BCOR 2201 Marketing Final Review questions with ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
verified detailed answers ||\\//|| ||\\//||
Marketing definition - correct answer✔✔Marketing is the activity or creating,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
communication, delivering, and exchanging offerings that have utility (value) for customers, ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
and these exchanges benefit the organization, its stakeholders, and society at large
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
What is marketing? - correct answer✔✔facilitates exchanges between buyers and sellers to
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
create value by using tools provided in the 4 P's
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Controllable factors in the marketing mix (4 P's) - correct answer✔✔Product: good or service ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
that satisfies a need (an idea can also be marketed)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Price: what is exchanged representing the value
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Place: means of getting the product to the consumer
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Promotion: means of communication between buyer and seller ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Uncontrollable factors - correct answer✔✔social, economic, technological, competitive, ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
regulatory, environmental ||\\//||
Form utility - correct answer✔✔producing/offering the product in a form that is more
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
valuable (right size, right flavor, assembled) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
ex.) grill ||\\//||
Possession utility - correct answer✔✔Creating value by making it easier to ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
purchase/facilitating easier possession (credit terms, mobile payment) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
ex.) credit card
||\\//|| ||\\//||
, Time utility - correct answer✔✔Creating value by accommodating the time needs of the
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
consumer (fast delivery, late night hours) - having it available when you need it ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
ex.) FedEx ||\\//||
Place utility - correct answer✔✔Creating value by having the product available where you
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
are/where you need it ||\\//|| ||\\//|| ||\\//||
ex.) airline ||\\//||
SBU - correct answer✔✔Strategic business unit: a unit of a company that has a separate
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
mission and objectives and that can be planned independently from other company
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
businesses
-Company division ||\\//||
-Product line within a division ||\\//|| ||\\//|| ||\\//|| ||\\//||
-Sometimes a single brand or product ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
5 C's - correct answer✔✔company, customers, competitors, collaborators, context
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
BCG Matrix - correct answer✔✔analyzes business opportunities according to market growth
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
rate and market share ||\\//|| ||\\//|| ||\\//||
Question marks (BCG Matrix) - correct answer✔✔high growth, low market share ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
most businesses start off as question marks; absorb great amounts of cash; have potential to
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
become anything; investment should be high for question marks
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Stars (BCG Matrix) - correct answer✔✔high growth, high market share
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
stars are leaders in business; they require heavy investment to maintain its large market
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
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verified detailed answers ||\\//|| ||\\//||
Marketing definition - correct answer✔✔Marketing is the activity or creating,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
communication, delivering, and exchanging offerings that have utility (value) for customers, ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
and these exchanges benefit the organization, its stakeholders, and society at large
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
What is marketing? - correct answer✔✔facilitates exchanges between buyers and sellers to
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
create value by using tools provided in the 4 P's
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Controllable factors in the marketing mix (4 P's) - correct answer✔✔Product: good or service ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
that satisfies a need (an idea can also be marketed)
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Price: what is exchanged representing the value
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Place: means of getting the product to the consumer
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Promotion: means of communication between buyer and seller ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Uncontrollable factors - correct answer✔✔social, economic, technological, competitive, ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
regulatory, environmental ||\\//||
Form utility - correct answer✔✔producing/offering the product in a form that is more
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
valuable (right size, right flavor, assembled) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
ex.) grill ||\\//||
Possession utility - correct answer✔✔Creating value by making it easier to ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
purchase/facilitating easier possession (credit terms, mobile payment) ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
ex.) credit card
||\\//|| ||\\//||
, Time utility - correct answer✔✔Creating value by accommodating the time needs of the
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
consumer (fast delivery, late night hours) - having it available when you need it ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
ex.) FedEx ||\\//||
Place utility - correct answer✔✔Creating value by having the product available where you
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
are/where you need it ||\\//|| ||\\//|| ||\\//||
ex.) airline ||\\//||
SBU - correct answer✔✔Strategic business unit: a unit of a company that has a separate
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
mission and objectives and that can be planned independently from other company
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
businesses
-Company division ||\\//||
-Product line within a division ||\\//|| ||\\//|| ||\\//|| ||\\//||
-Sometimes a single brand or product ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
5 C's - correct answer✔✔company, customers, competitors, collaborators, context
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
BCG Matrix - correct answer✔✔analyzes business opportunities according to market growth
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
rate and market share ||\\//|| ||\\//|| ||\\//||
Question marks (BCG Matrix) - correct answer✔✔high growth, low market share ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
most businesses start off as question marks; absorb great amounts of cash; have potential to
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
become anything; investment should be high for question marks
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
Stars (BCG Matrix) - correct answer✔✔high growth, high market share
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
stars are leaders in business; they require heavy investment to maintain its large market
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||
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