BUS 360 Tom Byrnes Test 1 (Chapters 1-
4)Questions With All Correct & Verified
Answers
What Marketing Is Correct answer-An organizational function and a set of processes for creating,
capturing*, communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
What Marking Is About Correct answer-Understanding the marketplace and how it needs to be
segmented and divided to achieve success. Involves the seller delivering the product or service to the
buyer
Marketing Core Aspects Correct answer-1. Satisfying customer needs and wants
2. Creating an exchange or trade
3. Making product, price, place and promotion decisions
4. Performing by individuals and organizations
5. Occurring in many settings
6. Helping create value
Why Marketing Is Important Correct answer-Expands global presence
● Is pervasive across the organization
● Is pervasive across the supply chain
● Provides choices and opportunities
● Enriches society
● Can be Entrepreneurial
Marketing Planning Process Correct answer-Phase 1 Planning Phase
Step 1 - Define Mission Statement
Step 2 - Conduct a Situation Analysis
Phase 2 Implementation Phase
Step 3 - Identify & Evaluate Opportunities
Step 4 - Implement Market Mix & Allocate Resources
Phase 3 Control Phase
Step 5 - Evaluate Performance & Make Adjustments
Marketing Growth Strategies Correct answer-1. Market Penetration Strategy
2. Market Development Strategy
3. Product Development Strategy
4. Diversification Strategy
Factors Influencing Buying Correct answer-● Family
● Reference Groups
● Culture
● Learning
● Motives
● Perception
● Attitude
● Purchase Situation
● Shopping Situation
, ● Temporal State
Market Research Correct answer-Defining Objectives
Designing the Research Project
Data Collection
Analyzing Data
Presenting Results
Branding Correct answer-● Facilitates Purchasing
● Establishes Loyalty
● Protects from Competition
● Reduces Marketing Costs
● Represents an Asset
● Impacts Market Value
Primary Packaging Correct answer-The one the consumer uses. Typically provides convenience in
terms of storage, use and consumption
Secondary Packaging Correct answer-The one the consumer uses. Typically provides convenience
in terms of storage, use and consumption
Innovators Correct answer-1 of 5 buyers
Want to be first on block to have new product or service
Early Adopters Correct answer-1 of 5 buyers
Wait to purchase product after careful review
Early Majority Correct answer-1 of 5 buyers
Wait until bugs have been worked out.
Late Majority Correct answer-1 of 5 buyers
Last group of buyers to enter new product market.
Laggards Correct answer-1 of 5 buyers
Avoid change, rely on traditional products until no longer available
New Product Development Correct answer-1. Idea Generation
2. Concept Testing
3. Product Development
4. Market Testing
5. Product Launch
Product Life Cycles Correct answer-1. Introduction Stage
2. Growth Stage
3. Maturity Stage
4. Decline Stage
Goods Vs. Services
1) Intangible
2) Inseparable
3) Variable
4)Questions With All Correct & Verified
Answers
What Marketing Is Correct answer-An organizational function and a set of processes for creating,
capturing*, communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
What Marking Is About Correct answer-Understanding the marketplace and how it needs to be
segmented and divided to achieve success. Involves the seller delivering the product or service to the
buyer
Marketing Core Aspects Correct answer-1. Satisfying customer needs and wants
2. Creating an exchange or trade
3. Making product, price, place and promotion decisions
4. Performing by individuals and organizations
5. Occurring in many settings
6. Helping create value
Why Marketing Is Important Correct answer-Expands global presence
● Is pervasive across the organization
● Is pervasive across the supply chain
● Provides choices and opportunities
● Enriches society
● Can be Entrepreneurial
Marketing Planning Process Correct answer-Phase 1 Planning Phase
Step 1 - Define Mission Statement
Step 2 - Conduct a Situation Analysis
Phase 2 Implementation Phase
Step 3 - Identify & Evaluate Opportunities
Step 4 - Implement Market Mix & Allocate Resources
Phase 3 Control Phase
Step 5 - Evaluate Performance & Make Adjustments
Marketing Growth Strategies Correct answer-1. Market Penetration Strategy
2. Market Development Strategy
3. Product Development Strategy
4. Diversification Strategy
Factors Influencing Buying Correct answer-● Family
● Reference Groups
● Culture
● Learning
● Motives
● Perception
● Attitude
● Purchase Situation
● Shopping Situation
, ● Temporal State
Market Research Correct answer-Defining Objectives
Designing the Research Project
Data Collection
Analyzing Data
Presenting Results
Branding Correct answer-● Facilitates Purchasing
● Establishes Loyalty
● Protects from Competition
● Reduces Marketing Costs
● Represents an Asset
● Impacts Market Value
Primary Packaging Correct answer-The one the consumer uses. Typically provides convenience in
terms of storage, use and consumption
Secondary Packaging Correct answer-The one the consumer uses. Typically provides convenience
in terms of storage, use and consumption
Innovators Correct answer-1 of 5 buyers
Want to be first on block to have new product or service
Early Adopters Correct answer-1 of 5 buyers
Wait to purchase product after careful review
Early Majority Correct answer-1 of 5 buyers
Wait until bugs have been worked out.
Late Majority Correct answer-1 of 5 buyers
Last group of buyers to enter new product market.
Laggards Correct answer-1 of 5 buyers
Avoid change, rely on traditional products until no longer available
New Product Development Correct answer-1. Idea Generation
2. Concept Testing
3. Product Development
4. Market Testing
5. Product Launch
Product Life Cycles Correct answer-1. Introduction Stage
2. Growth Stage
3. Maturity Stage
4. Decline Stage
Goods Vs. Services
1) Intangible
2) Inseparable
3) Variable
