BUAD 301 Exam 1 Exam Questions
and Answers
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things firms should do in producing a product - ANS-1) analyze needs
2) predict wants
3) estimate demand
4) determine where
5) estimate price
6) decided promoation
7) estimate competition
8) provide service
production - ANS-actually making goods or performing services
marketing's job - ANS-research tells what product needs to be produced--- then
marketing makes sure the right goods are services are produced and tells production
what to produce
customer satisfaction - ANS-the extent to which a firm fulfills a customers needs,
desires, and expectations
reasons marketing is important - ANS-1. important to every consumer
2. important to your job
3. use a marketing approach to get your next job
4. marketing affects innovation and standard of living
innovation - ANS--development and spread of new ideas, goods, and services
-as more firms offer more products, there will be competition for consumers' money and
will drive down prices
marketing - ANS--the performance of activities that seek to accomplish an
organization's objectives by anticipating customer or client needs and directing a flow of
need satisfying goods and services from producer to customer or client
key characteristics of marketing - ANS-1. applies to profit and non profit organizations
2. more than just persuading customers
3. begins with customer needs
4. involves exchanges (of money for something)
5. builds a relationship with the customer(this keeps customers coming back)
, profit vs non profit organizations - ANS-profit=make $
nonprofit= have to make money too but whatever goes above the breakeven goes to
their cause
pure subsistence economy - ANS-each family unit produces everything it consumes,
and there is no need for marketing
macro marketing - ANS-a social process that directs an economy's flow of goods and
services from producers to consumers in a way that effectively matches supply and
demand and accomplishes the objectives of society
-emphasis is on how the whole marketing system works
marketing needed to overcome - ANS-1. discrepancies of quantity
2. discrepancies of assortment
discrepancies of quantity - ANS--giving ppl what they want when it comes to size (wawa
selling gallons and 1/2 gallons instead of just having 5 gallon jugs
-producers prefer to produce and sell in large quantities, consumers prefer to buy and
consume in small quantities
discrepancies of assortment - ANS--producers specialize in producing a narrow
assortment of goods and services, consumers need a broad assortment
-GM sold different models of cars instead of just one model like henry ford, GM was
more expensive but they appeased the customer
economies of scale - ANS-as a company produces larger numbers of a particular
product, the cost of each unit of the product goes down
universal functions of marketing - ANS-1. buying
2. selling
3. transporting
4. storing
5. standardization and grading- ex: shrimp- the larger they are the more expensive they
are
6. financing
7. risk taking
8. market information
buying function - ANS-looking for and evaluating goods and services
selling function - ANS--involves promoting the product
-personal selling, advertising, customer service, other direct and mass selling methods
-most visible function of marketing
transportation function - ANS-the movement of goods from one place to another
and Answers
Save
things firms should do in producing a product - ANS-1) analyze needs
2) predict wants
3) estimate demand
4) determine where
5) estimate price
6) decided promoation
7) estimate competition
8) provide service
production - ANS-actually making goods or performing services
marketing's job - ANS-research tells what product needs to be produced--- then
marketing makes sure the right goods are services are produced and tells production
what to produce
customer satisfaction - ANS-the extent to which a firm fulfills a customers needs,
desires, and expectations
reasons marketing is important - ANS-1. important to every consumer
2. important to your job
3. use a marketing approach to get your next job
4. marketing affects innovation and standard of living
innovation - ANS--development and spread of new ideas, goods, and services
-as more firms offer more products, there will be competition for consumers' money and
will drive down prices
marketing - ANS--the performance of activities that seek to accomplish an
organization's objectives by anticipating customer or client needs and directing a flow of
need satisfying goods and services from producer to customer or client
key characteristics of marketing - ANS-1. applies to profit and non profit organizations
2. more than just persuading customers
3. begins with customer needs
4. involves exchanges (of money for something)
5. builds a relationship with the customer(this keeps customers coming back)
, profit vs non profit organizations - ANS-profit=make $
nonprofit= have to make money too but whatever goes above the breakeven goes to
their cause
pure subsistence economy - ANS-each family unit produces everything it consumes,
and there is no need for marketing
macro marketing - ANS-a social process that directs an economy's flow of goods and
services from producers to consumers in a way that effectively matches supply and
demand and accomplishes the objectives of society
-emphasis is on how the whole marketing system works
marketing needed to overcome - ANS-1. discrepancies of quantity
2. discrepancies of assortment
discrepancies of quantity - ANS--giving ppl what they want when it comes to size (wawa
selling gallons and 1/2 gallons instead of just having 5 gallon jugs
-producers prefer to produce and sell in large quantities, consumers prefer to buy and
consume in small quantities
discrepancies of assortment - ANS--producers specialize in producing a narrow
assortment of goods and services, consumers need a broad assortment
-GM sold different models of cars instead of just one model like henry ford, GM was
more expensive but they appeased the customer
economies of scale - ANS-as a company produces larger numbers of a particular
product, the cost of each unit of the product goes down
universal functions of marketing - ANS-1. buying
2. selling
3. transporting
4. storing
5. standardization and grading- ex: shrimp- the larger they are the more expensive they
are
6. financing
7. risk taking
8. market information
buying function - ANS-looking for and evaluating goods and services
selling function - ANS--involves promoting the product
-personal selling, advertising, customer service, other direct and mass selling methods
-most visible function of marketing
transportation function - ANS-the movement of goods from one place to another
