-satisfying goods and services from
producer to customer or client
Explain the concept of the triple bottom line? - ANSWER which measures an
organization's economic, social, and environmental outcomes—as a measure of
long-term success. Profit is the economic outcome. Social refers to how the company's
business activities affect its employees and other people in the communities where it
operates. The third bottom line takes into account environmental responsibility, usually
seeking to at least not harm the natural environment. Together, these are sometimes
referred to as measures of people, planet, and profit
Production and market orientations - ANSWER
Chapter 2 - ANSWER
4Ps" - ANSWER Product - The Product area is concerned with developing the right
"product" for the target market. This offering may involve a physical good, a service, or
a blend of both. Whereas Coke Zero Sugar, Jeep Wrangler, and the Samsung Galaxy
phone are physical Page 37goods, the product for Verizon Wireless is the
communication service it provides—sending texts, completing phone calls, and
connecting customers to the Internet
Place - Place is concerned with all the decisions involved in getting the right product to
the target market's Place. A product isn't much good to a customer if it isn't available
when and where it's wanted.
A product reaches customers through a channel of distribution. A channel of
distribution is any series of firms (or individuals) that participate in the flow of products
from producer to final user or consumer
Promotion - is concerned with telling the target market or others in the channel of
distribution about the right product. Sometimes promotion is focused on acquiring new
Accurate Answers
Define customer satisfaction - ANSWER is the extent to which a firm fulfills a customer's
needs, desires, and expectations.
What are the Universal functions of marketing? - ANSWER are buying, selling,
transporting, storing, standardization and grading, financing, risk taking, and market
information. They must be performed in all macro-marketing systems.
selling function - ANSWER involves promoting the product. It includes the use of
personal selling, advertising, customer service, and other direct and mass selling
methods to tell customers about the product. This is probably the most visible function
of marketing.
transporting function - ANSWER means the movement of goods from one place to
another
storing function - ANSWER involves holding goods until customers need them.
Standardization and grading - ANSWER involve sorting products according to size and
quality. This makes buying and selling easier because it reduces the need for inspection
and sampling
Financing - ANSWER provides the necessary cash and credit to produce, transport,
store, promote, sell, and buy products.
Risk taking - ANSWER involves bearing the uncertainties that are part of the marketing
process. A firm can never be sure that customers will want to buy its products. Products
can also be damaged, stolen, or outdated
Identify what must occur for marketing to take place - ANSWER
, Explain the marketing concept and how it should guide firms - ANSWER
definition of marketing provided in text book - ANSWER Marketing is the performance of
activities that seek to accomplish an organization's objectives by anticipating customer
or client needs and directing a flow of need-satisfying goods and services from
producer to customer or client
Explain the concept of the triple bottom line? - ANSWER which measures an
organization's economic, social, and environmental outcomes—as a measure of
long-term success. Profit is the economic outcome. Social refers to how the company's
business activities affect its employees and other people in the communities where it
operates. The third bottom line takes into account environmental responsibility, usually
seeking to at least not harm the natural environment. Together, these are sometimes
referred to as measures of people, planet, and profit
Production and market orientations - ANSWER
Chapter 2 - ANSWER
4Ps" - ANSWER Product - The Product area is concerned with developing the right
"product" for the target market. This offering may involve a physical good, a service, or
a blend of both. Whereas Coke Zero Sugar, Jeep Wrangler, and the Samsung Galaxy
phone are physical Page 37goods, the product for Verizon Wireless is the
communication service it provides—sending texts, completing phone calls, and
connecting customers to the Internet
Place - Place is concerned with all the decisions involved in getting the right product to
the target market's Place. A product isn't much good to a customer if it isn't available
when and where it's wanted.
A product reaches customers through a channel of distribution. A channel of
distribution is any series of firms (or individuals) that participate in the flow of products
from producer to final user or consumer
Promotion - is concerned with telling the target market or others in the channel of
distribution about the right product. Sometimes promotion is focused on acquiring new
