BCOR 2201 - Marketing Midterm 1 Exam | Questions
& 100% Correct ANSWERs (Verified) | Latest Update |
Grade A+
Need - ANSWER -When a person feels deprived of basic necessities such as food,
clothing, and shelter.
Want - ANSWER -A need that is shaped by a person's knowledge, culture, and
personality.
Market - ANSWER -People with both the desire and ability to buy a specific
offering.
Target Market - ANSWER -One or more specific groups of potential consumers
toward which an organization directs its marketing program.
4 P's of Marketing - ANSWER -Product
Price
Place
Promotion
Product - ANSWER -A good, service, or idea to satisfy the consumer's needs.
Price - ANSWER -What is exchanged for the product.
Place - ANSWER -A means of getting the product to the consumer.
Promotion - ANSWER -The means of communication between the buyer and the
seller.
Utility - ANSWER -The benefits or customer value received by users of the
product.
Form Utility - ANSWER -The production of the product or service.
, Place Utility - ANSWER -Having the product/service where consumers need it.
Time Utility - ANSWER -Having the product/service available when the
consumers need it.
Possession Utility - ANSWER -Making the product affordable, ease of payment.
Service Utility - ANSWER -Value created through customer services.
Colombia Article - ANSWER -This is marketing because ads were geared
towards the target market of guerrilla soldiers in an attempt to get them to stop.
Market Segment - ANSWER -The relatively homogeneous group of prospective
buyers that (1) have common needs, and (2) will respond similarly to a marketing
action.
Marketing Program - ANSWER -A plan that integrates the marketing mix to
provide a good, service, or idea to prospective buyers.
Strategy - ANSWER -An organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals.
Strategic Business Unit (SBU) - ANSWER -A unit of the company that has a
separate mission and objectives and that can be planned independently from other
company businesses.
Business Portfolio Analysis - ANSWER -A technique that managers use to
quantify performance measures and growth targets of their firms' strategic business
units.
BCG Matrix - ANSWER -Question Mark - Low market share and high growth
rate.
Star - High market share and high growth rate.
Cash Cow - High market share and low growth rate.
Dog - Low market share and low growth rate.
& 100% Correct ANSWERs (Verified) | Latest Update |
Grade A+
Need - ANSWER -When a person feels deprived of basic necessities such as food,
clothing, and shelter.
Want - ANSWER -A need that is shaped by a person's knowledge, culture, and
personality.
Market - ANSWER -People with both the desire and ability to buy a specific
offering.
Target Market - ANSWER -One or more specific groups of potential consumers
toward which an organization directs its marketing program.
4 P's of Marketing - ANSWER -Product
Price
Place
Promotion
Product - ANSWER -A good, service, or idea to satisfy the consumer's needs.
Price - ANSWER -What is exchanged for the product.
Place - ANSWER -A means of getting the product to the consumer.
Promotion - ANSWER -The means of communication between the buyer and the
seller.
Utility - ANSWER -The benefits or customer value received by users of the
product.
Form Utility - ANSWER -The production of the product or service.
, Place Utility - ANSWER -Having the product/service where consumers need it.
Time Utility - ANSWER -Having the product/service available when the
consumers need it.
Possession Utility - ANSWER -Making the product affordable, ease of payment.
Service Utility - ANSWER -Value created through customer services.
Colombia Article - ANSWER -This is marketing because ads were geared
towards the target market of guerrilla soldiers in an attempt to get them to stop.
Market Segment - ANSWER -The relatively homogeneous group of prospective
buyers that (1) have common needs, and (2) will respond similarly to a marketing
action.
Marketing Program - ANSWER -A plan that integrates the marketing mix to
provide a good, service, or idea to prospective buyers.
Strategy - ANSWER -An organization's long-term course of action designed to
deliver a unique customer experience while achieving its goals.
Strategic Business Unit (SBU) - ANSWER -A unit of the company that has a
separate mission and objectives and that can be planned independently from other
company businesses.
Business Portfolio Analysis - ANSWER -A technique that managers use to
quantify performance measures and growth targets of their firms' strategic business
units.
BCG Matrix - ANSWER -Question Mark - Low market share and high growth
rate.
Star - High market share and high growth rate.
Cash Cow - High market share and low growth rate.
Dog - Low market share and low growth rate.
