BUS2500: MARKETING MANAGEMENT EXAM #1
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
1. 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:
2. four factors for marketing to occur
Answer:
(1) two or more parties (individuals or organizations) with unsatisfied needs
(2) a desire and ability on their part to have their needs satisfied
(3) a way for the parties to communicate
(4) something to exchange.
Question:
3. how does marketing discover and satisfy customer
needs?
Answer:
customer surveys, concept tests, other forms of marketing research
Question:
4. relationship marketing
Answer:
gaining loyal customers by providing unique value
ex: best price (target), best product (starbucks), best service (nordstrom)
Question:
5. visionary organizations
Answer:
(1) establish a foundation (why)
(2) set a direction (what)
(3) create strategies to successfully develop and market their offerings (how)
, Question:
6. marketing mix (controllable)
Answer:
product, price, place, promotion, people, physical evidence, processes
Question:
7. target market
Answer:
one or more specific groups of potential consumers toward which an organization
directs its marketing program
Question:
8. environmental forces (uncontrollable)
Answer:
social, economic, technological, competitive, and regulatory forces that affect the
results of a marketing decision
Question:
9. types of organizational goals and objectives
Answer:
profit, sales, market share, quality, customer satisfaction, employee welfare, social
responsibility
Question:
10. competitive advantage
Answer:
a unique strength relative to competitors that provides superior returns, often
based on quality, time, cost, or innovation
Question:
11. business portfolio analysis
Answer:
- developed by the boston consulting group (BCG)
- a technique that managers use to quantify performance measures ad growth
targets to analyze their firms' SBUs as though they were a collection of separate
investments
Question:
12. swot analysis
Answer:
strengths, weaknesses, opportunities, threats
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
1. 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:
2. four factors for marketing to occur
Answer:
(1) two or more parties (individuals or organizations) with unsatisfied needs
(2) a desire and ability on their part to have their needs satisfied
(3) a way for the parties to communicate
(4) something to exchange.
Question:
3. how does marketing discover and satisfy customer
needs?
Answer:
customer surveys, concept tests, other forms of marketing research
Question:
4. relationship marketing
Answer:
gaining loyal customers by providing unique value
ex: best price (target), best product (starbucks), best service (nordstrom)
Question:
5. visionary organizations
Answer:
(1) establish a foundation (why)
(2) set a direction (what)
(3) create strategies to successfully develop and market their offerings (how)
, Question:
6. marketing mix (controllable)
Answer:
product, price, place, promotion, people, physical evidence, processes
Question:
7. target market
Answer:
one or more specific groups of potential consumers toward which an organization
directs its marketing program
Question:
8. environmental forces (uncontrollable)
Answer:
social, economic, technological, competitive, and regulatory forces that affect the
results of a marketing decision
Question:
9. types of organizational goals and objectives
Answer:
profit, sales, market share, quality, customer satisfaction, employee welfare, social
responsibility
Question:
10. competitive advantage
Answer:
a unique strength relative to competitors that provides superior returns, often
based on quality, time, cost, or innovation
Question:
11. business portfolio analysis
Answer:
- developed by the boston consulting group (BCG)
- a technique that managers use to quantify performance measures ad growth
targets to analyze their firms' SBUs as though they were a collection of separate
investments
Question:
12. swot analysis
Answer:
strengths, weaknesses, opportunities, threats
