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BUS 343 midterm Questions and
Correct Answers the Latest Update
What is Marketing?
✓ - Creating value for customers
✓ - Satisfying needs and wants
✓ - Building strong customer relationships
Goals of Marketing
✓ - Attract new customers
✓ -Keep and grow current customers
4 P's of Marketing
✓ Product, Price, Place, Promotion
The 5 Step Marketing Process
✓ Research, Design strategy, Implement, Monitor/Control, Equity
Research
✓ The 5 Step Marketing Process: Understand the marketplace and customer needs and
wants
Design Strategy
✓ The 5 Step Marketing Process: Design a customer driven marketing strategy
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Implement
✓ The 5 Step Marketing Process: Construct an integrated marketing program that
delivers superior value
Monitor/Control
✓ The 5 Step Marketing Process: Build profitable relationships and create customer
delight
Equity
✓ The 5 Step Marketing Process: Capture value from customers to create profits and
customer equity
Consumers' Basic Needs
✓ Physical, Social, Individual
Physical
✓ Consumers' Basic Needs: Food, clothing, warmth, safety
Social - Basic Needs
✓ Consumers' Basic Needs: Belonging, affiliation
Individual
✓ Consumers' Basic Needs: Self-esteem, self-expression, knowledge
Strategic Planning
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✓ the process of developing and maintaining a strategic fit between the company's goals
and capabilities and its changing marketing opportunities
Mission Statement
✓ a statement of the organization's purpose - what it wants to accomplish in the larger
environment
SWOT analysis
✓ strengths, weaknesses, opportunities, threats
Internal - Strengths
✓ SWOT analysis: internal capabilities that may help a company reach its objectives
Internal - Weaknesses
✓ SWOT analysis: Internal limitations that may interfere with a company's ability to
achieve its objectives
External - Opportunities
✓ SWOT analysis: External factors that the company may be able to exploit to its
advantage
External - Threats
✓ SWOT analysis: Current and emerging external factors that may challenge the
company's performance
Consumer
Examify | Smart Grades | Latest update
#ExamPreparation | #QuizTime | #LearningTools | #Education | #StudentSupport
BUS 343 midterm Questions and
Correct Answers the Latest Update
What is Marketing?
✓ - Creating value for customers
✓ - Satisfying needs and wants
✓ - Building strong customer relationships
Goals of Marketing
✓ - Attract new customers
✓ -Keep and grow current customers
4 P's of Marketing
✓ Product, Price, Place, Promotion
The 5 Step Marketing Process
✓ Research, Design strategy, Implement, Monitor/Control, Equity
Research
✓ The 5 Step Marketing Process: Understand the marketplace and customer needs and
wants
Design Strategy
✓ The 5 Step Marketing Process: Design a customer driven marketing strategy
Examify | Smart Grades | Latest update
,#Examify | #OnlineExams | #TestPrep | #StudyResources | #AcademicSuccess |
#ExamPreparation | #QuizTime | #LearningTools | #Education | #StudentSupport
Implement
✓ The 5 Step Marketing Process: Construct an integrated marketing program that
delivers superior value
Monitor/Control
✓ The 5 Step Marketing Process: Build profitable relationships and create customer
delight
Equity
✓ The 5 Step Marketing Process: Capture value from customers to create profits and
customer equity
Consumers' Basic Needs
✓ Physical, Social, Individual
Physical
✓ Consumers' Basic Needs: Food, clothing, warmth, safety
Social - Basic Needs
✓ Consumers' Basic Needs: Belonging, affiliation
Individual
✓ Consumers' Basic Needs: Self-esteem, self-expression, knowledge
Strategic Planning
Examify | Smart Grades | Latest update
, #Examify | #OnlineExams | #TestPrep | #StudyResources | #AcademicSuccess |
#ExamPreparation | #QuizTime | #LearningTools | #Education | #StudentSupport
✓ the process of developing and maintaining a strategic fit between the company's goals
and capabilities and its changing marketing opportunities
Mission Statement
✓ a statement of the organization's purpose - what it wants to accomplish in the larger
environment
SWOT analysis
✓ strengths, weaknesses, opportunities, threats
Internal - Strengths
✓ SWOT analysis: internal capabilities that may help a company reach its objectives
Internal - Weaknesses
✓ SWOT analysis: Internal limitations that may interfere with a company's ability to
achieve its objectives
External - Opportunities
✓ SWOT analysis: External factors that the company may be able to exploit to its
advantage
External - Threats
✓ SWOT analysis: Current and emerging external factors that may challenge the
company's performance
Consumer
Examify | Smart Grades | Latest update
