BCOR 2201 Exam 1 Questions with
Verified Answers
What is Marketing? - ✔✔The art and science of creating value by designing and managing
succesful exchanges. Requirements: Two + parties with unsatisfied needs. A desire and ability
to be satisfied. A way for parties to communicate. Something to exchange.
The Marketing Mix - ✔✔1. Product
2. Price
3. Place
4. Promotion
Utility (value) - ✔✔The benefits or customer value recieved by uses of the product; it is what
consumers pay for in an exchange transaction. VALUE = BENEFIT/PRICE
Types of Utility - ✔✔1. Form Utility: Physical altercation of a good or service.
2. Place Utility: Creating availability through location and easy access to the product.
3. Possession Utility: Customers being able to easily access or get a product allowing them to
benefit.
4. Time Utility: Making a product readily available or ready at the right time.
Factors - ✔✔Controllable: Product, price, place, promotion.
Uncontrollable: Human error, Weather, etc.
Strategy - ✔✔Set of unique actions that creates a unique and valuable competitive position.
Business Portfolio Analysis, BCG Matrix - ✔✔Need to balance portfolio. Star: Build or Maintain.
Cash Cow: Maintain or Harvest. Question Mark: Build or Harvest. Dog: Harvest or Divest.
Verified Answers
What is Marketing? - ✔✔The art and science of creating value by designing and managing
succesful exchanges. Requirements: Two + parties with unsatisfied needs. A desire and ability
to be satisfied. A way for parties to communicate. Something to exchange.
The Marketing Mix - ✔✔1. Product
2. Price
3. Place
4. Promotion
Utility (value) - ✔✔The benefits or customer value recieved by uses of the product; it is what
consumers pay for in an exchange transaction. VALUE = BENEFIT/PRICE
Types of Utility - ✔✔1. Form Utility: Physical altercation of a good or service.
2. Place Utility: Creating availability through location and easy access to the product.
3. Possession Utility: Customers being able to easily access or get a product allowing them to
benefit.
4. Time Utility: Making a product readily available or ready at the right time.
Factors - ✔✔Controllable: Product, price, place, promotion.
Uncontrollable: Human error, Weather, etc.
Strategy - ✔✔Set of unique actions that creates a unique and valuable competitive position.
Business Portfolio Analysis, BCG Matrix - ✔✔Need to balance portfolio. Star: Build or Maintain.
Cash Cow: Maintain or Harvest. Question Mark: Build or Harvest. Dog: Harvest or Divest.
