MKT 100 Midterm Exam Questions with
Verified Correct Answers
Marketing
A set of business practices that are designed to plan for and present an organizations products
or services in ways that build effective customer relationships.
Marketing Plan
A plan that is set out depicting the current market situation, including opportunities and
threats for the firm. The plan also includes marketing strategies in terms of the 4 P's.
Pro Formula
Market
The group of people who need or want a company's product or service, and are willing to buy
them.
Target Market
The customer group to whom the firm is interested in the product you will sell.
Exchange
The trade of things of value between the buyer and the seller, so that each is better off as a
result. An example of an exchange is the selling a of cupcake, you get the satisfaction of
eating the cupcake, and the baker gets the satisfaction of receiving money for the work they
did.
Marketing Mix
Product, Place, Price, Promotion
, Good
Item that can be physically touched
Service
Non object service benefits. Such as a repairman.
Price
The overall sacrifice a customer is willing to make. Money, time, energy.
B2C
Business to Consumer, The process in which businesses sell to customers. An example, is a
clothing store.
B2B
Business to Business, The process of one company selling merchandise. or services to
another. An example is a logging company selling wood to a furniture maker.
C2C
Customer to Customer, the process of consumers selling to consumers. An example is the use
of Kijiji, or holding a garage sale.
Social Media
The use of digital tools to easily and quickly create and share content to foster dialogue,
social relationships, and personal identities.
Value
Reflects the relationship of benefits to costs, or what the consumer gets for what what they
give.
Verified Correct Answers
Marketing
A set of business practices that are designed to plan for and present an organizations products
or services in ways that build effective customer relationships.
Marketing Plan
A plan that is set out depicting the current market situation, including opportunities and
threats for the firm. The plan also includes marketing strategies in terms of the 4 P's.
Pro Formula
Market
The group of people who need or want a company's product or service, and are willing to buy
them.
Target Market
The customer group to whom the firm is interested in the product you will sell.
Exchange
The trade of things of value between the buyer and the seller, so that each is better off as a
result. An example of an exchange is the selling a of cupcake, you get the satisfaction of
eating the cupcake, and the baker gets the satisfaction of receiving money for the work they
did.
Marketing Mix
Product, Place, Price, Promotion
, Good
Item that can be physically touched
Service
Non object service benefits. Such as a repairman.
Price
The overall sacrifice a customer is willing to make. Money, time, energy.
B2C
Business to Consumer, The process in which businesses sell to customers. An example, is a
clothing store.
B2B
Business to Business, The process of one company selling merchandise. or services to
another. An example is a logging company selling wood to a furniture maker.
C2C
Customer to Customer, the process of consumers selling to consumers. An example is the use
of Kijiji, or holding a garage sale.
Social Media
The use of digital tools to easily and quickly create and share content to foster dialogue,
social relationships, and personal identities.
Value
Reflects the relationship of benefits to costs, or what the consumer gets for what what they
give.
