MKT 100 COMPREHENSIVE EXAM STUDY
GUIDE WITH COMPLETE SOLUTIONS
●● Marketing Plan
Answer: A plan that is set out depicting the current market situation,
including opportunities and threats for the firm. The plan also includes
marketing strategies in terms of the 4 P's.
●● Pro Formula
Answer:
●● Market
Answer: The group of people who need or want a company's product or
service, and are willing to buy them.
●● Target Market
Answer: The customer group to whom the firm is interested in the
product you will sell.
●● Exchange
Answer: The trade of things of value between the buyer and the seller, so
that each is better off as a result. An example of an exchange is the
,selling a of cupcake, you get the satisfaction of eating the cupcake, and
the baker gets the satisfaction of receiving money for the work they did.
●● Marketing Mix
Answer: Product, Place, Price, Promotion
●● Good
Answer: Item that can be physically touched
●● Service
Answer: Non object service benefits. Such as a repairman.
●● Price
Answer: The overall sacrifice a customer is willing to make. Money,
time, energy.
●● B2C
Answer: Business to Consumer, The process in which businesses sell to
customers. An example, is a clothing store.
●● B2B
, Answer: Business to Business, The process of one company selling
merchandise. or services to another. An example is a logging company
selling wood to a furniture maker.
●● C2C
Answer: Customer to Customer, the process of consumers selling to
consumers. An example is the use of Kijiji, or holding a garage sale.
●● Social Media
Answer: The use of digital tools to easily and quickly create and share
content to foster dialogue, social relationships, and personal identities.
●● Value
Answer: Reflects the relationship of benefits to costs, or what the
consumer gets for what what they give.
●● Relational Orientation
Answer: A method of building relationships with customers based on the
philosophy that buyers and sellers should develop a long term
relationship.
●● CRM
Answer: Customer Relationship Management. The focus on building
loyalty amongst your firms most valued customers. HBC points
GUIDE WITH COMPLETE SOLUTIONS
●● Marketing Plan
Answer: A plan that is set out depicting the current market situation,
including opportunities and threats for the firm. The plan also includes
marketing strategies in terms of the 4 P's.
●● Pro Formula
Answer:
●● Market
Answer: The group of people who need or want a company's product or
service, and are willing to buy them.
●● Target Market
Answer: The customer group to whom the firm is interested in the
product you will sell.
●● Exchange
Answer: The trade of things of value between the buyer and the seller, so
that each is better off as a result. An example of an exchange is the
,selling a of cupcake, you get the satisfaction of eating the cupcake, and
the baker gets the satisfaction of receiving money for the work they did.
●● Marketing Mix
Answer: Product, Place, Price, Promotion
●● Good
Answer: Item that can be physically touched
●● Service
Answer: Non object service benefits. Such as a repairman.
●● Price
Answer: The overall sacrifice a customer is willing to make. Money,
time, energy.
●● B2C
Answer: Business to Consumer, The process in which businesses sell to
customers. An example, is a clothing store.
●● B2B
, Answer: Business to Business, The process of one company selling
merchandise. or services to another. An example is a logging company
selling wood to a furniture maker.
●● C2C
Answer: Customer to Customer, the process of consumers selling to
consumers. An example is the use of Kijiji, or holding a garage sale.
●● Social Media
Answer: The use of digital tools to easily and quickly create and share
content to foster dialogue, social relationships, and personal identities.
●● Value
Answer: Reflects the relationship of benefits to costs, or what the
consumer gets for what what they give.
●● Relational Orientation
Answer: A method of building relationships with customers based on the
philosophy that buyers and sellers should develop a long term
relationship.
●● CRM
Answer: Customer Relationship Management. The focus on building
loyalty amongst your firms most valued customers. HBC points
