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Exam (elaborations)

MKTG 2150 Midterm with correct answers 2026

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ThevRolevofvMarketingvgfocusingvonvcustomervneeds/wants,vcreatingvcustomervvalue,vcreatevandv amplifyvneeds TargetvMarketvgAvgroupvofvpeoplevforvwhichvavcompanyvdesigns,vimplements,vandvmaintainsvavmarketingvmixvint end edvtovmeetvthevneedsvofvthatvgroup,vresultingvinvmutuallyvsatisfyingvexchanges MarketingvMixvg-Product,vPrice,vPlace,vPromotion productvgAllvthevattributesvthatvmakevupvavgood,vavservice,vorvanvidea,vtovsatisfyvthevcustomervneed,vinclu dingvp roductvdesign,vfeatures,vcolour,vpackaging,vwarranty,vandvservicevlevels pricevgWhatvisvexchangedvforvavproduct,vincludingvthevexpectedvregularvretailvorvsalevprice.

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Institution
MKTG 2150
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MKTG 2150

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MKTG 2150 Midterm with correct
answers 2026




ThevRolevofvMarketingvgfocusingvonvcustomervneeds/wants,vcreatingvcustomervvalue,vcreatevandv
amplifyvneeds



TargetvMarketvg-
Avgroupvofvpeoplevforvwhichvavcompanyvdesigns,vimplements,vandvmaintainsvavmarketingvmixvint
end edvtovmeetvthevneedsvofvthatvgroup,vresultingvinvmutuallyvsatisfyingvexchanges



MarketingvMixvg-Product,vPrice,vPlace,vPromotion



productvg-
Allvthevattributesvthatvmakevupvavgood,vavservice,vorvanvidea,vtovsatisfyvthevcustomervneed,vinclu
dingvp roductvdesign,vfeatures,vcolour,vpackaging,vwarranty,vandvservicevlevels



pricevg-
Whatvisvexchangedvforvavproduct,vincludingvthevexpectedvregularvretailvorvsalevprice.



placevg-

,Thevwayvinvwhichvyourvproductvgetsvtovthevconsumer,vincludingvthevdistributionvchannels,vretailvf
orm ats,vandvmerchandisingvusedvtovsellvavproduct.

promotionvg-
Thevtoolsvneededvtovcommunicatevwithvconsumersvaboutvavproduct,vincludingvadvertising,vpublicv
rel
ations,vsalesvpromotion,vdirectvresponse,veventvmarketing,vsponsorship,vonlinevapproaches,vandvpe
r sonalvselling.



ThevMarketingvProcessvg-
Identifyingvconsumervneeds,vmanagingvthevmarketingvmixvandvrealizingvprofits



Whatvcanvbevmarketedvg-goods,vservices,videas



goodsvg-avproductvthatvisvtangible—youvcanvtouchvitvandvownvit.vexample:vpillow



servicevg-isvanvintangiblevproductvyouvcannotvtouch.vexample:vmassage



ideavgisvavconceptvthatvtypicallyvlooksvforvsupport.vexample:vMADDv(vmothersvagainstvdrunkvdrivi
ng)



marketvgpotentialvconsumersvwhovhavevbothvthevwillingnessvandvthevabilityvtovbuyvavproduct.



productionvoreintationvg-Untilvthev1930s,vstagevfocusedvonvmanufacturing



SalesvOrientationvg-
1930svtovthev1960s,vfocusedvonvsellingvasvmanyvproductsvasvpossible,vproductionvmorevefficient



MarketingvOrientationvg-
1960s,vstagevfocusesvonvthevideavthatvanvorganizationvshouldvstrivevtovsatisfyvthevneedsvofvconsu
mersv whilevalsovtryingvtovachievevanvorganization'svgoals.

, relationshipvmarketingvgstagevseesvorganizationsvconsideringvthevlifetimevvaluevofvtheirvcustomers
vandvstrivingvtovoffervbetter vservices,valongvwithvhigher-qualityvproductsvtovencouragevlong-
termvrelationshipsvwithvcustomers.



CustomervRelationshipvManagementv(CRM)vg-
Thisvapproachvisvrootedvinvthevknowledgevthatvitvisvlessvexpensivevtovservicevandvmaintainvcurren
tvcus tomersvthanvtovconstantlyvacquirevnewvones



sharevofvwalletvgrefersvtovthevpercentagevofvavcustomer'svpurchasesvthatvavcompanyvhasvinvavsp
ecificvproductvcategory .vexample:vtrackedvbyvoptimumvcardvatvshoppers



customervlifetimevvaluevgpotentialvsalesvthatvwillvbevgeneratedvbyvavcustomervifvthatvcustomervre
mainsvloyalvtovthatvcompanyvf orvavlifetime.vexample:vtrackedvbyvloyaltyvcards



CorporatevSocialvResponsibilityv(CSR)vg-
organizationsvvoluntarilyvconsidervthevwellbeingvofvsocietyvandvthevenvironmentvbyvtakingvrespons
ibilityvforvhowvtheirvbusinessesvimpactvconsu
mers,vcustomers,vsuppliers,vemployees,vshareholders,vcommunities,vthevenvironment,vandvsocietyvi
nvgeneral.vhelpsvtovbuildvlong-termvrelationshipsvandvsolidifyvbrandvconnectionsvwithvconsumers.



Greenwashingvg-
Avpracticevinvwhichvcompaniesvpromotevtheirvproductsvasvenvironmentallyvfriendlyvwhenvinvtruthv
th evbrandvprovidesvlittlevecologicalvbenefit.



societalvmarketingvconceptvgmarketingvinitiativesvthatvfocusvonvthevconsumervandvthevwellbeingvo
fvsociety.vexample:vthevbodyvshop
DigitalvMarketingvganvapproachvthatvusesvelectronicvmeansvtovreachvconsumers,vwhethervthisvbev
throughvcomputers,vg amingvdevices,vout-of-
homevelectronicvscreens,vorvmobilevdevicesvsuchvasvsmartphonesvandvtablets.



contentvmarketingvgbrandsvorvcompaniesvreachvoutvbyvcreatingvandvsharingvexpertisevand/orvbran
dvinformationvthatvisvd esignedvtovinformvandvengage.vexample:vpodscasts,vevents,vblogs
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