BCOR 2201 Midterm Exam Questions
with Verified Answers
marketing - ✔✔set of institutions and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large
exchange - ✔✔trade of things of value between buyers and sellers
marketing department - ✔✔Is shaped by its relationship with these internal/external groups:
alliances, partners, owners, customers, and other departments.
target market - ✔✔specific groups of potential consumers toward which an organization directs
its marketing program
marketing mix ( 4 p's) - ✔✔the set of tactical marketing tools - product, price, place, and
promotion - that the firm blends to produce the response it wants in the target market
Controllable factors - ✔✔product, price, promotion, place
uncontrollable factors - ✔✔environmental, social, economic, technological, competitive,
regulatory
customer value - ✔✔the unique combination of benefits received by targeted buyers that
includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a
specific price
marketing program - ✔✔a plan that integrates the marketing mix to provide a good, service, or
idea to prospective buyers
, market segment - ✔✔a subgroup of people or organizations sharing one or more characteristics
that cause them to have similar product needs
marketing concept - ✔✔the idea that the social and economic justification for an organization's
existence is the satisfaction of customer wants and needs while meeting organizational
objectives
market orientation - ✔✔The tendency of an economic activity to locate close to its market; a
reflection of large and variable distribution costs.
CRM (Customer Relationship Management) - ✔✔involves managing all aspects of a customer's
relationship with an organization to increase customer loyalty and retention and an
organization's profitability
Customer experience - ✔✔the internal response that customers have to all aspects of an
organization and its offering
social marketing concept - ✔✔the view that organizations should satisfy the needs of
consumers in a way that provides for society's well-being
organizational buyers - ✔✔manufacturers, wholesalers, retailers, and government agencies
that buy products and services for their own use or for resale
utility - ✔✔Ability or capacity of a good or service to be useful and give satisfaction to
someone.
Market Intermediaries - ✔✔help facilitate and value the product in the change
market economy (free market) - ✔✔allows for self-interest in a competitive market
with Verified Answers
marketing - ✔✔set of institutions and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large
exchange - ✔✔trade of things of value between buyers and sellers
marketing department - ✔✔Is shaped by its relationship with these internal/external groups:
alliances, partners, owners, customers, and other departments.
target market - ✔✔specific groups of potential consumers toward which an organization directs
its marketing program
marketing mix ( 4 p's) - ✔✔the set of tactical marketing tools - product, price, place, and
promotion - that the firm blends to produce the response it wants in the target market
Controllable factors - ✔✔product, price, promotion, place
uncontrollable factors - ✔✔environmental, social, economic, technological, competitive,
regulatory
customer value - ✔✔the unique combination of benefits received by targeted buyers that
includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a
specific price
marketing program - ✔✔a plan that integrates the marketing mix to provide a good, service, or
idea to prospective buyers
, market segment - ✔✔a subgroup of people or organizations sharing one or more characteristics
that cause them to have similar product needs
marketing concept - ✔✔the idea that the social and economic justification for an organization's
existence is the satisfaction of customer wants and needs while meeting organizational
objectives
market orientation - ✔✔The tendency of an economic activity to locate close to its market; a
reflection of large and variable distribution costs.
CRM (Customer Relationship Management) - ✔✔involves managing all aspects of a customer's
relationship with an organization to increase customer loyalty and retention and an
organization's profitability
Customer experience - ✔✔the internal response that customers have to all aspects of an
organization and its offering
social marketing concept - ✔✔the view that organizations should satisfy the needs of
consumers in a way that provides for society's well-being
organizational buyers - ✔✔manufacturers, wholesalers, retailers, and government agencies
that buy products and services for their own use or for resale
utility - ✔✔Ability or capacity of a good or service to be useful and give satisfaction to
someone.
Market Intermediaries - ✔✔help facilitate and value the product in the change
market economy (free market) - ✔✔allows for self-interest in a competitive market
