MKT-315 MIDTERM EXAM QUESTIONS & SOLUTIONS
B2C (business-to-consumer) Right Ans - the process in which
businesses sell to consumers
B2B (business-to-business) Right Ans - the process of selling
merchandise or services from one business to another
Marketing Mix Right Ans - Product, Price, Place, Promotion
transaction Right Ans - A business deal or action; exchange of money,
goods, or services
exchange Right Ans - the trade of things of value between the buyer and
the seller so that each is better off as a result
enviromental forces Right Ans - social, economic, technological,
competitive, regulatory
Enviromental Scan Right Ans - Is an analysis of outside influences that
may have an impact on an organization.
Evolution of Marketing Right Ans - Production Era
Selling Era
Marketing Era
Relationship Era
Marketing Concept Right Ans - is the business model that involves
creating value and satisfying consumer needs not so much to find the right
customers for a product but to find the right products for the customers.
organizational buying demand Right Ans - purchases by organizations
that are influenced by the consumer.
ultimate consumers Right Ans - the people who use the goods and
services purchased for a household
Profit Equation Right Ans - Profit = Total Revenue - Total Cost
, Market Segmentation Right Ans - Dividing of the entire available market
into groups of consumers with similar characteristics.
SWOT analysis Right Ans - identifying internal strengths (S) and
weaknesses (W) and also examining external opportunities (O) and threats
(T)
Consumer Behavior Right Ans - The study of why personal, situational,
psychological, and social interactions drive he decision making process
within individuals known as consumers
Motivation Right Ans - Motivation is a powerful force that influences
purchasing behavior. Often, an action or status can motivate a buyer into
making a purchase. For instance, tires that have gone bare might cause a
consumer to fear for their safety and provide motivation to purchase four
new tires.
Learning Right Ans - people's actions are influenced by reward or
punishment, based on previous experience.
word of mouth Right Ans - the influencing of people during
conversations
reference group Right Ans - a social group that serves as a point of
reference in making evaluations and decisions - serve as models and
inspiration
organizational buying centers Right Ans - a formal group within an
organization that approves purchases, also known as a buying committee.
Marketing Research Right Ans - The collecting, recording, and analysis
of information to aid in making marketing decisions
Marketing Research Process Right Ans - 1. Defining the problem and
research objectives
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing the data
4. Interpreting and reporting the findings
5. take action
B2C (business-to-consumer) Right Ans - the process in which
businesses sell to consumers
B2B (business-to-business) Right Ans - the process of selling
merchandise or services from one business to another
Marketing Mix Right Ans - Product, Price, Place, Promotion
transaction Right Ans - A business deal or action; exchange of money,
goods, or services
exchange Right Ans - the trade of things of value between the buyer and
the seller so that each is better off as a result
enviromental forces Right Ans - social, economic, technological,
competitive, regulatory
Enviromental Scan Right Ans - Is an analysis of outside influences that
may have an impact on an organization.
Evolution of Marketing Right Ans - Production Era
Selling Era
Marketing Era
Relationship Era
Marketing Concept Right Ans - is the business model that involves
creating value and satisfying consumer needs not so much to find the right
customers for a product but to find the right products for the customers.
organizational buying demand Right Ans - purchases by organizations
that are influenced by the consumer.
ultimate consumers Right Ans - the people who use the goods and
services purchased for a household
Profit Equation Right Ans - Profit = Total Revenue - Total Cost
, Market Segmentation Right Ans - Dividing of the entire available market
into groups of consumers with similar characteristics.
SWOT analysis Right Ans - identifying internal strengths (S) and
weaknesses (W) and also examining external opportunities (O) and threats
(T)
Consumer Behavior Right Ans - The study of why personal, situational,
psychological, and social interactions drive he decision making process
within individuals known as consumers
Motivation Right Ans - Motivation is a powerful force that influences
purchasing behavior. Often, an action or status can motivate a buyer into
making a purchase. For instance, tires that have gone bare might cause a
consumer to fear for their safety and provide motivation to purchase four
new tires.
Learning Right Ans - people's actions are influenced by reward or
punishment, based on previous experience.
word of mouth Right Ans - the influencing of people during
conversations
reference group Right Ans - a social group that serves as a point of
reference in making evaluations and decisions - serve as models and
inspiration
organizational buying centers Right Ans - a formal group within an
organization that approves purchases, also known as a buying committee.
Marketing Research Right Ans - The collecting, recording, and analysis
of information to aid in making marketing decisions
Marketing Research Process Right Ans - 1. Defining the problem and
research objectives
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing the data
4. Interpreting and reporting the findings
5. take action
