BCOR 2201 Midterm Exam Questions
with Verified Answers
What is Marketing? - ✔✔"Marketing is 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."
Four P's of the Marketing Mix - ✔✔Product, Price, Place, Promotion
Who markets? - ✔✔Every organization markets, even non-profits and political canidates
What is marketed? - ✔✔Goods, services, and ideas are marketed. Goods are physical objects,
such as toothpaste, smartphones, or automobiles, that satisfy consumer needs. Services are
intangible items such as airline trips, financial advice, or art museums. Ideas are thoughts about
concepts, actions, or causes.
In this book, goods, services, and ideas are all considered "products" that are marketed. So a
product is a good, service, or idea consisting of a bundle of tangible and intangible attributes
that satisfies consumers' needs and is received in exchange for money or something else of
value.
Value (or "Utility") - ✔✔The benefits or customer value received by users of the product; it is
what consumers pay for in an exchange transaction.
Four types of utility - ✔✔form, place, time, possession
Form Utility - ✔✔The production of the product or service
Place Utility - ✔✔Having the offering available where consumers need it
, Time Utility - ✔✔Adding value to products by making them available when they're needed.
Possession Utility - ✔✔The value of making an item easy to purchase through the provision of
credit cards or financial arrangements
Target Market - ✔✔one or more specific groups of potential consumers toward which an
organization directs its marketing program
Four P's: Product - ✔✔A good, service, or idea to satisfy the consumer's needs.
Four P's: Promotion - ✔✔A means of communication between the seller and buyer
Four P's: Price - ✔✔What is exchanged for the product
Four P's: Place - ✔✔A means of getting the product to the consumer
Controllable Marketing Mix Factors - ✔✔Four P's
Uncontrollable, Environmental Forces - ✔✔social, economic, technological, competitive, and
regulatory forces.
Mutually Beneficial Exchange - ✔✔an exchange that benefits both parties
What is 'strategy'? - ✔✔Strategy is a business' long-term plans (What we will do) made to
achieve specific goals (What we hope to accomplish).
with Verified Answers
What is Marketing? - ✔✔"Marketing is 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."
Four P's of the Marketing Mix - ✔✔Product, Price, Place, Promotion
Who markets? - ✔✔Every organization markets, even non-profits and political canidates
What is marketed? - ✔✔Goods, services, and ideas are marketed. Goods are physical objects,
such as toothpaste, smartphones, or automobiles, that satisfy consumer needs. Services are
intangible items such as airline trips, financial advice, or art museums. Ideas are thoughts about
concepts, actions, or causes.
In this book, goods, services, and ideas are all considered "products" that are marketed. So a
product is a good, service, or idea consisting of a bundle of tangible and intangible attributes
that satisfies consumers' needs and is received in exchange for money or something else of
value.
Value (or "Utility") - ✔✔The benefits or customer value received by users of the product; it is
what consumers pay for in an exchange transaction.
Four types of utility - ✔✔form, place, time, possession
Form Utility - ✔✔The production of the product or service
Place Utility - ✔✔Having the offering available where consumers need it
, Time Utility - ✔✔Adding value to products by making them available when they're needed.
Possession Utility - ✔✔The value of making an item easy to purchase through the provision of
credit cards or financial arrangements
Target Market - ✔✔one or more specific groups of potential consumers toward which an
organization directs its marketing program
Four P's: Product - ✔✔A good, service, or idea to satisfy the consumer's needs.
Four P's: Promotion - ✔✔A means of communication between the seller and buyer
Four P's: Price - ✔✔What is exchanged for the product
Four P's: Place - ✔✔A means of getting the product to the consumer
Controllable Marketing Mix Factors - ✔✔Four P's
Uncontrollable, Environmental Forces - ✔✔social, economic, technological, competitive, and
regulatory forces.
Mutually Beneficial Exchange - ✔✔an exchange that benefits both parties
What is 'strategy'? - ✔✔Strategy is a business' long-term plans (What we will do) made to
achieve specific goals (What we hope to accomplish).
