BCOR 2201 Marketing Midterm Exam
Questions with Verified Answers
Marketing - ✔✔The art and science of creating value by designing and managing successful
exchanges through implementation of the marketing mix.
Goal of Marketing - ✔✔To create exchange.
Exchange - ✔✔The trade of things of value between buyer and seller so that each is better off
after the trade.
Need - ✔✔When a person feels deprived of basic necessities such as food, clothing, and shelter.
Want - ✔✔A need that is shaped by a person's knowledge, culture, and personality.
Market - ✔✔People with both the desire and ability to buy a specific offering.
Target Market - ✔✔One or more specific groups of potential consumers toward which an
organization directs its marketing program.
4 P's of Marketing - ✔✔Product
Price
Place
Promotion
Product - ✔✔A good, service, or idea to satisfy the consumer's needs.
, Price - ✔✔What is exchanged for the product.
Place - ✔✔A means of getting the product to the consumer.
Promotion - ✔✔The means of communication between the buyer and the seller.
Utility - ✔✔The benefits or customer value received by users of the product.
Form Utility - ✔✔Making a product more useful or appealing by changing what it is or how it
looks.
Place Utility - ✔✔Having the product/service where consumers need it.
Time Utility - ✔✔Having the product/service available when the consumers need it.
Possession Utility - ✔✔Making the product affordable, ease of payment.
Service Utility - ✔✔Value created through customer services.
Colombia Article - ✔✔This is marketing because ads were geared towards the target market of
guerrilla soldiers in an attempt to get them to stop.
Market Segment - ✔✔The relatively homogeneous group of prospective buyers that (1) have
common needs, and (2) will respond similarly to a marketing action.
Marketing Program - ✔✔A plan that integrates the marketing mix to provide a good, service, or
idea to prospective buyers.
Questions with Verified Answers
Marketing - ✔✔The art and science of creating value by designing and managing successful
exchanges through implementation of the marketing mix.
Goal of Marketing - ✔✔To create exchange.
Exchange - ✔✔The trade of things of value between buyer and seller so that each is better off
after the trade.
Need - ✔✔When a person feels deprived of basic necessities such as food, clothing, and shelter.
Want - ✔✔A need that is shaped by a person's knowledge, culture, and personality.
Market - ✔✔People with both the desire and ability to buy a specific offering.
Target Market - ✔✔One or more specific groups of potential consumers toward which an
organization directs its marketing program.
4 P's of Marketing - ✔✔Product
Price
Place
Promotion
Product - ✔✔A good, service, or idea to satisfy the consumer's needs.
, Price - ✔✔What is exchanged for the product.
Place - ✔✔A means of getting the product to the consumer.
Promotion - ✔✔The means of communication between the buyer and the seller.
Utility - ✔✔The benefits or customer value received by users of the product.
Form Utility - ✔✔Making a product more useful or appealing by changing what it is or how it
looks.
Place Utility - ✔✔Having the product/service where consumers need it.
Time Utility - ✔✔Having the product/service available when the consumers need it.
Possession Utility - ✔✔Making the product affordable, ease of payment.
Service Utility - ✔✔Value created through customer services.
Colombia Article - ✔✔This is marketing because ads were geared towards the target market of
guerrilla soldiers in an attempt to get them to stop.
Market Segment - ✔✔The relatively homogeneous group of prospective buyers that (1) have
common needs, and (2) will respond similarly to a marketing action.
Marketing Program - ✔✔A plan that integrates the marketing mix to provide a good, service, or
idea to prospective buyers.
