Business 201 Final Exam with Complete
Solutions
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 objections
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
Utility - correct answer-ability of a good or service to satisfy a human need
Form 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
Market Research - correct answer-process of systematically gathering, recording, and
analyzing data concerning a particular marketing problem
Relationship marketing: - correct answer-establishing long-term, mutually satisfying
buyer-seller relationships
6 Steps of Marketing Research - correct answer-1. Define the problem
2. Make a preliminary investigation
3. Plan the research
4. Gather factual information
5. Interpret the information
6. Reach a conclusion
Customer relationship management (CRM): - correct answer-using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships
, Marketing Information Systems: - correct answer-system for managing marketing
information that is gathered continually from internal and external sources
Customer lifetime value: - correct answer-measure of a customer's worth (sales minus
costs) to a business over one's lifetime
Marketing Plan - correct answer-written document that specifies an organization's
resources, objectives, strategy, and implementation and control efforts to be used in
marketing a specific product or product group
Examples of Marketing Plan - correct answer-• Executive summary
• Environmental analysis
• SWOT analysis
• Marketing objectives
• Marketing strategies
• Marketing implementation
• Evaluation and control
Internal Sources of MIS - correct answer-sales figures, product and marketing cost,
inventory levels, and activities of the sales force
Database - correct answer-collection of information arranged for easy access and
retrieval
External sources of MIS - correct answer-organization's suppliers, intermediaries, and
customers
Single-Source Data - correct answer-information provided by a single firm on household
demographics, purchases, television viewing behavior, and responses to promotions
such as coupons and free samples
Online Information Services - correct answer-offer subscriptions access to e-mail,
websites, downloadable files, news, databases, and research materials
Internet - correct answer-a powerful communication medium, linking customers and
companies around the world and providing affordable information to companies and
customers
Buying Behavior - correct answer-decisions and actions of people involved in buying
and using products
Consumer Buying Behavior - correct answer-purchasing of products for personal or
household use, not for business purposes
Business Buying Behavior - correct answer-purchasing of products by producers,
resellers, governmental units, and institutions
Solutions
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 objections
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
Utility - correct answer-ability of a good or service to satisfy a human need
Form 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
Market Research - correct answer-process of systematically gathering, recording, and
analyzing data concerning a particular marketing problem
Relationship marketing: - correct answer-establishing long-term, mutually satisfying
buyer-seller relationships
6 Steps of Marketing Research - correct answer-1. Define the problem
2. Make a preliminary investigation
3. Plan the research
4. Gather factual information
5. Interpret the information
6. Reach a conclusion
Customer relationship management (CRM): - correct answer-using information about
customers to create marketing strategies that develop and sustain desirable customer
relationships
, Marketing Information Systems: - correct answer-system for managing marketing
information that is gathered continually from internal and external sources
Customer lifetime value: - correct answer-measure of a customer's worth (sales minus
costs) to a business over one's lifetime
Marketing Plan - correct answer-written document that specifies an organization's
resources, objectives, strategy, and implementation and control efforts to be used in
marketing a specific product or product group
Examples of Marketing Plan - correct answer-• Executive summary
• Environmental analysis
• SWOT analysis
• Marketing objectives
• Marketing strategies
• Marketing implementation
• Evaluation and control
Internal Sources of MIS - correct answer-sales figures, product and marketing cost,
inventory levels, and activities of the sales force
Database - correct answer-collection of information arranged for easy access and
retrieval
External sources of MIS - correct answer-organization's suppliers, intermediaries, and
customers
Single-Source Data - correct answer-information provided by a single firm on household
demographics, purchases, television viewing behavior, and responses to promotions
such as coupons and free samples
Online Information Services - correct answer-offer subscriptions access to e-mail,
websites, downloadable files, news, databases, and research materials
Internet - correct answer-a powerful communication medium, linking customers and
companies around the world and providing affordable information to companies and
customers
Buying Behavior - correct answer-decisions and actions of people involved in buying
and using products
Consumer Buying Behavior - correct answer-purchasing of products for personal or
household use, not for business purposes
Business Buying Behavior - correct answer-purchasing of products by producers,
resellers, governmental units, and institutions
