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Principles of Marketing (MKTG 3310) - Exam 1 || All Correct.
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What type of misconception is the idea that "the lower price is always better?" correct answers "misconception that Marketing is common sense" -ex.: Walmart is cheaper but customer service is awful What is the reality of the matter that "lowest price is NOT always better" correct answers some...

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  • August 23, 2024
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Principles of Marketing (MKTG 3310) - Exam 1 || All
Correct.
What type of misconception is the idea that "the lower price is always better?" correct answers
"misconception that Marketing is common sense"

-ex.: Walmart is cheaper but customer service is awful

What is the reality of the matter that "lowest price is NOT always better" correct answers
sometimes higher prices are better

-ex.: wine

(shows quality)

What type of misconception is the idea that "better service leads to higher profits?" correct
answers "misconception that Marketing is common sense"

-ex.: Walmart is cheaper and diritier, but Target is more pricey but nicer

What is the reality of the matter that "better service leads to higher profits?" correct answers
people will pay for a certain level of service

*you get what you pay for*

What type of misconception is the idea that "more choice is better?" correct answers
"misconception that Marketing is common sense"

What is the reality of the matter that "more choice is better?" correct answers limited choices are
better for BOTH the customer and the company

-Company: less stuff to deal with (less product to make and market)
[The more you have the more you have to manage (most companies have their own
conglomerate little sections - ex.: Johnson and Johnson contacts)]

-Customer: so many choices are confusing & overwhelming (ex.: 50 different brands of mustard)
[- Reason many companies went out of business (Walmart ran them out of business - little stores
had too much despaired inventory - Ex.: car lot inventory]
[- Specialty retailers make life easier (ex.: PetSmart - can answer questions about pet food and
more expertise)]

What does this quote debunk about common myth about marketing:

"Sales is irrelevant if marketing is doing its job" correct answers "misconception that Marketing
is Equivalent to Sales and Advertising"

,What is the reality of the matter that "marketing is the same as sales and advertising?" correct
answers Marketing is a much broader concept that also includes product design, pricing,
choosing where, when, and how to sell products to customers, and a variety of other decisions

What are the 4 P's of Marketing? correct answers Product, Price, Place, Promotion

Give an example of the 4 P's of Marketing in action in a business, namely Apple. correct answers
when introducing a new iPhone, Apple has to decide which feature it should have (product), how
much it should sell for (price), where to sell it (place), and how to persuade people to buy it
(promotion)

What is the reality of the misconception that "Marketing Makes people buy things they don't
need"? correct answers "Marketing doesn't influence needs, really - marketing influences wants"

-Marketing can influence wants
-Customer has control and only buys things for which he or she has demand

What are the definitonal statistics behind the misconception that "Marketing Makes people buy
things they don't need"? correct answers -Need: a lack of means of subsistence
-Want: desire for something that fulfills a need
-Demand: want plus buying power AND willingness

What is the reality behind the misconception that "Marketing is an art, and you either have the
gift or you don't?" correct answers "marketing is a grind" - you can come up with a good new
idea

-Creativity does NOT guarantee marketing success

-The list of clever ad campaigns and brands that created buzz but then failed is quite long
[ Ex.: Pets.com ads...... Pets.com performance
In the 90s there was a huge boom of online businesses]
[Ex.: voter.com during 2000 presidential election b/t Bush and Gore
Sold it for millions but it died out quick because there were no more elections]

-There are the companies that plod along with no exciting marketing but are quite successful
[ex.: UPS ; P&G]

-Creativity can enhance good marketing but is not sufficient for success

What is the reality behind the misconception that "Marketing Does Not Involve Numbers?"
correct answers -Marketing is full of numbers
[Will we make or lose moeney?]
[How much should we charge to make a profit?]
[How many customers do we need to cover our expenses?]

, -Marketers need basic math skills

-Anyone who is not comfortable calculating basic marketing functions (i.e.: profit, markup,
margins, breakeven) should not seek a career in marketing

-Most common marketing math involves only addition, subtraction, multiplication, and division

What is the important concept of "margins"? correct answers competition is based on cost - if
you can make and market for a lower cost than competitors then you win, because you don't have
to charge as much for an equal product
(so: what is your cost?)

Where do marktieng funds come from? correct answers PROFIT
(NOT sales - that's revenue. "no one cares about revenue in marketing")

GIve examples of how profit is what funds marketing. correct answers [Ex.: Shark tank!]

[Ex.: took Amazon so long to turn a profit and people just kept pumping money into them
(IPO's) (when investors were funding until it they could turn a profit)]

[Ex.: paying all bills for apartment, then at the end of the day what you have left is your going
out money. That extra money is profit
(That going out and new shirt money is the "profit" the extra.)
(You are marketing with that new makeup and new shirt.)
(PROFIT IS WHERE MARKEITNG MONEY COMES FROM)]

What are the key components of the definition of marketing, according to the AMA? correct
answers -Marketing involves at least 2 parties
-They each have something of value to the other
-They are willing and able to make an exchange

Give our definition of markeitng, for the purpose of this class. correct answers MANAGING
EXCHANGES WITH CUSTOMERS

[Marketing is all about the relationship built between the customer and the business]

What is the importance of good management of exhcanges with customers (AKA: good
marketing)? correct answers Brand loyalty! (relationship b/t 2 parties - hard to switch away from
that brand)
[Ex.: Wendy's, Coke, Chanel, Apple]

Define "market". correct answers the parties as a company or nonprofit organization and its
customers, and the place these parties come together

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