BCOR 2201 Marketing Final Review |\ |\ |\ |\ |\
questions with answers |\ |\
Marketing definition - CORRECT ANSWERS ✔✔Marketing is
|\ |\ |\ |\ |\ |\
the activity or creating, communication, delivering, and
|\ |\ |\ |\ |\ |\ |\ |\
exchanging offerings that have utility (value) for |\ |\ |\ |\ |\ |\ |\
customers, and these exchanges benefit the organization,
|\ |\ |\ |\ |\ |\
its stakeholders, and society at large
|\ |\ |\ |\ |\ |\
What is marketing? - CORRECT ANSWERS ✔✔facilitates
|\ |\ |\ |\ |\ |\ |\
exchanges between buyers and sellers to create value by
|\ |\ |\ |\ |\ |\ |\ |\ |\
using tools provided in the 4 P's
|\ |\ |\ |\ |\ |\
Controllable factors in the marketing mix (4 P's) - |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Product: good or service that
|\ |\ |\ |\ |\ |\ |\
satisfies a need (an idea can also be marketed)
|\ |\ |\ |\ |\ |\ |\ |\
Price: what is exchanged representing the value
|\ |\ |\ |\ |\ |\
Place: means of getting the product to the consumer
|\ |\ |\ |\ |\ |\ |\ |\
Promotion: means of communication between buyer and|\ |\ |\ |\ |\ |\ |\
seller
Uncontrollable factors - CORRECT ANSWERS ✔✔social, |\ |\ |\ |\ |\ |\
economic, technological, competitive, regulatory,
|\ |\ |\ |\
environmental
,Form utility - CORRECT ANSWERS ✔✔producing/offering
|\ |\ |\ |\ |\ |\
the product in a form that is more valuable (right size,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
right flavor, assembled)
|\ |\ |\
ex.) grill |\
Possession utility - CORRECT ANSWERS ✔✔Creating value
|\ |\ |\ |\ |\ |\
by making it easier to purchase/facilitating easier
|\ |\ |\ |\ |\ |\ |\ |\
possession (credit terms, mobile payment) |\ |\ |\ |\
ex.) credit card
|\ |\
Time utility - CORRECT ANSWERS ✔✔Creating value by
|\ |\ |\ |\ |\ |\ |\ |\
accommodating the time needs of the consumer (fast |\ |\ |\ |\ |\ |\ |\ |\
delivery, late night hours) - having it available when you
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
need it |\
ex.) FedEx |\
Place utility - CORRECT ANSWERS ✔✔Creating value by
|\ |\ |\ |\ |\ |\ |\ |\
having the product available where you are/where you
|\ |\ |\ |\ |\ |\ |\ |\
need it |\
ex.) airline
|\
SBU - CORRECT ANSWERS ✔✔Strategic business unit: a
|\ |\ |\ |\ |\ |\ |\ |\
unit of a company that has a separate mission and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
, objectives and that can be planned independently from
|\ |\ |\ |\ |\ |\ |\ |\
other company businesses
|\ |\
-Company division |\
-Product line within a division |\ |\ |\ |\
-Sometimes a single brand or product |\ |\ |\ |\ |\
5 C's - CORRECT ANSWERS ✔✔company, customers,
|\ |\ |\ |\ |\ |\ |\
competitors, collaborators, context |\ |\
BCG Matrix - CORRECT ANSWERS ✔✔analyzes business
|\ |\ |\ |\ |\ |\ |\
opportunities according to market growth rate and market |\ |\ |\ |\ |\ |\ |\
share
|\
Question marks (BCG Matrix) - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔high growth, low market share
|\ |\ |\ |\
most businesses start off as question marks; absorb great
|\ |\ |\ |\ |\ |\ |\ |\
amounts of cash; have potential to become anything;
|\ |\ |\ |\ |\ |\ |\ |\ |\
investment should be high for question marks |\ |\ |\ |\ |\ |\
Stars (BCG Matrix) - CORRECT ANSWERS ✔✔high growth,
|\ |\ |\ |\ |\ |\ |\ |\
high market share
|\ |\
stars are leaders in business; they require heavy
|\ |\ |\ |\ |\ |\ |\ |\
investment to maintain its large market share |\ |\ |\ |\ |\ |\
