BUS2 130 FINAL EXAM UPDATED QUESTIONS AND
CORRECT ANSWERS
Question:
1. What is marketing?
Answer:
A social and managerial process by which individuals obtain what they need and want through
creating and exchanging products and value with others
Question:
2. What is marketing? simple definition
Answer:
Marketing is managing profitable customer relationships
Question:
3. Why do we need marketing?
Answer:
We need marketing as the process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in return.
Question:
4. Five step marketing process to create and capture customer value
Answer:
The first four steps, companies work to understand consumers, create value, and build strong
customer relationships and the final step, customers reap the rewards of creating superior customer
value.
Question:
5. the marketing mix
Answer:
A set of marketing tools that work together to engage customers, satisfy
Question:
6. 4 P's
Answer:
Price, Product, Place, Promotion
Question:
7. Five core customer and marketplace concepts
Answer:
1. Needs, wants, demands
2. Marketing offers (products, services, information and experiences)
3. Value and satisfaction
4. Exchanges and relationships
5. Market
, Question:
8. Market Offerings
Answer:
some combination of products, services, information, or experiences offered to a market to satisfy a
need or want
Question:
9. Products
Answer:
Anything that can be offered to a market to satisfy a need or want
Question:
10. Services
Answer:
Activity or benefit offered for sale that is essentially intangible and does not result in the ownership of
anything
Question:
11. Marketing myopia
Answer:
the mistake of paying more attention to the specific products a company offers than to the benefits
and experiences produced by these products Small marketers look beyond the attributes of the
products and services they sell. By orchestrating several services and products, they create brand
experiences for consumers
Question:
12. Market Segmentation
Answer:
divides the market for a product category into segments of consumers
Question:
13. brand's value proposition
Answer:
the set of benefits and values it promises to deliver to consumers to satisfy their needs
Question:
14. Target marketing
Answer:
Process of selecting one or more segments to target
Question:
15. Customers form expectations about the value and satisfaction that various market offerings will
deliver and buy accordingly. (T/F)
Answer:
True
CORRECT ANSWERS
Question:
1. What is marketing?
Answer:
A social and managerial process by which individuals obtain what they need and want through
creating and exchanging products and value with others
Question:
2. What is marketing? simple definition
Answer:
Marketing is managing profitable customer relationships
Question:
3. Why do we need marketing?
Answer:
We need marketing as the process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in return.
Question:
4. Five step marketing process to create and capture customer value
Answer:
The first four steps, companies work to understand consumers, create value, and build strong
customer relationships and the final step, customers reap the rewards of creating superior customer
value.
Question:
5. the marketing mix
Answer:
A set of marketing tools that work together to engage customers, satisfy
Question:
6. 4 P's
Answer:
Price, Product, Place, Promotion
Question:
7. Five core customer and marketplace concepts
Answer:
1. Needs, wants, demands
2. Marketing offers (products, services, information and experiences)
3. Value and satisfaction
4. Exchanges and relationships
5. Market
, Question:
8. Market Offerings
Answer:
some combination of products, services, information, or experiences offered to a market to satisfy a
need or want
Question:
9. Products
Answer:
Anything that can be offered to a market to satisfy a need or want
Question:
10. Services
Answer:
Activity or benefit offered for sale that is essentially intangible and does not result in the ownership of
anything
Question:
11. Marketing myopia
Answer:
the mistake of paying more attention to the specific products a company offers than to the benefits
and experiences produced by these products Small marketers look beyond the attributes of the
products and services they sell. By orchestrating several services and products, they create brand
experiences for consumers
Question:
12. Market Segmentation
Answer:
divides the market for a product category into segments of consumers
Question:
13. brand's value proposition
Answer:
the set of benefits and values it promises to deliver to consumers to satisfy their needs
Question:
14. Target marketing
Answer:
Process of selecting one or more segments to target
Question:
15. Customers form expectations about the value and satisfaction that various market offerings will
deliver and buy accordingly. (T/F)
Answer:
True
