BUS 100 Exam 4 – Introduction to Business – 2026 – Study and Practice Guide
Marketing - correct answer ✔✔ the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
Form Utility - correct answer ✔✔ Converting inputs into finished form. Ex: ham, bread, lettuce =
subway sandwich
Time Utility - correct answer ✔✔ Providing goods/services when the customer wants them.Ex:
FedEx overnight
Place Utility - correct answer ✔✔ Providing goods/service where customers want them.Ex:
Starbucks
Ownership Utility - correct answer ✔✔ Smooth transfer of ownership from owner to buyer. Ex:
Amazon
Types of Marketing - correct answer ✔✔ People
Event
Place
Idea
Production Era - correct answer ✔✔ no marketing, consumers bought everything that was
made. Goal was simply to produce as much as possible. Ex: Automobiles
Selling Era - correct answer ✔✔ the supply of products exceeded the demand because people
had less money. The hard sell was developed to convince people to buy.
, Marketing Era - correct answer ✔✔ the idea that customer satisfaction is important. To
compete, firms produce what customers want.
Relationship Era (today) - correct answer ✔✔ create long-term loyalty to customers by listening
to their ideas.
CRM (Customer Relationship Management) - correct answer ✔✔ an effort to acquire, maintain
& grow profitable customers.
Value - correct answer ✔✔ a customer perception that a product has a better relationship than
its competitors in terms of cost/benefit.
BUT - Low cost does not mean value. Value is based on what the customer expects.
Marketing Segmentation - correct answer ✔✔ Divide the market into groups of people and
segments who are potential customers.
Target Market - correct answer ✔✔ the group of people who are most likely to buy a particular
product. Group must be large enough to support a business, have enough money to purchase
your product, and have access to it.
Demographic - correct answer ✔✔ divide the market based on measurable characteristics such
as age, sex, income, race.
Geographic - correct answer ✔✔ divide the market based on location Ex: city vs rural, US vs
European
Psychographic - correct answer ✔✔ dividing the market based on consumer attitudes, interests,
values or lifestyles. Ex: environmentalists, couch potatoes. Fitbit targets active people.
Marketing - correct answer ✔✔ the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large
Form Utility - correct answer ✔✔ Converting inputs into finished form. Ex: ham, bread, lettuce =
subway sandwich
Time Utility - correct answer ✔✔ Providing goods/services when the customer wants them.Ex:
FedEx overnight
Place Utility - correct answer ✔✔ Providing goods/service where customers want them.Ex:
Starbucks
Ownership Utility - correct answer ✔✔ Smooth transfer of ownership from owner to buyer. Ex:
Amazon
Types of Marketing - correct answer ✔✔ People
Event
Place
Idea
Production Era - correct answer ✔✔ no marketing, consumers bought everything that was
made. Goal was simply to produce as much as possible. Ex: Automobiles
Selling Era - correct answer ✔✔ the supply of products exceeded the demand because people
had less money. The hard sell was developed to convince people to buy.
, Marketing Era - correct answer ✔✔ the idea that customer satisfaction is important. To
compete, firms produce what customers want.
Relationship Era (today) - correct answer ✔✔ create long-term loyalty to customers by listening
to their ideas.
CRM (Customer Relationship Management) - correct answer ✔✔ an effort to acquire, maintain
& grow profitable customers.
Value - correct answer ✔✔ a customer perception that a product has a better relationship than
its competitors in terms of cost/benefit.
BUT - Low cost does not mean value. Value is based on what the customer expects.
Marketing Segmentation - correct answer ✔✔ Divide the market into groups of people and
segments who are potential customers.
Target Market - correct answer ✔✔ the group of people who are most likely to buy a particular
product. Group must be large enough to support a business, have enough money to purchase
your product, and have access to it.
Demographic - correct answer ✔✔ divide the market based on measurable characteristics such
as age, sex, income, race.
Geographic - correct answer ✔✔ divide the market based on location Ex: city vs rural, US vs
European
Psychographic - correct answer ✔✔ dividing the market based on consumer attitudes, interests,
values or lifestyles. Ex: environmentalists, couch potatoes. Fitbit targets active people.
