BCOR 2201 STUDY GUIDE 2025/2026 QUESTIONS AND
SOLUTIONS GRADED A+ TIP
✔✔Target market - ✔✔one or more specific groups of potential consumers toward
which an organization directs its marketing program
✔✔Utility - ✔✔- the benefits or customer value received by users of the product
- Utility is the result of the marketing exchange process and the way society benefits
from marketing
✔✔4 different utilities - ✔✔-form
-place
-time
-possession
✔✔Form Utility - ✔✔- production of the product or service, how well a product fulfills
needs of the customer
-EX: Powder skis vs slalom skis
✔✔Place Utility - ✔✔- having the offering available where consumers need it, where u
want it
-EX: Covid vaccine at wardenburg
✔✔Time Utility - ✔✔- having it available when needed, when u want it
-EX: SEO on google browser
✔✔Possession Utility - ✔✔-Value of making an item easy to purchase through the
provision of credit cards or financial arrangements
-EX: Owning a car and how a finance company to help you own that car, rates further
utility
✔✔Describe 3 kinds of organizations and 3 levels of strategy in them - ✔✔3
organizations:
- For-profit - privately owned and profit driven
- Nonprofit -nongovernmental organization serving customers with goals other than
profit
- Government Agency - federal, state, country, or city that provides a specific service
3 Levels of Strategy:
- Corporate - directs overall strategy for organization
- Strategic Business Unit-set a more specific strategic direction to relate offerings to
targets
- Functional - groups of specialists create value for the organization
,✔✔What is the difference between a for-profit and nonprofit organization? - ✔✔for-profit
is profit driven while nonprofit is not
✔✔What are examples of a functional level in an organization? - ✔✔contains groups of
specialists like human resources department or the marketing firm to focus on specific
criteria
✔✔Describe core values, mission, organizational culture, business, and goals - ✔✔Core
Values - fundamental, enduring principles guiding conduct over time
Mission - statement of organizations function in society (vision)
Organizational Culture - set of values and norms of behavior shared among the
organization
Business - clear and broad industry of an organizations offering
Goals - task to be achieved by a certain time
✔✔Explain why managers use marketing dashboards and marketing metrics - ✔✔-
Managers use marketing dashboards to visually display the essential information
related to achieving a marketing objective.
- Marketing metrics is a measure of quantitative values or trends, information consists of
key performance measures of a product category
✔✔Discuss how an organization assesses where it is now and where it seeks to be -
✔✔- "Where are we now" requires an organization to assess its core competencies to
understand how its capabilities provide a competitive advantage, to identify its
customers and how they receive genuine value, and analyze its competitors from a
global perspective to determine distinctions
- "Where do we want to go" requires an organization to set a specific direction and
allocate resources to move in that direction
- Use business portfolio analysis to access organizations products to determine amount
of cash they should receive
- Use diversification analysis to help the firm search for growth opportunities among the
four strategies
- Market Penetration - increase sales by selling more/higher price
- Market Development - sell current product to a new market
- Product Development - sell new product to a current market
- Diversification - new product in a new market
, ✔✔What is the difference between a marketing dashboard and a marketing metric? -
✔✔- Marketing dashboard is the visual display of the essential information related to
achieving a marketing objective
- Each variable displayed in a marketing dashboard is a marketing metric, which is a
measure of the quantitative value or trend of a marketing action or result
✔✔What is business portfolio analysis? - ✔✔A technique that managers use to quantify
performance measures and growth targets to analyze their firms' strategic business
units (SBUs) as though they were a collection of separate investments.
