BCOR 2201 Marketing Final EXAM WITH 100% CORRECT SOLUTIONS 2023

Marketing definition Marketing is the activity or creating, communication, delivering, and exchanging offerings that have utility (value) for customers, and these exchanges benefit the organization, its stakeholders, and society at large What is marketing? facilitates exchanges between buyers and sellers to create value by using tools provided in the 4 P's Controllable factors in the marketing mix (4 P's) Product: good or service that satisfies a need (an idea can also be marketed) Price: what is exchanged representing the value Place: means of getting the product to the consumer Promotion: means of communication between buyer and seller Uncontrollable factors social, economic, technological, competitive, regulatory, environmental Form utility producing/offering the product in a form that is more valuable (right size, right flavor, assembled) ex.) grill Possession utility Creating value by making it easier to purchase/facilitating easier possession (credit terms, mobile payment) ex.) credit card Time utility Creating value by accommodating the time needs of the consumer (fast delivery, late night hours) - having it available when you need it ex.) FedEx Place utility Creating value by having the product available where you are/where you need it ex.) airline SBU Strategic business unit: a unit of a company that has a separate mission and objectives and that can be planned independently from other company businesses -Company division -Product line within a division -Sometimes a single brand or product 5 C's company, customers, competitors, collaborators, context BCG Matrix analyzes business opportunities according to market growth rate and market share Question marks (BCG Matrix) high growth, low market share most businesses start off as question marks; absorb great amounts of cash; have potential to become anything; investment should be high for question marks