AGEC 340 Final UPDATED QUESTIONS
AND CORRECT ANSWERS
What is the role of marketing in the economy? - CORRECT ANSWER - Increase the level
of consumer satisfaction in the economy
What is the marketing concept? - CORRECT ANSWER - Anticipating the needs of
targeted customers and finding ways to meet those needs profitably
What questions does the mission of marketing answer? - CORRECT ANSWER - What to
produce, how much to produce, when to produce it, who should produce it, and who makes up
the market for the product
What is the heartbeat of the entire business plan? - CORRECT ANSWER - The marketing
strategy
What is product driven marketing? - CORRECT ANSWER - Focuses on producing a
product
What is sales driven marketing? - CORRECT ANSWER - Focuses on communicating the
benefits of the product, "you need this"
What is market driven marketing - CORRECT ANSWER - Focuses on producing a
product based on consumers needs
How does a business earn the right to make a profit? - CORRECT ANSWER - By
satisfying the customers needs
What is the goal of a firms marketing strategy? - CORRECT ANSWER - Create the
foundation for the firms marketing plan and determine the best combination of the four Ps that
will enable it to achieve its financial and marketing objectives
,What is the goal of analyzing the current market situation as a part of a firms strategic marketing
plan? - CORRECT ANSWER - Determining target markets, consumers needs,
preferences, and the market climate
In marketing terminology, what are customers called that respond in a similar fashion to a given
offer? - CORRECT ANSWER - Target market
When a product meets a segments needs better than any other products available, what two
results will occur? - CORRECT ANSWER - People will buy the product and revenue will
increase
What is the difference between market potential and market share? - CORRECT
ANSWER - Market potential represents the total volume of sales in a target market for all
firms. Market share is the actual percentage of sales received from the market potential
What is meant by positioning? - CORRECT ANSWER - Creating a favorable image in the
consumers mind of a specific product
What is a firms competitive advantage? - CORRECT ANSWER - Distinct competencies
one firm has over its competitors
What is a firm's marketing mix? - CORRECT ANSWER - The combination of product,
price, promotion, and place strategies implemented by a firm to place them in their desired
market position
What is a firms value bundle? - CORRECT ANSWER - The set of tangible and intangible
benefits received when a consumer makes a purchase
What is the equation for how consumers define value? - CORRECT ANSWER - Perceived
benefits/perceived costs
, What is an expected product in relation to the total product concept? - CORRECT
ANSWER - The generic product with a base set of features expected by customers, the
bare minimum
What is the generic product in relation to the total product concept? - CORRECT
ANSWER - The standard product with no special services or features
What is the value added product in relation to the total product concept? - CORRECT
ANSWER - The product that provides more than the tangible properties and the minimum
set of services
What is the potential product in relation to the total product concept? - CORRECT
ANSWER - What is the next benefit that customers will seek
List the stages of diffusion - CORRECT ANSWER - Awareness, interest, evaluation, trial,
and adoption
What is awareness? - CORRECT ANSWER - People have heard about the product but
lack enough information to make a purchasing decision
What is interest? - CORRECT ANSWER - A potential customer becomes interested
enough to learn more
What is evaluation? - CORRECT ANSWER - The customer decides whether or not to try
the product
What is trial? - CORRECT ANSWER - The customer samples the product
What is adoption? - CORRECT ANSWER - The customer integrates the product into a
regular use pattern
AND CORRECT ANSWERS
What is the role of marketing in the economy? - CORRECT ANSWER - Increase the level
of consumer satisfaction in the economy
What is the marketing concept? - CORRECT ANSWER - Anticipating the needs of
targeted customers and finding ways to meet those needs profitably
What questions does the mission of marketing answer? - CORRECT ANSWER - What to
produce, how much to produce, when to produce it, who should produce it, and who makes up
the market for the product
What is the heartbeat of the entire business plan? - CORRECT ANSWER - The marketing
strategy
What is product driven marketing? - CORRECT ANSWER - Focuses on producing a
product
What is sales driven marketing? - CORRECT ANSWER - Focuses on communicating the
benefits of the product, "you need this"
What is market driven marketing - CORRECT ANSWER - Focuses on producing a
product based on consumers needs
How does a business earn the right to make a profit? - CORRECT ANSWER - By
satisfying the customers needs
What is the goal of a firms marketing strategy? - CORRECT ANSWER - Create the
foundation for the firms marketing plan and determine the best combination of the four Ps that
will enable it to achieve its financial and marketing objectives
,What is the goal of analyzing the current market situation as a part of a firms strategic marketing
plan? - CORRECT ANSWER - Determining target markets, consumers needs,
preferences, and the market climate
In marketing terminology, what are customers called that respond in a similar fashion to a given
offer? - CORRECT ANSWER - Target market
When a product meets a segments needs better than any other products available, what two
results will occur? - CORRECT ANSWER - People will buy the product and revenue will
increase
What is the difference between market potential and market share? - CORRECT
ANSWER - Market potential represents the total volume of sales in a target market for all
firms. Market share is the actual percentage of sales received from the market potential
What is meant by positioning? - CORRECT ANSWER - Creating a favorable image in the
consumers mind of a specific product
What is a firms competitive advantage? - CORRECT ANSWER - Distinct competencies
one firm has over its competitors
What is a firm's marketing mix? - CORRECT ANSWER - The combination of product,
price, promotion, and place strategies implemented by a firm to place them in their desired
market position
What is a firms value bundle? - CORRECT ANSWER - The set of tangible and intangible
benefits received when a consumer makes a purchase
What is the equation for how consumers define value? - CORRECT ANSWER - Perceived
benefits/perceived costs
, What is an expected product in relation to the total product concept? - CORRECT
ANSWER - The generic product with a base set of features expected by customers, the
bare minimum
What is the generic product in relation to the total product concept? - CORRECT
ANSWER - The standard product with no special services or features
What is the value added product in relation to the total product concept? - CORRECT
ANSWER - The product that provides more than the tangible properties and the minimum
set of services
What is the potential product in relation to the total product concept? - CORRECT
ANSWER - What is the next benefit that customers will seek
List the stages of diffusion - CORRECT ANSWER - Awareness, interest, evaluation, trial,
and adoption
What is awareness? - CORRECT ANSWER - People have heard about the product but
lack enough information to make a purchasing decision
What is interest? - CORRECT ANSWER - A potential customer becomes interested
enough to learn more
What is evaluation? - CORRECT ANSWER - The customer decides whether or not to try
the product
What is trial? - CORRECT ANSWER - The customer samples the product
What is adoption? - CORRECT ANSWER - The customer integrates the product into a
regular use pattern
