Basic Marketing Exam 1 (Usf-Biswas) Updated Actual Questions And Correct Answers

BASIC MARKETING EXAM 1 (USF-BISWAS) UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS

Question:
1. Marketing

Answer:
A set of activities, involving organizations / processes for creating,
communicating, & delivering something of value for exchanges between
shareholders.

Question:
2. Value

Answer:
a function of benefit and cost

Question:
3. rule for exchanges

Answer:
must have at least two parties with each having something of value

Question:
4. Production orientation

Answer:
- (most prevalent after industrial revolution)
- management philosophy
- inward focus ie what you're good at

Question:
5. Sales Orientation

Answer:
- (more prevalent after WW2)
- aggressive selling techniques

Question:
6. Market orientation

Answer:
- (early 90's)
-customer orientated (focus on customers)

, Question:
7. Societal Orientation

Answer:
Concerned about the environment and society as a whole etc

Question:
8. controllable factors

Answer:
product, price, promotion (type of advertisement), place (distribution)

Question:
9. uncontrollable factors

Answer:
- customer preferences / trends
- economy / technology / competition
- regulations / laws

Question:
10. Strategy

Answer:
managerial process for creating a fit between:
- objectives
- resources
- evolving market opportunities

Question:
11. Market penetration

Answer:
increase market shares among existing customers

Question:
12. Market development

Answer:
appeal new customers to existing products

Question:
13. product development

Answer:
create new products for existing customers