Final Exam SEVI 2053 UPDATED Exam
Questions and CORRECT Answers
Utility - Correct Answer- The ability of a good or service to satisfy a human need
From utility - Correct Answer- Utility created by converting production inputs into finished
products
place utility - Correct Answer- Utility created by making a product available at a location
where customers wish to purchase it
Time Utility - Correct Answer- Utility created by making a product available when customers
wish to purchase it
Possession Utility - Correct Answer- Utility created by transferring title (or ownership) of a
product to a buyer
Implemented Marketing Concept - Correct Answer- •The firm must first obtain information
about its present and potential customers.
−What customers' needs are and how well needs are satisfied by products currently in the
market—both its own products and those of competitors
−How products might be improved, opinions customers have about firm and marketing
efforts
Implemented Marketing Concept pt 2 - Correct Answer- The firm must use this information
to pinpoint the specific needs and potential customers toward which it will direct its
marketing activities and resources
Marketing Mix - Correct Answer- A combination of product, price, distribution, and
promotion developed to satisfy a particular target market
Target Market - Correct Answer- A group of individuals or organizations, or both, for which a
firm develops and maintains a marketing mix suitable for the specific needs and preferences
of that group
, Explain how Marketing Environment affects strategic market planning - Correct Answer-
Economic Forces, Sociocultural Forces, Political Forces, Competitive Forces, Legal and
regulatory Forces, Technological Forces
Influences on the decision process - Correct Answer- Situational influences, Psychological
Influences, Social Influences
Consumer buying Decision Possess - Correct Answer- Recognize Problem, Search for
information, Evaluate Alternatives, Purchase, Evaluate after Purchase
Prodcut Life Cycle - Correct Answer- - A series of stages in which a product's sales revenue
and profit increase, reach a peak, and then decline
-Stages: Introduction, Growth, Maturity, Decline
Product Modification (Method for changing product mix) - Correct Answer- The process of
changing one or more of a product's characteristics
Line Extension (Method for changing product mix) - Correct Answer- Development of a new
product that is closely related to one or more products in the existing product line but
designed specifically to meet somewhat different customer needs
Product Deletion (Method for changing product mix) - Correct Answer- The elimination of
one or more products from a product line
price competition - Correct Answer- An emphasis on setting a price equal to or lower than
competitors' prices to gain sales or market share
Non-pricing competition - Correct Answer- Competition based on factors other than price
Product Differentiation - Correct Answer- The process of developing and promoting
differences between one's product and all similar products
Buyers Perception of Price - Correct Answer- -Managers should consider the price sensitivity
of the target market
-Buyers will tolerate a narrow range of prices for certain items and a wider range for others.
Questions and CORRECT Answers
Utility - Correct Answer- The ability of a good or service to satisfy a human need
From utility - Correct Answer- Utility created by converting production inputs into finished
products
place utility - Correct Answer- Utility created by making a product available at a location
where customers wish to purchase it
Time Utility - Correct Answer- Utility created by making a product available when customers
wish to purchase it
Possession Utility - Correct Answer- Utility created by transferring title (or ownership) of a
product to a buyer
Implemented Marketing Concept - Correct Answer- •The firm must first obtain information
about its present and potential customers.
−What customers' needs are and how well needs are satisfied by products currently in the
market—both its own products and those of competitors
−How products might be improved, opinions customers have about firm and marketing
efforts
Implemented Marketing Concept pt 2 - Correct Answer- The firm must use this information
to pinpoint the specific needs and potential customers toward which it will direct its
marketing activities and resources
Marketing Mix - Correct Answer- A combination of product, price, distribution, and
promotion developed to satisfy a particular target market
Target Market - Correct Answer- A group of individuals or organizations, or both, for which a
firm develops and maintains a marketing mix suitable for the specific needs and preferences
of that group
, Explain how Marketing Environment affects strategic market planning - Correct Answer-
Economic Forces, Sociocultural Forces, Political Forces, Competitive Forces, Legal and
regulatory Forces, Technological Forces
Influences on the decision process - Correct Answer- Situational influences, Psychological
Influences, Social Influences
Consumer buying Decision Possess - Correct Answer- Recognize Problem, Search for
information, Evaluate Alternatives, Purchase, Evaluate after Purchase
Prodcut Life Cycle - Correct Answer- - A series of stages in which a product's sales revenue
and profit increase, reach a peak, and then decline
-Stages: Introduction, Growth, Maturity, Decline
Product Modification (Method for changing product mix) - Correct Answer- The process of
changing one or more of a product's characteristics
Line Extension (Method for changing product mix) - Correct Answer- Development of a new
product that is closely related to one or more products in the existing product line but
designed specifically to meet somewhat different customer needs
Product Deletion (Method for changing product mix) - Correct Answer- The elimination of
one or more products from a product line
price competition - Correct Answer- An emphasis on setting a price equal to or lower than
competitors' prices to gain sales or market share
Non-pricing competition - Correct Answer- Competition based on factors other than price
Product Differentiation - Correct Answer- The process of developing and promoting
differences between one's product and all similar products
Buyers Perception of Price - Correct Answer- -Managers should consider the price sensitivity
of the target market
-Buyers will tolerate a narrow range of prices for certain items and a wider range for others.
