SEVI 2053 FINAL UPDATED Exam
Questions and CORRECT Answers
Marketing - Correct 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
Utility - Correct Answer- The ability of a good or service to satisfy a human need
Form Utility (making inputs into products)
Place Utility ( making product available at location buyer wishes to purchase it)
Time Utility (making product available for customer that needs to purchase it)
Possession Utility (transferring ownership of product to buyer)
Market - Correct Answer- A group of individuals or organizations, or both, that need products
in a given category and that have the ability, willingness, and authority to purchase them
Marketing Concept - Correct Answer- A business philosophy that a firm should provide
goods and services that satisfy customers' needs through a coordinated set of activities that
allow the firm to achieve its objectives
1. Coordinating
2. Develop
3. Continuous efforts
Evolution of Marketing - Correct Answer- 1900's - Take orders and distribute
1920's - advertising, sales force
1950's- determine customer needs and make products based off needs
1990's to present - Use all media to build relationships, gain loyalty, increase value of
customer
Implementation - Correct Answer- the process that turns a marketing plan into action
assignments and ensures that these assignments are executed in a way that accomplishes the
plan's objectives
Provie
,Set Price
Promote
Relationship Marketing - Correct Answer- establishing long-term, mutually satisfying buyer-
seller relationships
Customer relationship management (CRM) - Correct Answer- Using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships
Customer lifetime value (CLV): - Correct Answer- A measure of a customer's worth (sales
minus costs) to a business over one's lifetime
Marketing Strategy - Correct Answer- A plan that will enable an organization to make the
best use of its resources and advantages to meet its objectives
(selecting a target market)
Marketing Mix - Correct Answer- A combination of product, price, place(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
Market Segment - Correct Answer- A group of individuals or organizations within a market
that shares one or more common characteristics (people who are grouped together for
marketing purpose)
Market Segmentation - Correct Answer- The process of dividing a market into segments and
directing a marketing mix at a particular segment or segments rather than at the total market
Undifferentiated Approach - Correct Answer- No target market
Generic marketing mix suitable for consumers
(basic cooking items)
, Concentrated Approach - Correct Answer- Only one target market
Marketing mix designed for the needs of target market
(sports cars)
Differentiated Approach - Correct Answer- Two or more target markets
Multiple marketing mix for each target market
(sports cars and normal sedans/SUV's)
Consumer buying behavior - Correct Answer- The purchasing of products for personal or
household use, not for business purposes
*Buying power (level of income)
Perosnal
Disposable
Discretionary
Person Income - Correct Answer- The income an individual receives from all sources
Disposable Income - Correct Answer- Personal income - all personal taxes (Money left over)
Discretionary Income - Correct Answer- Disposable income - savings and expenditures on
food, clothing, and housing (money after taxes and necessities)
Business buying behavior - Correct Answer- The purchasing of products by producers,
resellers, governmental units, and institutions
Product - Correct Answer- The purchasing of products by producers, resellers, governmental
units, and institutions
-Consumer ( satisfy personal/ family needs )
-Business (bought for resale, to make other products)
Questions and CORRECT Answers
Marketing - Correct 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
Utility - Correct Answer- The ability of a good or service to satisfy a human need
Form Utility (making inputs into products)
Place Utility ( making product available at location buyer wishes to purchase it)
Time Utility (making product available for customer that needs to purchase it)
Possession Utility (transferring ownership of product to buyer)
Market - Correct Answer- A group of individuals or organizations, or both, that need products
in a given category and that have the ability, willingness, and authority to purchase them
Marketing Concept - Correct Answer- A business philosophy that a firm should provide
goods and services that satisfy customers' needs through a coordinated set of activities that
allow the firm to achieve its objectives
1. Coordinating
2. Develop
3. Continuous efforts
Evolution of Marketing - Correct Answer- 1900's - Take orders and distribute
1920's - advertising, sales force
1950's- determine customer needs and make products based off needs
1990's to present - Use all media to build relationships, gain loyalty, increase value of
customer
Implementation - Correct Answer- the process that turns a marketing plan into action
assignments and ensures that these assignments are executed in a way that accomplishes the
plan's objectives
Provie
,Set Price
Promote
Relationship Marketing - Correct Answer- establishing long-term, mutually satisfying buyer-
seller relationships
Customer relationship management (CRM) - Correct Answer- Using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships
Customer lifetime value (CLV): - Correct Answer- A measure of a customer's worth (sales
minus costs) to a business over one's lifetime
Marketing Strategy - Correct Answer- A plan that will enable an organization to make the
best use of its resources and advantages to meet its objectives
(selecting a target market)
Marketing Mix - Correct Answer- A combination of product, price, place(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
Market Segment - Correct Answer- A group of individuals or organizations within a market
that shares one or more common characteristics (people who are grouped together for
marketing purpose)
Market Segmentation - Correct Answer- The process of dividing a market into segments and
directing a marketing mix at a particular segment or segments rather than at the total market
Undifferentiated Approach - Correct Answer- No target market
Generic marketing mix suitable for consumers
(basic cooking items)
, Concentrated Approach - Correct Answer- Only one target market
Marketing mix designed for the needs of target market
(sports cars)
Differentiated Approach - Correct Answer- Two or more target markets
Multiple marketing mix for each target market
(sports cars and normal sedans/SUV's)
Consumer buying behavior - Correct Answer- The purchasing of products for personal or
household use, not for business purposes
*Buying power (level of income)
Perosnal
Disposable
Discretionary
Person Income - Correct Answer- The income an individual receives from all sources
Disposable Income - Correct Answer- Personal income - all personal taxes (Money left over)
Discretionary Income - Correct Answer- Disposable income - savings and expenditures on
food, clothing, and housing (money after taxes and necessities)
Business buying behavior - Correct Answer- The purchasing of products by producers,
resellers, governmental units, and institutions
Product - Correct Answer- The purchasing of products by producers, resellers, governmental
units, and institutions
-Consumer ( satisfy personal/ family needs )
-Business (bought for resale, to make other products)
