BUSI 330 Liberty University Midterm Study Guide
Exam With Complete Solutions
Marketing - ANSWER the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
What is needed for marketing to occur? - ANSWER 1. Two or more parties with
unsatisfied needs
2. Desire and ability to satisfy these needs
3. A way for the parties to communicate
4. Something to exchange
What is the first objective in marketing? - ANSWER discovering the needs of
prospective customers
Should marketing try to satisfy consumer needs or consumer wants? - ANSWER
Both
Target Market - ANSWER one or more specific groups of potential consumers
toward which an organization directs its marketing program
What are the four P's? - ANSWER Product, Price, Place, Promotion
customer value proposition - ANSWER a cluster of benefits that an organization
promises customers to satisfy their needs
Customer Value - ANSWER the unique combination of benefits received by
targeted buyers that includes quality, convenience, on-time delivery, and both
before-sale and after-sale service at a specific price
relationship marketing - ANSWER links the organization to its individual
customers, employees, suppliers, and other partners for their mutual long-term
benefit
marketing program - ANSWER a plan that integrates the marketing mix to
provide a good, service, or idea to prospective buyers
Customer Relationship Management (CRM) - ANSWER the process of identifying
prospective buyers, understanding them intimately, and developing favorable
long-term perceptions of the organization and its offerings so that buyers will
choose them in the marketplace
, product - ANSWER a good, service, or idea consisting of a bundle of tangible
and intangible attributes that satisfies consumers' needs and is received in
exchange for money or something else of value
ultimate customers - ANSWER the people who use the products and services
purchased for a household
What is a for-profit organization? - ANSWER a privately owned organization that
serves its customers to earn a profit so that it can survive
profit - ANSWER Money that is left after expenses have been paid for from a
business or an investment.
What is a non-profit organization? - ANSWER An organization that exists to
benefit others through human service, conservation, religious, or other
charitable purposes
strategy - ANSWER an organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals
What is an organizational foundation? - ANSWER Its philosophical reason for
being- why it exists
marketing dashboard - ANSWER the visual display of the essential information
related to achieving a marketing objective
What are two techniques to aid managers set a direction for a firm and allocate
resources? - ANSWER 1. business portfolio
2. diversification
business portfolio analysis - ANSWER a technique that managers use to quantify
performance measures and growth targets of their firms' strategic business
units
What are question marks? - ANSWER SBUs competing in high-growth industries
but having relatively weak market shares; resources should be invested in them
to enhance their competitive positions
What are stars? - ANSWER SBUs competing in high-growth industries with
relatively high market shares; these firms have long-term growth potential and
should continue to receive substantial investment funding
What are cash cows? - ANSWER SBUs with high market shares in low-growth
industries; these units have limited long run potential but represent a source of
current cash flows to fund investments in "stars" and "question marks"
Exam With Complete Solutions
Marketing - ANSWER the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
What is needed for marketing to occur? - ANSWER 1. Two or more parties with
unsatisfied needs
2. Desire and ability to satisfy these needs
3. A way for the parties to communicate
4. Something to exchange
What is the first objective in marketing? - ANSWER discovering the needs of
prospective customers
Should marketing try to satisfy consumer needs or consumer wants? - ANSWER
Both
Target Market - ANSWER one or more specific groups of potential consumers
toward which an organization directs its marketing program
What are the four P's? - ANSWER Product, Price, Place, Promotion
customer value proposition - ANSWER a cluster of benefits that an organization
promises customers to satisfy their needs
Customer Value - ANSWER the unique combination of benefits received by
targeted buyers that includes quality, convenience, on-time delivery, and both
before-sale and after-sale service at a specific price
relationship marketing - ANSWER links the organization to its individual
customers, employees, suppliers, and other partners for their mutual long-term
benefit
marketing program - ANSWER a plan that integrates the marketing mix to
provide a good, service, or idea to prospective buyers
Customer Relationship Management (CRM) - ANSWER the process of identifying
prospective buyers, understanding them intimately, and developing favorable
long-term perceptions of the organization and its offerings so that buyers will
choose them in the marketplace
, product - ANSWER a good, service, or idea consisting of a bundle of tangible
and intangible attributes that satisfies consumers' needs and is received in
exchange for money or something else of value
ultimate customers - ANSWER the people who use the products and services
purchased for a household
What is a for-profit organization? - ANSWER a privately owned organization that
serves its customers to earn a profit so that it can survive
profit - ANSWER Money that is left after expenses have been paid for from a
business or an investment.
What is a non-profit organization? - ANSWER An organization that exists to
benefit others through human service, conservation, religious, or other
charitable purposes
strategy - ANSWER an organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals
What is an organizational foundation? - ANSWER Its philosophical reason for
being- why it exists
marketing dashboard - ANSWER the visual display of the essential information
related to achieving a marketing objective
What are two techniques to aid managers set a direction for a firm and allocate
resources? - ANSWER 1. business portfolio
2. diversification
business portfolio analysis - ANSWER a technique that managers use to quantify
performance measures and growth targets of their firms' strategic business
units
What are question marks? - ANSWER SBUs competing in high-growth industries
but having relatively weak market shares; resources should be invested in them
to enhance their competitive positions
What are stars? - ANSWER SBUs competing in high-growth industries with
relatively high market shares; these firms have long-term growth potential and
should continue to receive substantial investment funding
What are cash cows? - ANSWER SBUs with high market shares in low-growth
industries; these units have limited long run potential but represent a source of
current cash flows to fund investments in "stars" and "question marks"
