BYU Marketing 201 [Swenson] Midterm 1
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QUESTIONS WITH ANSWERS \| \|
Marketing - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔A cohesive \| \| \| \| \| \| \|
marketing mix of product, place, price, and promotion, designed
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for a specific target market. Marketing strategy answers the
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question, "How do we orchestrate the marketing mix to deliver
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value to a particular market segment?"
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Three important components of marketing - CORRECT ANSWERS
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✔✔1) Marketing is the exchange that takes place between
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sellers and buyers. \| \|
2) Marketing creates, communicates, and delivers value to
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facilitate exchanges. \|
3) By delivering value, marketing satisfies customer needs and
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wants at a profit (marketing concept)
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Marketing Concept - CORRECT ANSWERS ✔✔By delivering value,
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marketing satisfies customer needs and wants at a profit.
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,Markets - CORRECT ANSWERS ✔✔the aggregate of individuals
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and organizations that have (1) needs and wants and (2) the
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ability, willingness, and authority to purchase products and
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services that satisfy their needs and wants.
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Business Market (business-to-business market) - CORRECT
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ANSWERS ✔✔individuals within organizations and companies
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purchasing products and services for use or consumption within
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their organization or for resale.
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Consumer Market (business-to-consumer market) - CORRECT
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ANSWERS ✔✔Individuals buying products and services for
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personal consumption or use \| \| \|
Strategic Triangle - CORRECT ANSWERS ✔✔Customer, Company,
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Competition (customer is the central point) \| \| \| \| \|
Corporate Strategy - CORRECT ANSWERS ✔✔What businesses
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should we be in? (Marketing firm considers types of business to
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include in its portfolio) \| \| \|
Strategic Business Unit (SBU) - CORRECT ANSWERS ✔✔How do
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we compete effectively in a given business?
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BCG Growth Model - CORRECT ANSWERS ✔✔stars, cash cows,
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question marks, dogs \| \|
Stars - CORRECT ANSWERS ✔✔high growth, high market share
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, Cash Cows - CORRECT ANSWERS ✔✔low growth markets that
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generate more cash than they need (high market share)
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Question Marks - CORRECT ANSWERS ✔✔high growth, low market
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share
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Dogs - CORRECT ANSWERS ✔✔low growth, low market share
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Marketing Mix - CORRECT ANSWERS ✔✔Product, Price, Place,
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Promotion
Product - CORRECT ANSWERS ✔✔A bundle of attributes in which
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each attribute and combination of attributes creates value for
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customers
Place - CORRECT ANSWERS ✔✔Where products are purchased
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Price - CORRECT ANSWERS ✔✔the amount of money made for a
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product
Promotion - CORRECT ANSWERS ✔✔refers to many different
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marketing activities, such as advertising, public relations, sales
\| \| \| \| \| \| \| \|
promotions, trade promotions, personal selling, and digital
\| \| \| \| \| \| \|
marketing.
\| \| \| \| \| \|
QUESTIONS WITH ANSWERS \| \|
Marketing - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS
\| \| \| \| \| \| \| \|
✔✔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 - CORRECT ANSWERS ✔✔By delivering value,
\| \| \| \| \| \| \| \|
marketing satisfies customer needs and wants at a profit.
\| \| \| \| \| \| \| \|
,Markets - CORRECT ANSWERS ✔✔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) - CORRECT
\| \| \| \| \| \|
ANSWERS ✔✔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) - CORRECT
\| \| \| \| \| \|
ANSWERS ✔✔Individuals buying products and services for
\| \| \| \| \| \| \|
personal consumption or use \| \| \|
Strategic Triangle - CORRECT ANSWERS ✔✔Customer, Company,
\| \| \| \| \| \| \|
Competition (customer is the central point) \| \| \| \| \|
Corporate Strategy - CORRECT ANSWERS ✔✔What businesses
\| \| \| \| \| \| \|
should we be in? (Marketing firm considers types of business to
\| \| \| \| \| \| \| \| \| \| \|
include in its portfolio) \| \| \|
Strategic Business Unit (SBU) - CORRECT ANSWERS ✔✔How do
\| \| \| \| \| \| \| \| \|
we compete effectively in a given business?
\| \| \| \| \| \|
BCG Growth Model - CORRECT ANSWERS ✔✔stars, cash cows,
\| \| \| \| \| \| \| \| \|
question marks, dogs \| \|
Stars - CORRECT ANSWERS ✔✔high growth, high market share
\| \| \| \| \| \| \| \|
, Cash Cows - CORRECT ANSWERS ✔✔low growth markets that
\| \| \| \| \| \| \| \| \|
generate more cash than they need (high market share)
\| \| \| \| \| \| \| \|
Question Marks - CORRECT ANSWERS ✔✔high growth, low market
\| \| \| \| \| \| \| \|
share
\|
Dogs - CORRECT ANSWERS ✔✔low growth, low market share
\| \| \| \| \| \| \| \|
Marketing Mix - CORRECT ANSWERS ✔✔Product, Price, Place,
\| \| \| \| \| \| \| \|
Promotion
Product - CORRECT ANSWERS ✔✔A bundle of attributes in which
\| \| \| \| \| \| \| \| \| \|
each attribute and combination of attributes creates value for
\| \| \| \| \| \| \| \| \|
customers
Place - CORRECT ANSWERS ✔✔Where products are purchased
\| \| \| \| \| \| \|
Price - CORRECT ANSWERS ✔✔the amount of money made for a
\| \| \| \| \| \| \| \| \| \| \|
product
Promotion - CORRECT ANSWERS ✔✔refers to many different
\| \| \| \| \| \| \| \|
marketing activities, such as advertising, public relations, sales
\| \| \| \| \| \| \| \|
promotions, trade promotions, personal selling, and digital
\| \| \| \| \| \| \|
marketing.
