MKT 315 Midterm Exam - Questions & Verified
Answers
What is "Marketing?" Right Ans - "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.
What is B-2-B Right Ans - Business to Business
What is B-2-C Right Ans - Business to consumer
What is the marketing mix? Right Ans - Product, Price, Place, Promotion,
People, Positioning, Packaging
Environmental Forces Right Ans - the uncontrollable social, economic,
technological, competitive, and regulatory forces that affect the results of a
marketing decision
Enviromental Scan Right Ans - Is an analysis of outside influences that
may have an impact on an organization.
Eras of Marketing Right Ans - •Production Era (Colonial - 1920s)
•Sales Era (1920s - 1960s)
•Marketing Concept Era (1960s - 1970s)
•Societal Marketing Era (1970s - present)
Societal Marketing Era Right Ans - "Green Marketing" Focus on: Adds
society's best interest to the mix. corporate social responsibility & firm
now serves 3 entities. Ex. Ben & Jerrys, Disney & Target
Organizational Buyers v. Ultimate Consumers Right Ans - •Entity which
buys for resale or distribution to ultimate consumers of product/service
Profit Equation Right Ans - Profit = Total Revenue - Total Cost
Market Segmentation Right Ans - the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
, SWOT analysis Right Ans - strengths, weaknesses, opportunities, threats
SMART goals Right Ans - Specific, Measurable, Attainable, Realistic,
Timely
Consumer Behavior Right Ans - The study of determining what
customers want, and are willing to buy
4 Influencing factors of consumer behavior Right Ans - •Psychological
factors
•Sociocultural factors
•Personal factors
•Economic factors
Five Types of Psychological Factors Right Ans - Motivation
Perception
Personality
Learning
Values & Lifestyle
Maslow's Hierarchy Right Ans - •Psysiological (hunger, thirst, clothing,
etc.)
•Safety & Security (shelter, laws, stability)
•Love / Belonging (intimacy, relationships, groups)
•Esteem (self-esteem; respect of others; dignity)
•Self Actualization (personal growth, fulfillment)
Learning Right Ans - the acquisition of new knowledge, skills, or
responses from experience that results in a relatively permanent change in
the state of the learner
Perception Right Ans - awareness of something
selective perception Right Ans - perception is the way in which
consumers notice, receive, understand, and retain certain information, but
not others
Answers
What is "Marketing?" Right Ans - "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.
What is B-2-B Right Ans - Business to Business
What is B-2-C Right Ans - Business to consumer
What is the marketing mix? Right Ans - Product, Price, Place, Promotion,
People, Positioning, Packaging
Environmental Forces Right Ans - the uncontrollable social, economic,
technological, competitive, and regulatory forces that affect the results of a
marketing decision
Enviromental Scan Right Ans - Is an analysis of outside influences that
may have an impact on an organization.
Eras of Marketing Right Ans - •Production Era (Colonial - 1920s)
•Sales Era (1920s - 1960s)
•Marketing Concept Era (1960s - 1970s)
•Societal Marketing Era (1970s - present)
Societal Marketing Era Right Ans - "Green Marketing" Focus on: Adds
society's best interest to the mix. corporate social responsibility & firm
now serves 3 entities. Ex. Ben & Jerrys, Disney & Target
Organizational Buyers v. Ultimate Consumers Right Ans - •Entity which
buys for resale or distribution to ultimate consumers of product/service
Profit Equation Right Ans - Profit = Total Revenue - Total Cost
Market Segmentation Right Ans - the process of dividing a market into
meaningful, relatively similar, and identifiable segments or groups
, SWOT analysis Right Ans - strengths, weaknesses, opportunities, threats
SMART goals Right Ans - Specific, Measurable, Attainable, Realistic,
Timely
Consumer Behavior Right Ans - The study of determining what
customers want, and are willing to buy
4 Influencing factors of consumer behavior Right Ans - •Psychological
factors
•Sociocultural factors
•Personal factors
•Economic factors
Five Types of Psychological Factors Right Ans - Motivation
Perception
Personality
Learning
Values & Lifestyle
Maslow's Hierarchy Right Ans - •Psysiological (hunger, thirst, clothing,
etc.)
•Safety & Security (shelter, laws, stability)
•Love / Belonging (intimacy, relationships, groups)
•Esteem (self-esteem; respect of others; dignity)
•Self Actualization (personal growth, fulfillment)
Learning Right Ans - the acquisition of new knowledge, skills, or
responses from experience that results in a relatively permanent change in
the state of the learner
Perception Right Ans - awareness of something
selective perception Right Ans - perception is the way in which
consumers notice, receive, understand, and retain certain information, but
not others
