BUS 360 TEST 1 QUESTIONS AND ANSWERS
Chapter 1 - CORRECT ANSWER✅✅Overview of Marketing
Marketing - CORRECT ANSWER✅✅-an organizational function and a set of processes for creating,
capturing, communicating, and delivering value to customers and for managing customer relationships
in ways that benefit the organization and its stakeholders
Marketing Plan - CORRECT ANSWER✅✅-specify the marketing activities for a specific period of time
-a written document composed of an analysis of the current marketing situation, opportunities and
threats for the firm, marketing objectives and strategy specified in terms of the four P's, action
programs, and projected or pro-forma income (and other financial) statements
-Planning Phase
-Implementation Phase
-Control Phase
Exchange - CORRECT ANSWER✅✅-the trade of things of value between the buyer and the seller so that
each is better off as a result
Marketing Mix - CORRECT ANSWER✅✅-four interrelated marketing decision and consequent actions
also known as the four P's
4 P's - CORRECT ANSWER✅✅-Product
-Price
-Place
-Promotion
-comprise the controllable set of decisions/activities that the firm uses to respond to the wants of its
target markets
, Product - CORRECT ANSWER✅✅-to create value by developing a variety of offerings, including goods,
services, and ideas, to satisfy customer needs
Goods - CORRECT ANSWER✅✅-items that you can physically touch.
-Ex: Nike shoes, Pepsi-Cola, etc.
Ideas - CORRECT ANSWER✅✅-include concepts, opinions, and philosophies; intellectual concepts such
as these also can be marketed
Services - CORRECT ANSWER✅✅-intangible customer benefits that are produced by people or
machines and cannot be separated from the producer
-Ex: tickets (whether for airline or sporting event, they are not paying of the ticket stub, but for the
experience), hotels, insurance agencies and spas
Price - CORRECT ANSWER✅✅-everything that the buyer gives up (money, time, energy) in exchange for
the product
Place - CORRECT ANSWER✅✅-represents all the activities necessary to get the product to the right
customer when the customer wants it, i.e. supply chain
Promotion - CORRECT ANSWER✅✅-communication by a marketer that informs, persuades, and
reminds potential buyers about a product or service to influence their opinions or elicit a response
B2C (business-to-consumer) - CORRECT ANSWER✅✅-the process by which businesses sell to consumers
B2B (business-to-business) - CORRECT ANSWER✅✅-selling merchandise or service from one business to
another
C2C (consumer-to-consumer) - CORRECT ANSWER✅✅-consumers sell to other consumers
Chapter 1 - CORRECT ANSWER✅✅Overview of Marketing
Marketing - CORRECT ANSWER✅✅-an organizational function and a set of processes for creating,
capturing, communicating, and delivering value to customers and for managing customer relationships
in ways that benefit the organization and its stakeholders
Marketing Plan - CORRECT ANSWER✅✅-specify the marketing activities for a specific period of time
-a written document composed of an analysis of the current marketing situation, opportunities and
threats for the firm, marketing objectives and strategy specified in terms of the four P's, action
programs, and projected or pro-forma income (and other financial) statements
-Planning Phase
-Implementation Phase
-Control Phase
Exchange - CORRECT ANSWER✅✅-the trade of things of value between the buyer and the seller so that
each is better off as a result
Marketing Mix - CORRECT ANSWER✅✅-four interrelated marketing decision and consequent actions
also known as the four P's
4 P's - CORRECT ANSWER✅✅-Product
-Price
-Place
-Promotion
-comprise the controllable set of decisions/activities that the firm uses to respond to the wants of its
target markets
, Product - CORRECT ANSWER✅✅-to create value by developing a variety of offerings, including goods,
services, and ideas, to satisfy customer needs
Goods - CORRECT ANSWER✅✅-items that you can physically touch.
-Ex: Nike shoes, Pepsi-Cola, etc.
Ideas - CORRECT ANSWER✅✅-include concepts, opinions, and philosophies; intellectual concepts such
as these also can be marketed
Services - CORRECT ANSWER✅✅-intangible customer benefits that are produced by people or
machines and cannot be separated from the producer
-Ex: tickets (whether for airline or sporting event, they are not paying of the ticket stub, but for the
experience), hotels, insurance agencies and spas
Price - CORRECT ANSWER✅✅-everything that the buyer gives up (money, time, energy) in exchange for
the product
Place - CORRECT ANSWER✅✅-represents all the activities necessary to get the product to the right
customer when the customer wants it, i.e. supply chain
Promotion - CORRECT ANSWER✅✅-communication by a marketer that informs, persuades, and
reminds potential buyers about a product or service to influence their opinions or elicit a response
B2C (business-to-consumer) - CORRECT ANSWER✅✅-the process by which businesses sell to consumers
B2B (business-to-business) - CORRECT ANSWER✅✅-selling merchandise or service from one business to
another
C2C (consumer-to-consumer) - CORRECT ANSWER✅✅-consumers sell to other consumers
