BYU Marketing 201 Midterm 1 questions
and answers 2025
Marketing - ANSWER 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
Marketing Strategy - ANSWER A cohesive marketing mix of product, place, price, and
promotion, designed for a specific target market. Marketing strategy answers the question,
"How do we orchestrate the marketing mix to deliver value to a particular market segment?"
Three important components of marketing - ANSWER 1) Marketing is the exchange that takes
place between sellers and buyers.
2) Marketing creates, communicates, and delivers value to facilitate exchanges.
3) By delivering value, marketing satisfies customer needs and wants at a profit (marketing
concept)
Marketing Concept - ANSWER By delivering value, marketing satisfies customer needs and
wants at a profit.
Markets - ANSWER the aggregate of individuals and organizations that have (1) needs and wants
and (2) the ability, willingness, and authority to purchase products and services that satisfy their
needs and wants.
Business Market (business-to-business market) - ANSWER individuals within organizations and
companies purchasing products and services for use or consumption within their organization
or for resale.
,Consumer Market (business-to-consumer market) - ANSWER Individuals buying products and
services for personal consumption or use
Strategic Triangle - ANSWER Customer, Company, Competition (customer is the central point)
Corporate Strategy - ANSWER What businesses should we be in? (Marketing firm considers
types of business to include in its portfolio)
Strategic Business Unit (SBU) - ANSWER How do we compete effectively in a given business?
BCG Growth Model - ANSWER stars, cash cows, question marks, dogs
Stars - ANSWER high growth, high market share
Cash Cows - ANSWER low growth markets that generate more cash than they need (high market
share)
Question Marks - ANSWER high growth, low market share
Dogs - ANSWER low growth, low market share
Marketing Mix - ANSWER Product, Price, Place, Promotion
Product - ANSWER A bundle of attributes in which each attribute and combination of attributes
creates value for customers
Place - ANSWER Where products are purchased
, Price - ANSWER the amount of money made for a product
Promotion - ANSWER refers to many different marketing activities, such as advertising, public
relations, sales promotions, trade promotions, personal selling, and digital marketing.
Brand Champions - ANSWER Customers who love the firm's products and then advocate or
champion the products to others.
Market Penetration - ANSWER selling more of the existing products in existing markets
Product Development - ANSWER introducing new products to existing markets
Market Development - ANSWER introducing existing products to new markets
Diversification - ANSWER Introducing new products into new markets
Marketing Plan - ANSWER a marketing strategy with a budget and a timeline
Customer Lifetime Value (CLV) - ANSWER determines the economic value a customer brings
over the lifetime with the business.
3 Ways marketers can boost sales per customer - ANSWER (1) persuading customers to buy
more of their products
(2) generating add-on sales (complementary products and services),
and (3) partnering with other firms to create add-on sales opportunities.
and answers 2025
Marketing - ANSWER 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
Marketing Strategy - ANSWER A cohesive marketing mix of product, place, price, and
promotion, designed for a specific target market. Marketing strategy answers the question,
"How do we orchestrate the marketing mix to deliver value to a particular market segment?"
Three important components of marketing - ANSWER 1) Marketing is the exchange that takes
place between sellers and buyers.
2) Marketing creates, communicates, and delivers value to facilitate exchanges.
3) By delivering value, marketing satisfies customer needs and wants at a profit (marketing
concept)
Marketing Concept - ANSWER By delivering value, marketing satisfies customer needs and
wants at a profit.
Markets - ANSWER the aggregate of individuals and organizations that have (1) needs and wants
and (2) the ability, willingness, and authority to purchase products and services that satisfy their
needs and wants.
Business Market (business-to-business market) - ANSWER individuals within organizations and
companies purchasing products and services for use or consumption within their organization
or for resale.
,Consumer Market (business-to-consumer market) - ANSWER Individuals buying products and
services for personal consumption or use
Strategic Triangle - ANSWER Customer, Company, Competition (customer is the central point)
Corporate Strategy - ANSWER What businesses should we be in? (Marketing firm considers
types of business to include in its portfolio)
Strategic Business Unit (SBU) - ANSWER How do we compete effectively in a given business?
BCG Growth Model - ANSWER stars, cash cows, question marks, dogs
Stars - ANSWER high growth, high market share
Cash Cows - ANSWER low growth markets that generate more cash than they need (high market
share)
Question Marks - ANSWER high growth, low market share
Dogs - ANSWER low growth, low market share
Marketing Mix - ANSWER Product, Price, Place, Promotion
Product - ANSWER A bundle of attributes in which each attribute and combination of attributes
creates value for customers
Place - ANSWER Where products are purchased
, Price - ANSWER the amount of money made for a product
Promotion - ANSWER refers to many different marketing activities, such as advertising, public
relations, sales promotions, trade promotions, personal selling, and digital marketing.
Brand Champions - ANSWER Customers who love the firm's products and then advocate or
champion the products to others.
Market Penetration - ANSWER selling more of the existing products in existing markets
Product Development - ANSWER introducing new products to existing markets
Market Development - ANSWER introducing existing products to new markets
Diversification - ANSWER Introducing new products into new markets
Marketing Plan - ANSWER a marketing strategy with a budget and a timeline
Customer Lifetime Value (CLV) - ANSWER determines the economic value a customer brings
over the lifetime with the business.
3 Ways marketers can boost sales per customer - ANSWER (1) persuading customers to buy
more of their products
(2) generating add-on sales (complementary products and services),
and (3) partnering with other firms to create add-on sales opportunities.
