MARKETING 304 EXAM 1 (CSUN-KEYANI) UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS (2)
Question:
What is 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
Question:
What does marketing do to serve buyers and sellers?
Answer:
To serve both buyers and sellers, marketing seeks to discover the needs and
wants of prospective customers and to satisfy them
Question:
Market Segment
Answer:
the relatively homogeneous groups of prospective buyers that (1) have common
needs and (2) will respond similarly to a marketing action
Question:
Product (a good, service, or idea to satisfy the consumer needs)
Price (what is exchanged for the product),
Place (a means of getting the product to the consumer), Promotion (a means of
communication between the buyer and sellers)
Answer:
Marketing Mix Elements
Question:
CEO, CMO, COO
Answer:
Chief Executive Officer
Chief Marketing Officer
Chief Operating Officer
Question:
cross-functional team
Answer:
a small number of people from different departments in an organization who are
mutually accountable for a common set of performance goals
Question:
a portfolio strategy developed by the Boston Consulting Group that categorizes a
corporation's businesses by growth rate and relative market share and helps
, managers decide how to invest corporate fund
-Stars (High market share/High market growth rate)
-Cash Cows (High market share/Low market growth rate)
-Dogs (Low market share/Low market growth rate)
-Question Marks (Low market share/High market growth rate)
Answer:
BCG Matrix
Question:
Bribes, Kickbacks, and graft
Answer:
Most common forms of corruption that are common in business to business and
government marketing
Question:
Stakeholders
Answer:
All the people who stand to gain or lose by the policies and activities of a
business and whose concerns the business needs to address.
Question:
Stages in consumer purchase decision process
Answer:
problem recognition, information search, alternative evaluation, purchase
decision, post purchase behavior
Question:
The stage of the buyer decision process in which consumers take further action
after purchase, based on their satisfaction or dissatisfaction
Answer:
post purchase behavior
Question:
Maslow's Hierarchy of Needs
Answer:
(level 1) Physiological Needs, (level 2) Safety and Security, (level 3) Relationships,
Love and Affection, (level 4) Self Esteem, (level 5) Self Actualization
Question:
Market Characterization in Organizational Buying
Behavior
Answer:
Buyers are those manufacturers, whole sellers, retailers that buy products and
services for their own use for resale.
Market characteristics: demand for industrial products
Product or service characteristics: many of the goods purchased are raw and semi
finished ; heavy emphasis is placed on delivery time, technical service, etc
ACTUAL QUESTIONS AND CORRECT ANSWERS (2)
Question:
What is 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
Question:
What does marketing do to serve buyers and sellers?
Answer:
To serve both buyers and sellers, marketing seeks to discover the needs and
wants of prospective customers and to satisfy them
Question:
Market Segment
Answer:
the relatively homogeneous groups of prospective buyers that (1) have common
needs and (2) will respond similarly to a marketing action
Question:
Product (a good, service, or idea to satisfy the consumer needs)
Price (what is exchanged for the product),
Place (a means of getting the product to the consumer), Promotion (a means of
communication between the buyer and sellers)
Answer:
Marketing Mix Elements
Question:
CEO, CMO, COO
Answer:
Chief Executive Officer
Chief Marketing Officer
Chief Operating Officer
Question:
cross-functional team
Answer:
a small number of people from different departments in an organization who are
mutually accountable for a common set of performance goals
Question:
a portfolio strategy developed by the Boston Consulting Group that categorizes a
corporation's businesses by growth rate and relative market share and helps
, managers decide how to invest corporate fund
-Stars (High market share/High market growth rate)
-Cash Cows (High market share/Low market growth rate)
-Dogs (Low market share/Low market growth rate)
-Question Marks (Low market share/High market growth rate)
Answer:
BCG Matrix
Question:
Bribes, Kickbacks, and graft
Answer:
Most common forms of corruption that are common in business to business and
government marketing
Question:
Stakeholders
Answer:
All the people who stand to gain or lose by the policies and activities of a
business and whose concerns the business needs to address.
Question:
Stages in consumer purchase decision process
Answer:
problem recognition, information search, alternative evaluation, purchase
decision, post purchase behavior
Question:
The stage of the buyer decision process in which consumers take further action
after purchase, based on their satisfaction or dissatisfaction
Answer:
post purchase behavior
Question:
Maslow's Hierarchy of Needs
Answer:
(level 1) Physiological Needs, (level 2) Safety and Security, (level 3) Relationships,
Love and Affection, (level 4) Self Esteem, (level 5) Self Actualization
Question:
Market Characterization in Organizational Buying
Behavior
Answer:
Buyers are those manufacturers, whole sellers, retailers that buy products and
services for their own use for resale.
Market characteristics: demand for industrial products
Product or service characteristics: many of the goods purchased are raw and semi
finished ; heavy emphasis is placed on delivery time, technical service, etc
