MCS1000 final exam terms Chapter 1-part of 4 UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Marketing Set of business practices designed to plan for and present an organizations
products or services
build effective marketing relationships
Occurs in many settings
Create value
Satisfying customer needs and wants
Entails an exchange
Performed by individuals or a organization
Product, price, place, and promotion
Evolution of marketing Product orientation --> sales orientation --> market orientation --> Value based
orientation
Need / want basic necessities / how to fulfill that (shaped by knowledge, culture, personality)
Target market The customer segment or group which a product or service is aimed
Buyers make decisions about what to buy and spend my time and money on to receive a
particular service or merchandise
Four Ps of marketing/marketing mix product, price, place, promotion
, Marketing plan specifies marketing activates for a specific period of time
How it will be designed
How much it would cost
Where promoted
And how it will get to consumer
Demand ability and willingness to act on wants and needs
First identify market market means the world of trade ( market can be segmented into groups of
people that are valuable to a organization)
Seek out people who have interest and potential to buy
Exchange trade of things of value between buyer and seller so that each is better off
Sellers provide goods or services, then communicate and facilitate delivery of their
offering to consumers
Marketing mix controllable set of activites that the firm uses to respond to wants of market
Product Create value by offering a vareioty of goods, services, and ideas to staisfy
customer needs (example water, such as plastic, spring, reusable)
Goods items that are tangiable, fufill some need, value stems in what they provide, how
they are marketedm and enviormental benefits
Services Intangiable benefits, cannot be seperated from the producer, ex ATM teller
Ideas thoughts, opinions, philosophies, and intellectual concepts, ex promoting
byclicles, exchange of value happens when people listen
Price everything the buyer gives up, which can be money, time , enegry, in exhange for
a product.
Determine price by potential buyers belief of value, (example, business class)
Place manufacture or producer to the right customer when that customer wants it.
integrate their suppliers, manufactures, warehouses, and stores involved in the
transaction
Promotion communication by a marketer that informs or persuades potential buyers about a
product or service to influence opinion and get a response (enchase value)
B2C, B2B, C2C business to customer
business to business
consumer to consumer
Individuals can undertake marketing activities themselves
AND CORRECT ANSWERS
Marketing Set of business practices designed to plan for and present an organizations
products or services
build effective marketing relationships
Occurs in many settings
Create value
Satisfying customer needs and wants
Entails an exchange
Performed by individuals or a organization
Product, price, place, and promotion
Evolution of marketing Product orientation --> sales orientation --> market orientation --> Value based
orientation
Need / want basic necessities / how to fulfill that (shaped by knowledge, culture, personality)
Target market The customer segment or group which a product or service is aimed
Buyers make decisions about what to buy and spend my time and money on to receive a
particular service or merchandise
Four Ps of marketing/marketing mix product, price, place, promotion
, Marketing plan specifies marketing activates for a specific period of time
How it will be designed
How much it would cost
Where promoted
And how it will get to consumer
Demand ability and willingness to act on wants and needs
First identify market market means the world of trade ( market can be segmented into groups of
people that are valuable to a organization)
Seek out people who have interest and potential to buy
Exchange trade of things of value between buyer and seller so that each is better off
Sellers provide goods or services, then communicate and facilitate delivery of their
offering to consumers
Marketing mix controllable set of activites that the firm uses to respond to wants of market
Product Create value by offering a vareioty of goods, services, and ideas to staisfy
customer needs (example water, such as plastic, spring, reusable)
Goods items that are tangiable, fufill some need, value stems in what they provide, how
they are marketedm and enviormental benefits
Services Intangiable benefits, cannot be seperated from the producer, ex ATM teller
Ideas thoughts, opinions, philosophies, and intellectual concepts, ex promoting
byclicles, exchange of value happens when people listen
Price everything the buyer gives up, which can be money, time , enegry, in exhange for
a product.
Determine price by potential buyers belief of value, (example, business class)
Place manufacture or producer to the right customer when that customer wants it.
integrate their suppliers, manufactures, warehouses, and stores involved in the
transaction
Promotion communication by a marketer that informs or persuades potential buyers about a
product or service to influence opinion and get a response (enchase value)
B2C, B2B, C2C business to customer
business to business
consumer to consumer
Individuals can undertake marketing activities themselves
