Marketing 401 Exam 1 || Questions and Correct Detailed Answers.
What is marketing? correct answers Official definition: an organizational function and a set of
processes for creating, communicating and delivering value to the consumer and for managing
customer relationships in a way that benefits the organizations and the all stakeholders.
But also:
advertising, promoting, selling products and services,
building customer relationships- trust, loyalty, transparency
researching
communicating value
developing the product or service
What is marketing research? correct answers Research done by a company to see how their
product or service will be received by the market. It allows companies to hear the voice of the
consumer.
Examples of companies who didn't do marketing research: Google Glass- not practical for the
everyday person but google did not research that.
Why is marketing research important? correct answers Gives us a method to communicate with
the consumer and to understand what it is they want.
It provides reliable information, minimizes market failures, allows organizations to revise their
products and services, listen to what consumers are saying.
Production Philosophy correct answers We make it, they'll buy it. Example of a company with
that philosophy: Apple.
Sales Philosophy correct answers we need to sell, no matter what. It's a buyer beware type of
philosophy though
, Marketing Concept correct answers the consumer has choices so we need to listen to the
consumer needs and wants. The seller needs to create value and show their product is superior to
the competition.
What are 3 different philosophies that exist? And which is the best? and why? correct answers
Production, Sales, and Marketing Concept
Marketing concept is the best one because:
-uses the 4 Ps; Product, price, place, promotion
-forces you to take consumers into account and what they want.
-a strategy should involve a plan that should anticipate competitor's reactions
To develop a strategy, managers must make many decisions in order to answer questions such as:
correct answers What is our market?
How do we segment and define that market?
What are the wants and needs of our segment?
Information collected by managers to develop a strategy must be: correct answers 1. Timely i.e.
current and up to date
2. Objective: fact, proven. (can't be subjective or an opinion)
3. Accurate.
4. Constantly updated.
* having only 3 out of 4 of these things may cause an issue
What is marketing research? correct answers the process of designing, gathering, analyzing, and
reporting information that is required to solve a specific marketing problem.
Links the organization with the consumer, and helps them to understand the consumer's
wants/needs
Example: AOL didn't keep up the times, neither did Kodak.
What is marketing? correct answers Official definition: an organizational function and a set of
processes for creating, communicating and delivering value to the consumer and for managing
customer relationships in a way that benefits the organizations and the all stakeholders.
But also:
advertising, promoting, selling products and services,
building customer relationships- trust, loyalty, transparency
researching
communicating value
developing the product or service
What is marketing research? correct answers Research done by a company to see how their
product or service will be received by the market. It allows companies to hear the voice of the
consumer.
Examples of companies who didn't do marketing research: Google Glass- not practical for the
everyday person but google did not research that.
Why is marketing research important? correct answers Gives us a method to communicate with
the consumer and to understand what it is they want.
It provides reliable information, minimizes market failures, allows organizations to revise their
products and services, listen to what consumers are saying.
Production Philosophy correct answers We make it, they'll buy it. Example of a company with
that philosophy: Apple.
Sales Philosophy correct answers we need to sell, no matter what. It's a buyer beware type of
philosophy though
, Marketing Concept correct answers the consumer has choices so we need to listen to the
consumer needs and wants. The seller needs to create value and show their product is superior to
the competition.
What are 3 different philosophies that exist? And which is the best? and why? correct answers
Production, Sales, and Marketing Concept
Marketing concept is the best one because:
-uses the 4 Ps; Product, price, place, promotion
-forces you to take consumers into account and what they want.
-a strategy should involve a plan that should anticipate competitor's reactions
To develop a strategy, managers must make many decisions in order to answer questions such as:
correct answers What is our market?
How do we segment and define that market?
What are the wants and needs of our segment?
Information collected by managers to develop a strategy must be: correct answers 1. Timely i.e.
current and up to date
2. Objective: fact, proven. (can't be subjective or an opinion)
3. Accurate.
4. Constantly updated.
* having only 3 out of 4 of these things may cause an issue
What is marketing research? correct answers the process of designing, gathering, analyzing, and
reporting information that is required to solve a specific marketing problem.
Links the organization with the consumer, and helps them to understand the consumer's
wants/needs
Example: AOL didn't keep up the times, neither did Kodak.
