Marketing 201 Midterm Actual Exam
Study Questions with Verified
Answers | Guarantee Pass
1. marketing - ANSWER the activity for creating and delivery offerings that
benefit the organization, its stakeholders and society
2. market - ANSWER people with both the desire and the ability to buy a
specific offering
3. target market - ANSWER one or more specific groups of potential
consumers toward which an organization directs its marketing program
4. dogs - ANSWER SBUs with low shares of slow growth markets
5. market penetration, market development, product development,
diversification - ANSWER 4 product market strategies
6. market penetration - ANSWER marketing strategy to increase sales of
current products in current markets
7. market development - ANSWER marketing strategy to sell current products
to new markets
8. product development - ANSWER marketing strategy of selling new
products to current markets
,9. diversification - ANSWER marketing strategy of developing new products
and selling them in new markets
10.swot analysis - ANSWER an acronym describing an organization's
appraisal of its internal strengths and weaknesses and its external
opportunities and threats
11.demographic groupings - ANSWER description of a population according
to characteristics such as age, gender, ethnicity, income, and occupation
12.baby boomers - ANSWER the generation of children born between 1946
and 1964
13.generation x - ANSWER members of the us population born between 1965
and 1976
14.generation y - ANSWER the 72 million Americans born between 1977 and
1994
15.gross income - ANSWER the total amount of money made in one year by a
person, household, or family unit
16.disposable income - ANSWER the money a consumer has left after paying
taxes to use for necessities such as food, housing, clothing, and
transportation
17.discretionary income - ANSWER the money that remains after paying for
taxes and necessities - used for luxury items
,18.environmental forces - ANSWER the uncontrollable social, economic,
technological, competitive, and regulatory forces that affect the results of a
marketing decision
19.pure competition - ANSWER there are many sellers and they each have a
similar product
20.monopolistic competition - ANSWER many sellers compete with
substitutable products within a price range
21.oligopoly - ANSWER occurs when a few companies control the majority of
industry sales
22.pure monopoly - ANSWER occurs when only one firm sells the product
23.ethics - ANSWER the moral principles and values that govern the actions
and decisions of an individual or group
24.key marketing task - ANSWER marketing seeks to discover the needs and
wants of prospective customers, and to satisfy them
25.two or more parties with unsatisfied needs, a desire and ability to satisfy
these needs, a way for the parties to communicate, something to exchange -
ANSWER four factors necessary for successful marketing to occur
26.product, price, promotion, place - ANSWER marketing mix elements
, 27.swot analysis, market product focus and goal setting, marketing program -
ANSWER elements of a marketing strategy
28.market product focus and goal setting - ANSWER determining which
products will be directed toward which customers - the what and who
aspects
29.marketing program - ANSWER planning phase - the how aspect - involves
developing the program's marketing mix and its budget
30.corporate level, strategic business unit level, functional level - ANSWER
three strategic levels
31.corporate level - ANSWER where top management directs overall strategy
for the entire organization
32.strategic business unit level - ANSWER managers set a more specific
strategic direction for their business to exploit value creating opportunities
33.functional level - ANSWER groups of specialists actually create value for
the organization
34.stakeholders - ANSWER employees, shareholders, board of directors,
suppliers, distributors, creditors, unions, government, local communities,
and customers
35.market share - ANSWER the ratio of a firm's sales to the total sales of all
firms in the industry
Study Questions with Verified
Answers | Guarantee Pass
1. marketing - ANSWER the activity for creating and delivery offerings that
benefit the organization, its stakeholders and society
2. market - ANSWER people with both the desire and the ability to buy a
specific offering
3. target market - ANSWER one or more specific groups of potential
consumers toward which an organization directs its marketing program
4. dogs - ANSWER SBUs with low shares of slow growth markets
5. market penetration, market development, product development,
diversification - ANSWER 4 product market strategies
6. market penetration - ANSWER marketing strategy to increase sales of
current products in current markets
7. market development - ANSWER marketing strategy to sell current products
to new markets
8. product development - ANSWER marketing strategy of selling new
products to current markets
,9. diversification - ANSWER marketing strategy of developing new products
and selling them in new markets
10.swot analysis - ANSWER an acronym describing an organization's
appraisal of its internal strengths and weaknesses and its external
opportunities and threats
11.demographic groupings - ANSWER description of a population according
to characteristics such as age, gender, ethnicity, income, and occupation
12.baby boomers - ANSWER the generation of children born between 1946
and 1964
13.generation x - ANSWER members of the us population born between 1965
and 1976
14.generation y - ANSWER the 72 million Americans born between 1977 and
1994
15.gross income - ANSWER the total amount of money made in one year by a
person, household, or family unit
16.disposable income - ANSWER the money a consumer has left after paying
taxes to use for necessities such as food, housing, clothing, and
transportation
17.discretionary income - ANSWER the money that remains after paying for
taxes and necessities - used for luxury items
,18.environmental forces - ANSWER the uncontrollable social, economic,
technological, competitive, and regulatory forces that affect the results of a
marketing decision
19.pure competition - ANSWER there are many sellers and they each have a
similar product
20.monopolistic competition - ANSWER many sellers compete with
substitutable products within a price range
21.oligopoly - ANSWER occurs when a few companies control the majority of
industry sales
22.pure monopoly - ANSWER occurs when only one firm sells the product
23.ethics - ANSWER the moral principles and values that govern the actions
and decisions of an individual or group
24.key marketing task - ANSWER marketing seeks to discover the needs and
wants of prospective customers, and to satisfy them
25.two or more parties with unsatisfied needs, a desire and ability to satisfy
these needs, a way for the parties to communicate, something to exchange -
ANSWER four factors necessary for successful marketing to occur
26.product, price, promotion, place - ANSWER marketing mix elements
, 27.swot analysis, market product focus and goal setting, marketing program -
ANSWER elements of a marketing strategy
28.market product focus and goal setting - ANSWER determining which
products will be directed toward which customers - the what and who
aspects
29.marketing program - ANSWER planning phase - the how aspect - involves
developing the program's marketing mix and its budget
30.corporate level, strategic business unit level, functional level - ANSWER
three strategic levels
31.corporate level - ANSWER where top management directs overall strategy
for the entire organization
32.strategic business unit level - ANSWER managers set a more specific
strategic direction for their business to exploit value creating opportunities
33.functional level - ANSWER groups of specialists actually create value for
the organization
34.stakeholders - ANSWER employees, shareholders, board of directors,
suppliers, distributors, creditors, unions, government, local communities,
and customers
35.market share - ANSWER the ratio of a firm's sales to the total sales of all
firms in the industry
