BCOR 2201 Marketing Final Review QUESTIONS WITH 100% UPDATED ANSWERS!!

Marketing definition - correct answers️️Marketing 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? - correct answers️️facilitates 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) - correct answers️️Product: 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 - correct answers️️social, economic, technological, competitive, regulatory, environmental Form utility - correct answers️️producing/offering the product in a form that is more valuable (right size, right flavor, assembled) ex.) grill Possession utility - correct answers️️Creating value by making it easier to purchase/facilitating easier possession (credit terms, mobile payment) ex.) credit card Time utility - correct answers️️Creating 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 - correct answers️️Creating value by having the product available where you are/where you need it ex.) airline SBU - correct answers️️Strategic 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 - correct answers️️company, customers, competitors, collaborators, context BCG Matrix - correct answers️️analyzes business opportunities according to market growth rate and market share Question marks (BCG Matrix) - correct answers️️high 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 Stars (BCG Matrix) - correct answers️️high growth, high market share stars are leaders in business; they require heavy investment to maintain its large market share Cash Cows (BCG Matrix) - correct answers️️low growth, high market share they are foundation of the company and often the starts of yesterday; generate more cash than required; extract the profits by investing as little cash as possible; located in an industry that is mature: not growing or declining Dogs (BCG Matrix) - correct answers️️low growth, low market share cash traps; do not have potential; high cost and low quality; business is situated at a declining stage SWOT Analysis - correct answers️️strengths, weaknesses, opportunities, threats Strengths - correct answers️️internal, positive Weaknesses - correct answers️️internal, negative Opportunities - correct answers️️external, positive Threats - correct answers️️external, negative Ansoff's Matrix - correct answers️️Shows the strategies that a firm can use to expand, according to how risky they are Market penetration - correct answers️️current product, current market product development - correct answers️️new product, current market market development - correct answers️️current product, new market diversification - correct answers️️new product, new market International firm - correct answers️️extension of home marketing strategy, views marketing to other markets the same as home market multinational firm - correct answers️️Multi-domestic marketing strategy, views of world as unique parts and markets to each differently transnational firm - correct answers️️global marketing strategy, views world as one market and standardizes marketing activities where there are cultural similarities, adapts where they differ cross-cultural analysis - correct answers️️to market effectively on a global scale, one must analyze the similarities and differences of consumers across global geographies in 5 key areas: values