marketing Final BCOR 2201 || with Error-free Answers.
What is Marketing? correct answers Marketing is the art and science of creating value by
designing and managing successful exchanges through the implementation of the 4Ps
Exchanges correct answers The provision or transfer of goods, services, or ideas in return for
something of value. Any product may be involved in marketing exchange. Marketing activities
should attempt to create and maintain satisfying exchange relationships.
Four conditions must exist for exchange correct answers · Two or more individuals, groups, or
organizations must participate, and each must hold something of value that the other party wants.
· The exchange should provide a benefit or satisfaction to both parties involved in the
transaction.
· Each party must have confidence in the promise of the "something of value" held by the other
· To build trust, the parties exchange must meet their expectations
Value or "Utility" correct answers A customer's subjective assessment of benefits relative to costs
in determining the worth of a product. Customer value = Customer benefits - customer costs).
Customers develop this sense of value through the integration of their perceptions of product
quality and financial sacrifice. From a company's perspective there is a tradeoff between
increasing value offered to a customer and maximizing profits from a transaction.
Customer costs correct answers anything a buyer must give up to obtain the benefits the product
provides. Money, time, effort.
Marketing Ethics: Governments role correct answers a. Protect consumers, police the industry
(USDA FDA), Ensure fair competition
Marketing Ethics: Markets role correct answers The activity for creating, communicating,
delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at
large
,The Marketing Mix correct answers o Product, Place, promotion, and price.
o They can be changed, but there are limits to how much marketing managers can alter them.
(Marketing enviorment) Political forces, economic conditions, laws and regulations limit their
change that can be made.
o Can be used to create value promotion create image and prestige.
o Customers and competitors are considered to be core stakeholders in developing a market
strategy.
4 P's of Marketing correct answers Product, Place, promotion, and price
Target Market correct answers o Specific group that organizations focus their marketing efforts
on
o Could be a vast number of people or a small group
o Amazon targets Hispanics by putting Spanish options on their site
What is utility? correct answers consists of the benefits or customer value, received by users of
the product/service; it is what consumers pay for in an exchange transaction
Form Utility correct answers Increasing the attractiveness of a product by altering its physical
appearance.
Possession Utility correct answers The value customers have while buying a product. Physically
accessing the product having a variety of easy payments.
Time Utility correct answers Can ensure that products and services are available when customers
need them.
, Place Utility correct answers The availability of a product or service in a location that is
convenient to your customers. By improving this you ensure that your customers will find it
convenient to buy your product
service utility correct answers adding value by providing fast, friendly service during and after
the sale and by teaching customers how to best use products over time
Strategic marketing management correct answers the process of planning, implementing, and
evaluating the performance of marketing activities and strategies both efficiently and effectivity.
Effectiveness correct answers the degree to which long term customer relationships help to
achieve an organizations objective.
Efficiency correct answers refers to minimizing the resources an organization uses too achieve a
specific level of desired customer relationships
Strategic planning correct answers the process of establishing an organizational mission and
formulating goals, a corporate strategy, marketing objectives, and a marketing strategy.
BCG correct answers A helpful business tool, based on the philosophy that a products market
growth rate and its market share are important considerations in determining its market strategy
(STAR, QUESTION MARK, CASH COW, DOG)
5Cs correct answers o Company
o Customers
o Competition
o Collaborators
o Context (climate)
SWOT correct answers o First step in resurgence of a company
What is Marketing? correct answers Marketing is the art and science of creating value by
designing and managing successful exchanges through the implementation of the 4Ps
Exchanges correct answers The provision or transfer of goods, services, or ideas in return for
something of value. Any product may be involved in marketing exchange. Marketing activities
should attempt to create and maintain satisfying exchange relationships.
Four conditions must exist for exchange correct answers · Two or more individuals, groups, or
organizations must participate, and each must hold something of value that the other party wants.
· The exchange should provide a benefit or satisfaction to both parties involved in the
transaction.
· Each party must have confidence in the promise of the "something of value" held by the other
· To build trust, the parties exchange must meet their expectations
Value or "Utility" correct answers A customer's subjective assessment of benefits relative to costs
in determining the worth of a product. Customer value = Customer benefits - customer costs).
Customers develop this sense of value through the integration of their perceptions of product
quality and financial sacrifice. From a company's perspective there is a tradeoff between
increasing value offered to a customer and maximizing profits from a transaction.
Customer costs correct answers anything a buyer must give up to obtain the benefits the product
provides. Money, time, effort.
Marketing Ethics: Governments role correct answers a. Protect consumers, police the industry
(USDA FDA), Ensure fair competition
Marketing Ethics: Markets role correct answers The activity for creating, communicating,
delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at
large
,The Marketing Mix correct answers o Product, Place, promotion, and price.
o They can be changed, but there are limits to how much marketing managers can alter them.
(Marketing enviorment) Political forces, economic conditions, laws and regulations limit their
change that can be made.
o Can be used to create value promotion create image and prestige.
o Customers and competitors are considered to be core stakeholders in developing a market
strategy.
4 P's of Marketing correct answers Product, Place, promotion, and price
Target Market correct answers o Specific group that organizations focus their marketing efforts
on
o Could be a vast number of people or a small group
o Amazon targets Hispanics by putting Spanish options on their site
What is utility? correct answers consists of the benefits or customer value, received by users of
the product/service; it is what consumers pay for in an exchange transaction
Form Utility correct answers Increasing the attractiveness of a product by altering its physical
appearance.
Possession Utility correct answers The value customers have while buying a product. Physically
accessing the product having a variety of easy payments.
Time Utility correct answers Can ensure that products and services are available when customers
need them.
, Place Utility correct answers The availability of a product or service in a location that is
convenient to your customers. By improving this you ensure that your customers will find it
convenient to buy your product
service utility correct answers adding value by providing fast, friendly service during and after
the sale and by teaching customers how to best use products over time
Strategic marketing management correct answers the process of planning, implementing, and
evaluating the performance of marketing activities and strategies both efficiently and effectivity.
Effectiveness correct answers the degree to which long term customer relationships help to
achieve an organizations objective.
Efficiency correct answers refers to minimizing the resources an organization uses too achieve a
specific level of desired customer relationships
Strategic planning correct answers the process of establishing an organizational mission and
formulating goals, a corporate strategy, marketing objectives, and a marketing strategy.
BCG correct answers A helpful business tool, based on the philosophy that a products market
growth rate and its market share are important considerations in determining its market strategy
(STAR, QUESTION MARK, CASH COW, DOG)
5Cs correct answers o Company
o Customers
o Competition
o Collaborators
o Context (climate)
SWOT correct answers o First step in resurgence of a company
