BUS X100 – Exam 3, 2026 – Complete Practice Questions and Answers
Marketing - ANS✔✔ 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
Value - ANS✔✔ perception of the benefit or use of some offering, relative to the cost of
acquisition or access
Components of Perceived Value - ANS✔✔ perceived customer benefits (benefits increased) -
perceived customer costs (costs minimized/ deferred) = perceived value
Product - ANS✔✔ any physical good, service, or idea that satisfies a want or need plus anything
that would enhance the product in the eyes of consumers, such as the brand
Marketing Ideology - ANS✔✔ production orientation, product orientation, selling orientation,
market orientation, societal marketing orientation (production - what are we good at? product -
what are we better at? selling - sell!)
Marketing Concept - ANS✔✔ customer (understand the customer and fulfill unmet needs
better than competitors), service (everyone working towards selling), profit (generate the most
process)
Four P's of Marketing - ANS✔✔ product, price, place, promotion
Marketing Process - ANS✔✔ mission, situation analysis, marketing strategy, marketing mix,
implementation and control)
, Marketing Research Process - ANS✔✔ analyze markets to determine opportunities and
challenges and to find the information they need to make good decisions
Primary Data - ANS✔✔ data that you gather yourself (not from secondary sources such as
books and magazines)
Secondary Data - ANS✔✔ information that has already been compiled by others and published
in journals and books or made available online
Marketing Environment - ANS✔✔ environmental scanning (the process of identifying factors
that can affect marketing success)
Global Factors - ANS✔✔ trade agreements, competition, trends, opportunities, internet
Technological Factors - ANS✔✔ computers, telecommunications, bar codes, data interchange,
internet changes
Sociocultural Factors - ANS✔✔ population shifts, values, attitudes, trends
Competitive Factors - ANS✔✔ speed, service, price, selection
Economic Factors - ANS✔✔ GDP, disposable income, competition, unemployment
Mass Marketing - ANS✔✔ marketing the whole market with one offer/ one strategy
Relationship Marketing - ANS✔✔ faucet of CRM (customer relationship management) focuses
on customer loyalty and long-term customer engagement rather than shorter-term goals like
individual sales
Marketing - ANS✔✔ 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
Value - ANS✔✔ perception of the benefit or use of some offering, relative to the cost of
acquisition or access
Components of Perceived Value - ANS✔✔ perceived customer benefits (benefits increased) -
perceived customer costs (costs minimized/ deferred) = perceived value
Product - ANS✔✔ any physical good, service, or idea that satisfies a want or need plus anything
that would enhance the product in the eyes of consumers, such as the brand
Marketing Ideology - ANS✔✔ production orientation, product orientation, selling orientation,
market orientation, societal marketing orientation (production - what are we good at? product -
what are we better at? selling - sell!)
Marketing Concept - ANS✔✔ customer (understand the customer and fulfill unmet needs
better than competitors), service (everyone working towards selling), profit (generate the most
process)
Four P's of Marketing - ANS✔✔ product, price, place, promotion
Marketing Process - ANS✔✔ mission, situation analysis, marketing strategy, marketing mix,
implementation and control)
, Marketing Research Process - ANS✔✔ analyze markets to determine opportunities and
challenges and to find the information they need to make good decisions
Primary Data - ANS✔✔ data that you gather yourself (not from secondary sources such as
books and magazines)
Secondary Data - ANS✔✔ information that has already been compiled by others and published
in journals and books or made available online
Marketing Environment - ANS✔✔ environmental scanning (the process of identifying factors
that can affect marketing success)
Global Factors - ANS✔✔ trade agreements, competition, trends, opportunities, internet
Technological Factors - ANS✔✔ computers, telecommunications, bar codes, data interchange,
internet changes
Sociocultural Factors - ANS✔✔ population shifts, values, attitudes, trends
Competitive Factors - ANS✔✔ speed, service, price, selection
Economic Factors - ANS✔✔ GDP, disposable income, competition, unemployment
Mass Marketing - ANS✔✔ marketing the whole market with one offer/ one strategy
Relationship Marketing - ANS✔✔ faucet of CRM (customer relationship management) focuses
on customer loyalty and long-term customer engagement rather than shorter-term goals like
individual sales
