MARKETING 201 MIDTERM 1 REVIEW DREXEL UNIVERSITY (CH 1,2,5,6,9 & 10) UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MARKETING 201 MIDTERM 1 REVIEW DREXEL
UNIVERSITY (CH 1,2,5,6,9 & 10) UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
Marketing
Answer:
the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offers that have value for customers, clients, partners,
and society at large.

Question:
Exchange
Answer:
the trade of things of value between the buyer and the seller so that each is
better off as a result.

Question:
Psychological Needs
Answer:
pertain to the personal gratification consumers associate with a product and/or
service.

Question:
Product
Answer:
the fundamental purpose of marketing is to create value by developing a variety
of offerings, including goods, services and ideas to satisfy customer needs.

Question:
describes all activities necessary to get the product to the right customer when
the customer wants it.
Answer:
Place

Question:
Promotion
Answer:
communication by a marketer that informs, persuades and reminds potential
buyers about a product or service in influence their opinions or elicit a response.

Question:
products or services toward which the customer shows a strong preference and
for which he or she will expend considerable effort to search for the best
suppliers.
Answer: