Exam (elaborations)
MKT 300 EXAM 1 With Verified Solutions 2024
MKT 300 EXAM 1 With Verified Solutions 2024
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mkt 300 exam 1 with verified solutions 2024
one of these is not part of the marketing mix
for hot diggity which one part of the marketing m
what does it mean to be customer focused as oppos
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MKT 300 EXAM 1 With Verified Solutions
2024
One .of .these .is .NOT .part .of .the .Marketing .Mix:
A) .Price
B) .Product
C) .Purchasing .
D) .Distribution
E) .Promotion .- .correct .answer .C) .Purchasing
For .Hot .Diggity, .which .one .part .of .the .marketing .mix .is .most .flexible .(easiest .and .quickest
.to .change)?
A) .Promotion
B) .Distribution
C) .Price .
D) .Product .- .correct .answer .C) .Price
What .does .it .mean .to .be .customer .focused .(as .opposed .to .company-focused .or .product-
focused)? .- .correct .answer.Companies .define .their .products .not .as .what .they .make .or
.produce, .but .as .what .they .do .to .satisfy .customers.
A .specific .group .of .customers .on .whom .an .organization .focuses .its .marketing .efforts: .-
.correct .answer.Target .Market
In .marketing .- .Why .companies .should .define .themselves .by .the .benefits .they .offer .rather
.than .by .the .products .they .sell? .- .correct .answer.There .should .be .an .exchange .of .value.
Why .part .of .our .brains .(the .mesolimbic .dopamine .system) .makes .it .difficult .to .keep .a
.consistent
customer .focus? .- .correct .answer.Hot .spots .in .the .brain .show .heightened .activity .in .the
.region .of .the .brain .associated .with .pleasure, .like .food, .money .or .sex. .Those .same
.regions .are
triggered .when .we .talk .about .ourselves.
,The .four .components .of .the .marketing .mix: .- .correct .answer.Product, .Price, .Promotion,
.Distribution .(Place)
Marketing .Mix .- .Product: .- .correct .answer.*A ."product" .can .be .a .good, .a .service, .or .an
.idea*
- .Good .- .A .physical .entity .that .you .can .touch
- .Service .- .involves .human .(and .maybe .mechanical) .efforts .to .provide .intangible .benefits
- .Idea .- .A .concept, .a .philosophy, .an .image, .or .an .issue
- .The .product .also .involves .features, .packaging, .support .(like .warranty .and
repair .services) .and .more
- .Marketers .make .product .variable .decisions .to .relate .to .customers' .needs .and .wants
PRODUCT .EXAMPLE: .- .correct .answer.CHEERIOS
- .Ingredients .(incl. .gluten- .free)
- .Packaging .
- .Branding .
- .Shapes
- .etc
Marketing .Mix .- .Price: .- .correct .answer.*Price .is .a .critical, .comparable .part .of .the .mix*
- .Can .be .used .as .a .competitive .tool
- .Can .position .your .product .with .a .premium .image
- .Must .be .considered .in .terms .of .your .own .costs .of .providing .the .product
- .Is .the .most .flexible, .easy-to-change .component .of .the .marketing .mix
Marketing .Mix .- .Promotion: .- .correct .answer.*Promotion .involves .communication
.activities .and .selling.*
.It .can:
- .Increase .public .awareness .of .the .organization .and .of .new .or .existing .products
- .Help .create .a .direct .response .such .as .accessing .a .website .to .order .a .product
- .Inform .customers .about .product .features
- .Persuade .people .to .take .a .particular .stance .on .a .political .or .social .issue
- .Remind .people .and .reinforce .interest .in .established .products
Where .do .you .think .each .of .these .CocaCola .products .should .be .classified .as .a .star, .cash
.cow, .dog, .or .question .mark?
A) .Coca-Cola .soft .drink
B) .Sprite .Zero .soft .drink
C) .Hi-C .juice .drink
D) .Dasani .bottled .water .- .correct .answer.A) .Coca-Cola .soft .drink .- .Cash .Cow
B) .Sprite .Zero .soft .drink .- .Star
, C) .Hi-C .juice .drink .- .Dog?
D) .Dasani .bottled .water .- .Star
*Probably .Will .Not .Be .On .Test... .Maybe .Open .Ended*
When .the .NBA .invested .money .and .years .of .negotiations .to .bring .televised .basketball
.games .to .China, .it .used .this .strategy:
a) .Diversification
b) .Product .Development
c) .Market .Development
d) .Market .Penetration .- .correct .answer.
Which .Marketing-Mix .is .the .easiest .to .change?
A) .Price
B) .Distribution ."Place"
C) .Promotion
D) .Product .- .correct .answer.A) .Price
Which .Marketing-Mix .is .most .difficult .to .change?
A) .Price
B) .Distribution ."Place"
C) .Promotion
D) .Product .- .correct .answer.
What .is .a ."stakeholder" .for .a .typical .company? .- .correct .answer.Stakeholders .are .all .of
.the .constituents .who .have .a ."stake," .or .claim, .in .some .aspect .of .a .company's .products,
.operations, .markets, .industry, .and .outcomes.
Consider .a ."Doggie .Day .Camp" .business:
- .Product? .
- .Price? .
- .Distribution ."Place" .? .
- .Promotion? .- .correct .answer.PRODUCT: .(all .of .the .services .they .offer .- .day .camp,
.boarding, .baths, .etc)
PRICE: .(what .they .charge .for .each .service)
DISTRIBUTION: .(location .of .the .business, .hours, .whether .they .offer .pickup/delivery)
PROMOTION: .(advertising, .website, .social .media, .communicating .the .business .value)
Why .should .marketers .consider ."stakeholders" .to
some .extent .when .setting .plans? .- .correct .answer.