BUS 360 Test 1 Ch. 1-4 Questions Grade
A+
Chapter 1 - ANSWERSOverview of Marketing
Marketing - ANSWERS-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 - ANSWERS-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 - ANSWERS-the trade of things of value between the buyer and the seller so that each
is better off as a result
Marketing Mix - ANSWERS-four interrelated marketing decision and consequent actions also
known as the four P's
4 P's - ANSWERS-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 - ANSWERS-to create value by developing a variety of offerings, including goods,
services, and ideas, to satisfy customer needs
Goods - ANSWERS-items that you can physically touch.
-Ex: Nike shoes, Pepsi-Cola, etc.
Ideas - ANSWERS-include concepts, opinions, and philosophies; intellectual concepts such as
these also can be marketed
Services - ANSWERS-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 - ANSWERS-everything that the buyer gives up (money, time, energy) in exchange for the
product
Place - ANSWERS-represents all the activities necessary to get the product to the right customer
when the customer wants it, i.e. supply chain
Promotion - ANSWERS-communication by a marketer that informs, persuades, and reminds
potential buyers about a product or service to influence their opinions or elicit a response
A+
Chapter 1 - ANSWERSOverview of Marketing
Marketing - ANSWERS-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 - ANSWERS-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 - ANSWERS-the trade of things of value between the buyer and the seller so that each
is better off as a result
Marketing Mix - ANSWERS-four interrelated marketing decision and consequent actions also
known as the four P's
4 P's - ANSWERS-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 - ANSWERS-to create value by developing a variety of offerings, including goods,
services, and ideas, to satisfy customer needs
Goods - ANSWERS-items that you can physically touch.
-Ex: Nike shoes, Pepsi-Cola, etc.
Ideas - ANSWERS-include concepts, opinions, and philosophies; intellectual concepts such as
these also can be marketed
Services - ANSWERS-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 - ANSWERS-everything that the buyer gives up (money, time, energy) in exchange for the
product
Place - ANSWERS-represents all the activities necessary to get the product to the right customer
when the customer wants it, i.e. supply chain
Promotion - ANSWERS-communication by a marketer that informs, persuades, and reminds
potential buyers about a product or service to influence their opinions or elicit a response
