MCS 1000 Final UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
, What is marketing? A set of business practices designed to plan for
and present an organization's products or services
in ways that build effective customer relationships
Core aspects of marketing Create value
-Satisfy customer needs and wants
-Entails an exchange
-Requires price place and promotion decisions
-Preformed by both individuals and organizations
-Occurs in many settings
What does it mean to satisfy Needs: Basic necessities
customer needs and wants? Want: How to fufill that need
Target markets Customer segment to whom the firm is interested
in selling its products and services
Entials a marketing exchange Occurs between any two parties
What can an exchange entail? -money for a good and service
-information for convenience
Product Goods, services and ideas
Ideas include thoughts, opinions, and philosophies, and
intellectual concepts which can be marketed.
Price Everything the buyer gives up in exchange for the
product
AND CORRECT ANSWERS
, What is marketing? A set of business practices designed to plan for
and present an organization's products or services
in ways that build effective customer relationships
Core aspects of marketing Create value
-Satisfy customer needs and wants
-Entails an exchange
-Requires price place and promotion decisions
-Preformed by both individuals and organizations
-Occurs in many settings
What does it mean to satisfy Needs: Basic necessities
customer needs and wants? Want: How to fufill that need
Target markets Customer segment to whom the firm is interested
in selling its products and services
Entials a marketing exchange Occurs between any two parties
What can an exchange entail? -money for a good and service
-information for convenience
Product Goods, services and ideas
Ideas include thoughts, opinions, and philosophies, and
intellectual concepts which can be marketed.
Price Everything the buyer gives up in exchange for the
product
