Mike Brady's view of Marketing correct answers "The aim of marketing is to make selling unnecessary"
"The aim of marketing is to know and understand customers so well that the product or service fits them and sells itself," who said this? correct answers Peter Drucker
Why do you buy a product...
MAR 3023 Exam 1 || with Complete Solutions.
Mike Brady's view of Marketing correct answers "The aim of marketing is to make selling
unnecessary"
"The aim of marketing is to know and understand customers so well that the product or service
fits them and sells itself," who said this? correct answers Peter Drucker
Why do you buy a product? correct answers Marketing
What is perhaps the most core marketing function? correct answers Product Development
What are the 4 P's of Marketing? correct answers Product, Price, Place, and Promotion
What is the 1st goal of marketing? correct answers To identify unmet consumer needs and then
develop products that fill those needs
What connects marketing to other aspects of business (economics, accounting, finance)? correct
answers Price
What drives all financial indicators? correct answers Price
Price has to be at a level that what? correct answers Maximizes profit
What is it called when marketers get products to where people are? correct answers Distribution
What is the pathway for products to get to consumers? correct answers Manufacturer -
Wholesale - Retailer - Consumer
What are three things that Great Marketers do? correct answers 1. Develop products that people
want or need
2. Price them at a level that maximizes profit
3. Distribute them to where consumers are
Over time, what forces firms to promote their products in order to differentiate them? correct
answers Competitors
If marketers hit their mark with the ______, there's little need to advertise. correct answers
Product, price, and distribution
What is the foundation of every business? correct answers Marketing
, _____ is the process by which companies determine what products or services may be of interest
to consumers, and the strategy to use in sales, communications, and business developments.
correct answers Marketing
What to competitors do to companies? And what does it create a need for? correct answers They
create a need for companies to convince and remind customers that their product is different,
better, and more socially acceptable than other similar products.
It creates a need for promotion.
Does Publix manufacture their own products? correct answers No, they contract other companies
to manufacture their products. Pillsbury makes their muffins, Reynolds Wrap makes their
aluminum foil, etc.
Name the 7 Eras of Marketing, in order, with approximate dates. correct answers Simple Trade
Era (Pre 1860s), Production Era (1860s-1920s), Sales Era (1920s-1940s), Marketing Department
Era (1940s-1960s), Marketing Company Era (1960s-1990s), Relationship Marketing Era (1990s-
2010), Social Mobile Marketing Era (2010-Present)
Simple Trade Era correct answers 1. Pre 1860s
2. Products were made by hand, grown, or traded in small quantities
3. It was very inefficient and there was very little variety
Production Era correct answers 1. Pre-1920s
2. There was Technological Development and people wanted the products because it was much
easier than making it themselves
3. Ford Model T - As Long As It's Black (only thing available, they controlled the market)
Sales Era correct answers 1. 1920s
2. Companies had to change people's minds and convince consumers to spend their scarce money
3. There was a focus on:
-selling what they made
-aggressive promotion
-short term profit maximization
The Marketing Era correct answers 1.1940s-1990s
2. The Great Awakening where customers became the central focus of the organization
3. Began with the development of marketing departments (1940-1960) and then transferred to the
rest of the firm (1960-1990s)
4. Universities didn't offer marketing majors until the 1960s
5. There was a focus on:
-customer is key
-made what they sold
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