MAR 3023 FINAL EXAM 1 QUESTIONS & ANSWERS 2024/2025
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Course
MAR 3023
Institution
MAR 3023
MAR 3023 FINAL EXAM 1 QUESTIONS & ANSWERS 2024/2025
What is marketing? - ANSWERSProduct development to satisfy unmet consumer needs
Great Marketing (3 things) - ANSWERS1. Develop products that people want or need
2. Price them at a level that maximizes profits
3. Distribute them to where ...
MAR 3023 FINAL EXAM 1 QUESTIONS &
ANSWERS 2024/2025
What is marketing? - ANSWERSProduct development to satisfy unmet consumer needs
Great Marketing (3 things) - ANSWERS1. Develop products that people want or need
2. Price them at a level that maximizes profits
3. Distribute them to where consumers are
Marketing Defininition - ANSWERSThe process by which companies determine what products or services
may be of interest to customers and the strategy to use in sales, communications and business
development
Simple Trade Era - ANSWERS(Pre-1860's) Products were made by hand, grown, or traded in small
quantites. It lasted up until the Industrial Revolution
Production Era - ANSWERS(Pre-1920's) Demand exceeded supply. Model T, demand was there so Ford
could afford to make one color. Inward focus, technical development
Sales Era - ANSWERS(1920's) Sell what we make. "Changing their minds". Focus on: aggressive
promotion (vaccuum). Short term profit maximization
Marketing Era - ANSWERS(1940's-1990's) Customers became the central focus of the organization. Make
what we sell
Relationship Marketing Era - ANSWERS(1920's-2010) Long term relations and customer retention.
Rewards Cards. Chick fil a and Disney
Societal Marketing Era - ANSWERS(1960's-present) Green Marketing. Add society's best interest into the
mix. Corporate social repsonsibility. Firm now serves 3 entities (stockholders, customers, society)
, The 4 P's - ANSWERSProduct: speaks to customers needs
Place: makes products avalible in quantities desired
Promotion: inform individuals or groups about the organizaition and its product services (adverstising,
public relations, personal selling, promotions, gorilla marketing, viral marketing)
Pricing: decisions and actions associated with establishing pricing objectives and policies
SBU - ANSWERSStrategic business unit: a division or unity within a larger parent company
Origins of Marketing Strategy - ANSWERSMission satement, coporate strategy, business unit strategy,
marketing strategy, 4 P's
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