BCOR 2201 - Marketing Midterm 1 Exam Test with Answers Rated A
The art and science of creating value by designing and
Marketing managing successful exchanges through implementation
of the marketing mix.
Goal of Marketing To create exchange.
The trade of things of value between buyer and seller so
Exchange
that each is better ott after the trade.
When a person feels deprived of basic necessities such as
Need
food, clothing, and shelter.
A need that is shaped by a person's knowledge, culture,
Want
and personality.
People with both the desire and ability to buy a specific
Market
ottering.
One or more specific groups of potential consumers to-
Target Market
ward which an organization directs its marketing program.
Product
Price
4 P's of Marketing
Place
Promotion
Product A good, service, or idea to satisfy the consumer's needs.
Price What is exchanged for the product.
Place A means of getting the product to the consumer.
The means of communication between the buyer and the
Promotion
seller.
The benefits or customer value received by users of the
Utility
product.
Form Utility The production of the product or service.
Place Utility Having the product/service where consumers need it.
Time Utility 1/6
, BCOR 2201 - Marketing Midterm 1 Exam Test with Answers Rated A
Having the product/service available when the consumers
need it.
Possession Utility Making the product attordable, ease of payment.
Service Utility Value created through customer services.
This is marketing because ads were geared towards the
Colombia Article target market of guerrilla soldiers in an attempt to get
them to stop.
The relatively homogeneous group of prospective buyers
Market Segment that (1) have common needs, and (2) will respond simi-
larly to a marketing action.
A plan that integrates the marketing mix to provide a good,
Marketing Program
service, or idea to prospective buyers.
An organization's long-term course of action designed to
Strategy deliver a unique customer experience while achieving its
goals.
A unit of the company that has a separate mission and
Strategic Business Unit (SBU) objectives and that can be planned independently from
other company businesses.
A technique that managers use to quantify performance
Business Portfolio Analysis measures and growth targets of their firms' strategic busi-
ness units.
Question Mark - Low market share and high growth rate.
Star - High market share and high growth rate.
BCG Matrix
Cash Cow - High market share and low growth rate.
Dog - Low market share and low growth rate.
Balance and diversify the business portfolio. Where to
Goal of BCG Matrix
allocate money (investing) and future strategy planning.
Organizational Direction The "business" an organization is in and its specific goals.
The 5 C's 2/6
The art and science of creating value by designing and
Marketing managing successful exchanges through implementation
of the marketing mix.
Goal of Marketing To create exchange.
The trade of things of value between buyer and seller so
Exchange
that each is better ott after the trade.
When a person feels deprived of basic necessities such as
Need
food, clothing, and shelter.
A need that is shaped by a person's knowledge, culture,
Want
and personality.
People with both the desire and ability to buy a specific
Market
ottering.
One or more specific groups of potential consumers to-
Target Market
ward which an organization directs its marketing program.
Product
Price
4 P's of Marketing
Place
Promotion
Product A good, service, or idea to satisfy the consumer's needs.
Price What is exchanged for the product.
Place A means of getting the product to the consumer.
The means of communication between the buyer and the
Promotion
seller.
The benefits or customer value received by users of the
Utility
product.
Form Utility The production of the product or service.
Place Utility Having the product/service where consumers need it.
Time Utility 1/6
, BCOR 2201 - Marketing Midterm 1 Exam Test with Answers Rated A
Having the product/service available when the consumers
need it.
Possession Utility Making the product attordable, ease of payment.
Service Utility Value created through customer services.
This is marketing because ads were geared towards the
Colombia Article target market of guerrilla soldiers in an attempt to get
them to stop.
The relatively homogeneous group of prospective buyers
Market Segment that (1) have common needs, and (2) will respond simi-
larly to a marketing action.
A plan that integrates the marketing mix to provide a good,
Marketing Program
service, or idea to prospective buyers.
An organization's long-term course of action designed to
Strategy deliver a unique customer experience while achieving its
goals.
A unit of the company that has a separate mission and
Strategic Business Unit (SBU) objectives and that can be planned independently from
other company businesses.
A technique that managers use to quantify performance
Business Portfolio Analysis measures and growth targets of their firms' strategic busi-
ness units.
Question Mark - Low market share and high growth rate.
Star - High market share and high growth rate.
BCG Matrix
Cash Cow - High market share and low growth rate.
Dog - Low market share and low growth rate.
Balance and diversify the business portfolio. Where to
Goal of BCG Matrix
allocate money (investing) and future strategy planning.
Organizational Direction The "business" an organization is in and its specific goals.
The 5 C's 2/6
