MCS 1000 MIDTERM QUESTIONS | 2026 |
GUARANTEED PASS
What is marketing? - answers -a set of business practices designed to plan for and
present an organization's products or services in ways that build effective customer
relationships
What is a need? - answers -basic necessities
What is a want? - answers -how to fulfill a need
What is a target market? - answers -customer segment to whom the firm is interested
in selling its products or services
A marketing exchange can occur between... - answers -any two parties
Exchange isn't just money for a good or service, it can be - answers -an exchange of
information for convenience
4 ps of the marketing mix - answers -product, price, promotion and place
What does a product do? - answers -creates value
Product entails... - answers -goods, service and ideas
What does the price do? - answers -transacting value
Price is - answers -everything the buyer gives up in exchange for the product
Price examples... - answers -money, time and energy
What does place do? - answers -delivering value
What is place? - answers -all activities necessary to get the product to the right
customer when they want it
What does promotion do? - answers -communicates value
What is promotion? - answers -the communication activities of marketing
How do we promote/communicate value? - answers -influence opinions or elicit a
response by informing, persuading and reminding potential buyers
, Marketing impacts many ____________ - answers -stakeholders
4 orientations of marketing - answers -product orientation, market orientation, sales
orientation and value-based orientation
What is product orientation? - answers -companies focus of developing and distributing
innovative products with little concern about whether products best satisfy customer
needs
What is market orientation? - answers -companies start out by focusing on what
consumers want and need before they design, make or attempt to sell their products or
services
What is value-based orientation? - answers -firms focus on the triple bottom line:
people (consumer needs and wants), profits (long-term profitable relationships) and
planet (social and environmental responsibility)
4 ways firms become more value driven? - answers -sharing information, balancing
benefits and costs, building customer relationships and connecting with customers via
social media
____ % of north american companies now use social media for marketing purposes -
answers -91
____________ expands global presence - answers -marketing
Each step of the supply chain includes _____________ - answers -marketing
What does good marketing require? - answers -thoughtful planning with an emphasis
on the ethical implications
Marketing plans include... - answers -how the product or service will be designed, how
much it should cost, where and how it will be promoted and ho wit will get to the
customer
Need and wants must be backed by _________ - answers -demand
Demand is demonstrated by... - answers -your ability or willingness to act on those
needs and wants
Why is it not practical to sell to everyone? - answers -high marketing costs
What is an exchange? - answers -trade of things of value between buyer and seller so
that each is better off
GUARANTEED PASS
What is marketing? - answers -a set of business practices designed to plan for and
present an organization's products or services in ways that build effective customer
relationships
What is a need? - answers -basic necessities
What is a want? - answers -how to fulfill a need
What is a target market? - answers -customer segment to whom the firm is interested
in selling its products or services
A marketing exchange can occur between... - answers -any two parties
Exchange isn't just money for a good or service, it can be - answers -an exchange of
information for convenience
4 ps of the marketing mix - answers -product, price, promotion and place
What does a product do? - answers -creates value
Product entails... - answers -goods, service and ideas
What does the price do? - answers -transacting value
Price is - answers -everything the buyer gives up in exchange for the product
Price examples... - answers -money, time and energy
What does place do? - answers -delivering value
What is place? - answers -all activities necessary to get the product to the right
customer when they want it
What does promotion do? - answers -communicates value
What is promotion? - answers -the communication activities of marketing
How do we promote/communicate value? - answers -influence opinions or elicit a
response by informing, persuading and reminding potential buyers
, Marketing impacts many ____________ - answers -stakeholders
4 orientations of marketing - answers -product orientation, market orientation, sales
orientation and value-based orientation
What is product orientation? - answers -companies focus of developing and distributing
innovative products with little concern about whether products best satisfy customer
needs
What is market orientation? - answers -companies start out by focusing on what
consumers want and need before they design, make or attempt to sell their products or
services
What is value-based orientation? - answers -firms focus on the triple bottom line:
people (consumer needs and wants), profits (long-term profitable relationships) and
planet (social and environmental responsibility)
4 ways firms become more value driven? - answers -sharing information, balancing
benefits and costs, building customer relationships and connecting with customers via
social media
____ % of north american companies now use social media for marketing purposes -
answers -91
____________ expands global presence - answers -marketing
Each step of the supply chain includes _____________ - answers -marketing
What does good marketing require? - answers -thoughtful planning with an emphasis
on the ethical implications
Marketing plans include... - answers -how the product or service will be designed, how
much it should cost, where and how it will be promoted and ho wit will get to the
customer
Need and wants must be backed by _________ - answers -demand
Demand is demonstrated by... - answers -your ability or willingness to act on those
needs and wants
Why is it not practical to sell to everyone? - answers -high marketing costs
What is an exchange? - answers -trade of things of value between buyer and seller so
that each is better off
