busm 20 final Verified Exam Questions and Answers Latest update
2026/2027
Question:
1. marketing
Answer:
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large
Question:
2. *production era
Answer:
The general philosophy was "Produce as much as you can, because there is a limitless market for it."
Question:
3. selling era
Answer:
Most companies emphasized selling and advertising in an effort to persuade consumers to buy existing
products
Question:
4. Marketing Concept Era
Answer:
a 3 part business philosophy: Customer orientation, Service orientation, profit orientation
Question:
5. customer relationship
Answer:
the feelings that a customer has about a store or sales associate and what the sales associate feels about
the customer
Question:
6. Mobile/On-Demand Marketing Era
Answer:
, Question:
7. Concept of customer relationship management (CRM)
Answer:
Learning as much as possible about customers and doing everything you can to satisfy or exceed their
expectations. seek to stimulate long term customer loyalty. ex. social networks, online communities,
and blogs
Question:
8. Definition and value of a product
Answer:
— Any physical good, service, or idea that satisfies a want or need plus anything that would enhance
the product in the eyes of consumers.
Question:
9. Concept of market segmentation, including the various ways
to divide a market (geographic, demographic, psychographic, benefit, volume)
Answer:
Dividing the total market into groups whose members have similar characteristics Geographic
segmentation — Dividing the market by cities, counties, states, or regions Demographic segmentation
— Dividing the market by age, income, and education level Psychographic segmentation — Dividing
the market using the group's values, attitudes, and interest Benefit segmentation — Dividing the
market by determining which benefits of the product to talk about Volume (or usage) segmentation —
Dividing the market usage (volume of use).
Question:
10. Definition of total Everything that consumers evaluate whendeciding whether to buy something
product offer, including how it relates to value
Answer:
Question:
11. *Product line vs.
product mix
Answer:
Product line — A group of products that are physically similar or intended for a similar market. ex.
coca-cola, Diet Coke, Coke Zero Product mix — The combination of product lines offered bya
manufacturer. ex. toothpaste, cosmetics, diapers
2026/2027
Question:
1. marketing
Answer:
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large
Question:
2. *production era
Answer:
The general philosophy was "Produce as much as you can, because there is a limitless market for it."
Question:
3. selling era
Answer:
Most companies emphasized selling and advertising in an effort to persuade consumers to buy existing
products
Question:
4. Marketing Concept Era
Answer:
a 3 part business philosophy: Customer orientation, Service orientation, profit orientation
Question:
5. customer relationship
Answer:
the feelings that a customer has about a store or sales associate and what the sales associate feels about
the customer
Question:
6. Mobile/On-Demand Marketing Era
Answer:
, Question:
7. Concept of customer relationship management (CRM)
Answer:
Learning as much as possible about customers and doing everything you can to satisfy or exceed their
expectations. seek to stimulate long term customer loyalty. ex. social networks, online communities,
and blogs
Question:
8. Definition and value of a product
Answer:
— Any physical good, service, or idea that satisfies a want or need plus anything that would enhance
the product in the eyes of consumers.
Question:
9. Concept of market segmentation, including the various ways
to divide a market (geographic, demographic, psychographic, benefit, volume)
Answer:
Dividing the total market into groups whose members have similar characteristics Geographic
segmentation — Dividing the market by cities, counties, states, or regions Demographic segmentation
— Dividing the market by age, income, and education level Psychographic segmentation — Dividing
the market using the group's values, attitudes, and interest Benefit segmentation — Dividing the
market by determining which benefits of the product to talk about Volume (or usage) segmentation —
Dividing the market usage (volume of use).
Question:
10. Definition of total Everything that consumers evaluate whendeciding whether to buy something
product offer, including how it relates to value
Answer:
Question:
11. *Product line vs.
product mix
Answer:
Product line — A group of products that are physically similar or intended for a similar market. ex.
coca-cola, Diet Coke, Coke Zero Product mix — The combination of product lines offered bya
manufacturer. ex. toothpaste, cosmetics, diapers
