BCOR 2201 - Marketing Midterm 1 exam practice questions with 100% updated answers!!

Marketing - correct answers️️The art and science of creating value by designing and managing successful exchanges through implementation of the marketing mix. Goal of Marketing - correct answers️️To create exchange. Exchange - correct answers️️The trade of things of value between buyer and seller so that each is better off after the trade. Need - correct answers️️When a person feels deprived of basic necessities such as food, clothing, and shelter. Want - correct answers️️A need that is shaped by a person's knowledge, culture, and personality. Market - correct answers️️People with both the desire and ability to buy a specific offering. Target Market - correct answers️️One or more specific groups of potential consumers toward which an organization directs its marketing program. 4 P's of Marketing - correct answers️️Product Price Place Promotion Product - correct answers️️A good, service, or idea to satisfy the consumer's needs. Price - correct answers️️What is exchanged for the product. Place - correct answers️️A means of getting the product to the consumer. Promotion - correct answers️️The means of communication between the buyer and the seller. Utility - correct answers️️The benefits or customer value received by users of the product. Form Utility - correct answers️️The production of the product or service. Place Utility - correct answers️️Having the product/service where consumers need it. Time Utility - correct answers️️Having the product/service available when the consumers need it. Possession Utility - correct answers️️Making the product affordable, ease of payment. Service Utility - correct answers️️Value created through customer services. Colombia Article - correct answers️️This is marketing because ads were geared towards the target market of guerrilla soldiers in an attempt to get them to stop. Market Segment - correct answers️️The relatively homogeneous group of prospective buyers that (1) have common needs, and (2) will respond similarly to a marketing action. Marketing Program - correct answers️️A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.