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BUS X100 EXAM 3 Latest Update Exam | Questions and
Verified Answers | 100% Correct | Grade A +
Marketing - ANSWER 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
Value - ANSWER perception of the benefit or use of some
offering, relative to the cost of acquisition or access
Components of Perceived Value - ANSWER perceived customer
benefits (benefits increased) - perceived customer costs (costs
minimized/ deferred) = perceived value
Product - ANSWER 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
Marketing Ideology - ANSWER production orientation, product
orientation, selling orientation, market orientation, societal
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marketing orientation (production - what are we good at?
product - what are we better at? selling - sell!)
Marketing Concept - ANSWER customer (understand the
customer and fulfill unmet needs better than competitors),
service (everyone working towards selling), profit (generate the
most process)
Four P's of Marketing - ANSWER product, price, place,
promotion
Marketing Process - ANSWER mission, situation analysis,
marketing strategy, marketing mix, implementation and control)
Marketing Research Process - ANSWER analyze markets to
determine opportunities and challenges and to find the
information they need to make good decisions
Primary Data - ANSWER data that you gather yourself (not from
secondary sources such as books and magazines)
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Secondary Data - ANSWER information that has already been
compiled by others and published in journals and books or
made available online
Marketing Environment - ANSWER environmental scanning (the
process of identifying factors that can affect marketing success)
Global Factors - ANSWER trade agreements, competition,
trends, opportunities, internet
Technological Factors - ANSWER computers,
telecommunications, bar codes, data interchange, internet
changes
Sociocultural Factors - ANSWER population shifts, values,
attitudes, trends
Competitive Factors - ANSWER speed, service, price, selection
Economic Factors - ANSWER GDP, disposable income,
competition, unemployment
BUS X100 EXAM 3 Latest Update Exam | Questions and
Verified Answers | 100% Correct | Grade A +
Marketing - ANSWER 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
Value - ANSWER perception of the benefit or use of some
offering, relative to the cost of acquisition or access
Components of Perceived Value - ANSWER perceived customer
benefits (benefits increased) - perceived customer costs (costs
minimized/ deferred) = perceived value
Product - ANSWER 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
Marketing Ideology - ANSWER production orientation, product
orientation, selling orientation, market orientation, societal
,2|Page
marketing orientation (production - what are we good at?
product - what are we better at? selling - sell!)
Marketing Concept - ANSWER customer (understand the
customer and fulfill unmet needs better than competitors),
service (everyone working towards selling), profit (generate the
most process)
Four P's of Marketing - ANSWER product, price, place,
promotion
Marketing Process - ANSWER mission, situation analysis,
marketing strategy, marketing mix, implementation and control)
Marketing Research Process - ANSWER analyze markets to
determine opportunities and challenges and to find the
information they need to make good decisions
Primary Data - ANSWER data that you gather yourself (not from
secondary sources such as books and magazines)
, 3|Page
Secondary Data - ANSWER information that has already been
compiled by others and published in journals and books or
made available online
Marketing Environment - ANSWER environmental scanning (the
process of identifying factors that can affect marketing success)
Global Factors - ANSWER trade agreements, competition,
trends, opportunities, internet
Technological Factors - ANSWER computers,
telecommunications, bar codes, data interchange, internet
changes
Sociocultural Factors - ANSWER population shifts, values,
attitudes, trends
Competitive Factors - ANSWER speed, service, price, selection
Economic Factors - ANSWER GDP, disposable income,
competition, unemployment