questions with answers |\ |\
Marketing definition - CORRECT ANSWERS ✔✔Marketing is
|\ |\ |\ |\ |\ |\
the activity or creating, communication, delivering, and
|\ |\ |\ |\ |\ |\ |\ |\
exchanging offerings that have utility (value) for |\ |\ |\ |\ |\ |\ |\
customers, and these exchanges benefit the organization,
|\ |\ |\ |\ |\ |\
its stakeholders, and society at large
|\ |\ |\ |\ |\ |\
What is marketing? - CORRECT ANSWERS ✔✔facilitates
|\ |\ |\ |\ |\ |\ |\
exchanges between buyers and sellers to create value by
|\ |\ |\ |\ |\ |\ |\ |\ |\
using tools provided in the 4 P's
|\ |\ |\ |\ |\ |\
Controllable factors in the marketing mix (4 P's) - |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Product: good or service that
|\ |\ |\ |\ |\ |\ |\
satisfies a need (an idea can also be marketed)
|\ |\ |\ |\ |\ |\ |\ |\
Price: what is exchanged representing the value
|\ |\ |\ |\ |\ |\
Place: means of getting the product to the consumer
|\ |\ |\ |\ |\ |\ |\ |\
Promotion: means of communication between buyer and|\ |\ |\ |\ |\ |\ |\
seller
Uncontrollable factors - CORRECT ANSWERS ✔✔social, |\ |\ |\ |\ |\ |\
economic, technological, competitive, regulatory,
|\ |\ |\ |\
environmental
,Form utility - CORRECT ANSWERS ✔✔producing/offering
|\ |\ |\ |\ |\ |\
the product in a form that is more valuable (right size,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
right flavor, assembled)
|\ |\ |\
ex.) grill |\
Possession utility - CORRECT ANSWERS ✔✔Creating value
|\ |\ |\ |\ |\ |\
by making it easier to purchase/facilitating easier
|\ |\ |\ |\ |\ |\ |\ |\
possession (credit terms, mobile payment) |\ |\ |\ |\
ex.) credit card
|\ |\
Time utility - CORRECT ANSWERS ✔✔Creating value by
|\ |\ |\ |\ |\ |\ |\ |\
accommodating the time needs of the consumer (fast |\ |\ |\ |\ |\ |\ |\ |\
delivery, late night hours) - having it available when you
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
need it |\
ex.) FedEx |\
Place utility - CORRECT ANSWERS ✔✔Creating value by
|\ |\ |\ |\ |\ |\ |\ |\
having the product available where you are/where you
|\ |\ |\ |\ |\ |\ |\ |\
need it |\
ex.) airline
|\
SBU - CORRECT ANSWERS ✔✔Strategic business unit: a
|\ |\ |\ |\ |\ |\ |\ |\
unit of a company that has a separate mission and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
, objectives and that can be planned independently from
|\ |\ |\ |\ |\ |\ |\ |\
other company businesses
|\ |\
-Company division |\
-Product line within a division |\ |\ |\ |\
-Sometimes a single brand or product |\ |\ |\ |\ |\
5 C's - CORRECT ANSWERS ✔✔company, customers,
|\ |\ |\ |\ |\ |\ |\
competitors, collaborators, context |\ |\
BCG Matrix - CORRECT ANSWERS ✔✔analyzes business
|\ |\ |\ |\ |\ |\ |\
opportunities according to market growth rate and market |\ |\ |\ |\ |\ |\ |\
share
|\
Question marks (BCG Matrix) - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔high growth, low market share
|\ |\ |\ |\
most businesses start off as question marks; absorb great
|\ |\ |\ |\ |\ |\ |\ |\
amounts of cash; have potential to become anything;
|\ |\ |\ |\ |\ |\ |\ |\ |\
investment should be high for question marks |\ |\ |\ |\ |\ |\
Stars (BCG Matrix) - CORRECT ANSWERS ✔✔high growth,
|\ |\ |\ |\ |\ |\ |\ |\
high market share
|\ |\
stars are leaders in business; they require heavy
|\ |\ |\ |\ |\ |\ |\ |\
investment to maintain its large market share |\ |\ |\ |\ |\ |\