✔✔Explain the 3 steps of the planning phase of the Strategic Marketing Process -
✔✔(1) Conduct a SWOT analysis to identify the internal strength and weaknesses and
the external opportunities and threats
(2) Develop a market-product focus through market segmentation and customer value
proposition to identify points of differentiation
(3) Design a marketing program that specifies the budget and actions for each
marketing mix element
✔✔What are points of difference and why are they important? - ✔✔Those
characteristics of a product that make it superior to competitive substitutes
✔✔Describe the 4 components of the Implementation Phase of the Strategic Marketing
Process - ✔✔(1) Obtaining resources
(2) Designing the market organization to perform product management, marketing
research, sales, and advertising activities
(3) Developing schedules to identify the tasks that need to be done, who will do it, and
in what time frame
(4) Executing the marketing strategies
✔✔Discuss how managers identify and act on deviations from plans - ✔✔Evaluation
phase of the SMP seeks to keep the program moving in the direction set for it. Through
(1) comparing the results from the marketing program with the marketing goals to
identify deviation and (2) take corrective actions
✔✔How do the goals set for a marketing program in the planning phase relate to the
evaluation phase of the strategic marketing process? - ✔✔The planning phase goals
are used as the benchmarks with which the actual performance results are compared in
the evaluation phase to identify deviations
✔✔diversification analysis - ✔✔a technique that helps a firm search for growth
opportunities from among current and new markets as well as current and new products
✔✔market share - ✔✔the ratio of sales revenue of the firm to the total sales revenue of
all firms in the industry, including the firm itself
SOLUTIONS GRADED A+ TIP
✔✔Target market - ✔✔one or more specific groups of potential consumers toward
which an organization directs its marketing program
✔✔Utility - ✔✔- the benefits or customer value received by users of the product
- Utility is the result of the marketing exchange process and the way society benefits
from marketing
✔✔4 different utilities - ✔✔-form
-place
-time
-possession
✔✔Form Utility - ✔✔- production of the product or service, how well a product fulfills
needs of the customer
-EX: Powder skis vs slalom skis
✔✔Place Utility - ✔✔- having the offering available where consumers need it, where u
want it
-EX: Covid vaccine at wardenburg
✔✔Time Utility - ✔✔- having it available when needed, when u want it
-EX: SEO on google browser
✔✔Possession Utility - ✔✔-Value of making an item easy to purchase through the
provision of credit cards or financial arrangements
-EX: Owning a car and how a finance company to help you own that car, rates further
utility
✔✔Describe 3 kinds of organizations and 3 levels of strategy in them - ✔✔3
organizations:
- For-profit - privately owned and profit driven
- Nonprofit -nongovernmental organization serving customers with goals other than
profit
- Government Agency - federal, state, country, or city that provides a specific service
3 Levels of Strategy:
- Corporate - directs overall strategy for organization
- Strategic Business Unit-set a more specific strategic direction to relate offerings to
targets
- Functional - groups of specialists create value for the organization
,✔✔What is the difference between a for-profit and nonprofit organization? - ✔✔for-profit
is profit driven while nonprofit is not
✔✔What are examples of a functional level in an organization? - ✔✔contains groups of
specialists like human resources department or the marketing firm to focus on specific
criteria
✔✔Describe core values, mission, organizational culture, business, and goals - ✔✔Core
Values - fundamental, enduring principles guiding conduct over time
Mission - statement of organizations function in society (vision)
Organizational Culture - set of values and norms of behavior shared among the
organization
Business - clear and broad industry of an organizations offering
Goals - task to be achieved by a certain time
✔✔Explain why managers use marketing dashboards and marketing metrics - ✔✔-
Managers use marketing dashboards to visually display the essential information
related to achieving a marketing objective.
- Marketing metrics is a measure of quantitative values or trends, information consists of
key performance measures of a product category
✔✔Discuss how an organization assesses where it is now and where it seeks to be -
✔✔- "Where are we now" requires an organization to assess its core competencies to
understand how its capabilities provide a competitive advantage, to identify its
customers and how they receive genuine value, and analyze its competitors from a
global perspective to determine distinctions
- "Where do we want to go" requires an organization to set a specific direction and
allocate resources to move in that direction
- Use business portfolio analysis to access organizations products to determine amount
of cash they should receive
- Use diversification analysis to help the firm search for growth opportunities among the
four strategies
- Market Penetration - increase sales by selling more/higher price
- Market Development - sell current product to a new market
- Product Development - sell new product to a current market
- Diversification - new product in a new market
, ✔✔What is the difference between a marketing dashboard and a marketing metric? -
✔✔- Marketing dashboard is the visual display of the essential information related to
achieving a marketing objective
- Each variable displayed in a marketing dashboard is a marketing metric, which is a
measure of the quantitative value or trend of a marketing action or result
✔✔What is business portfolio analysis? - ✔✔A technique that managers use to quantify
performance measures and growth targets to analyze their firms' strategic business
units (SBUs) as though they were a collection of separate investments.
✔✔Explain the 3 steps of the planning phase of the Strategic Marketing Process -
✔✔(1) Conduct a SWOT analysis to identify the internal strength and weaknesses and
the external opportunities and threats
(2) Develop a market-product focus through market segmentation and customer value
proposition to identify points of differentiation
(3) Design a marketing program that specifies the budget and actions for each
marketing mix element
✔✔What are points of difference and why are they important? - ✔✔Those
characteristics of a product that make it superior to competitive substitutes
✔✔Describe the 4 components of the Implementation Phase of the Strategic Marketing
Process - ✔✔(1) Obtaining resources
(2) Designing the market organization to perform product management, marketing
research, sales, and advertising activities
(3) Developing schedules to identify the tasks that need to be done, who will do it, and
in what time frame
(4) Executing the marketing strategies
✔✔Discuss how managers identify and act on deviations from plans - ✔✔Evaluation
phase of the SMP seeks to keep the program moving in the direction set for it. Through
(1) comparing the results from the marketing program with the marketing goals to
identify deviation and (2) take corrective actions
✔✔How do the goals set for a marketing program in the planning phase relate to the
evaluation phase of the strategic marketing process? - ✔✔The planning phase goals
are used as the benchmarks with which the actual performance results are compared in
the evaluation phase to identify deviations
✔✔diversification analysis - ✔✔a technique that helps a firm search for growth
opportunities from among current and new markets as well as current and new products
✔✔market share - ✔✔the ratio of sales revenue of the firm to the total sales revenue of
all firms in the industry, including the firm itself
