BUS 100 Final Exam with Verified
Answers
Benefit Segmentation - ✔✔Dividing the market by determining which benefits of the product to
talk about
Brand name - ✔✔A word, letter, or group of words or letters that differentiate one sellers
goods and services from those of competitors
Business to business markets (B2B) - ✔✔All the individuals and organizations that want goods
and services to use in producing other goods and services or to sell, rent, or supply goods to
others
Consumer market - ✔✔All the individuals or households that want goods and services for
personal consumption or use
Customer relationship management (CRM) - ✔✔The process of learning as much as possible
about customers an doing everything you can over time to satisfy them or even exceed their
expectations with goods and services
Demographic segmentation - ✔✔Dividing the market by age, income, and education level
Environmental scanning - ✔✔The process of identifying the factors that can effect marketing
sucess
Focus group - ✔✔A small group of people who meet under the direction of a discussion leader
to communicate their opinions about an organization, it's products, or other given issues
Geographic segmentation - ✔✔Dividing the market by cities, countries, states or regions
, Marketing - ✔✔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 concept - ✔✔A three part business philosophy: (1.) A customer orientation (2.) A
service orientation, and (3.) a profit orientation
Marketing mix - ✔✔The ingredients that go into a marketing program: product, price, place,
and promotion
Marketing research - ✔✔The analysis of markets to determine opportunities and challenges,
and to find the information needed to make good decisions.
Marketing segmentation - ✔✔The process of diving the total market into groups whose
members have similar characteristics
Mass marketing - ✔✔Developing products and promotions to please large groups of people
Niche marketing - ✔✔The process of finding small but profitable market segments and
designing or finding products for them
One to one marketing - ✔✔Developing a unique mix of goods and and services for each
individual customer
Primary data - ✔✔Data that you gather yourself (not form secondary sources such as books and
magazines)
Product - ✔✔Any physical good, service, or idea that satisfies a want or need plus anything that
would enhance the product in the eyes of consumers such as the brand name
Answers
Benefit Segmentation - ✔✔Dividing the market by determining which benefits of the product to
talk about
Brand name - ✔✔A word, letter, or group of words or letters that differentiate one sellers
goods and services from those of competitors
Business to business markets (B2B) - ✔✔All the individuals and organizations that want goods
and services to use in producing other goods and services or to sell, rent, or supply goods to
others
Consumer market - ✔✔All the individuals or households that want goods and services for
personal consumption or use
Customer relationship management (CRM) - ✔✔The process of learning as much as possible
about customers an doing everything you can over time to satisfy them or even exceed their
expectations with goods and services
Demographic segmentation - ✔✔Dividing the market by age, income, and education level
Environmental scanning - ✔✔The process of identifying the factors that can effect marketing
sucess
Focus group - ✔✔A small group of people who meet under the direction of a discussion leader
to communicate their opinions about an organization, it's products, or other given issues
Geographic segmentation - ✔✔Dividing the market by cities, countries, states or regions
, Marketing - ✔✔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 concept - ✔✔A three part business philosophy: (1.) A customer orientation (2.) A
service orientation, and (3.) a profit orientation
Marketing mix - ✔✔The ingredients that go into a marketing program: product, price, place,
and promotion
Marketing research - ✔✔The analysis of markets to determine opportunities and challenges,
and to find the information needed to make good decisions.
Marketing segmentation - ✔✔The process of diving the total market into groups whose
members have similar characteristics
Mass marketing - ✔✔Developing products and promotions to please large groups of people
Niche marketing - ✔✔The process of finding small but profitable market segments and
designing or finding products for them
One to one marketing - ✔✔Developing a unique mix of goods and and services for each
individual customer
Primary data - ✔✔Data that you gather yourself (not form secondary sources such as books and
magazines)
Product - ✔✔Any physical good, service, or idea that satisfies a want or need plus anything that
would enhance the product in the eyes of consumers such as the brand name
