BYU Marketing 201 All Terms Final Exam with Questions and Correct Answers 2025.

BYU Marketing 201 all terms final Exam
with Questions and Correct Answers 2025.




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



Marketing ,Strategy ,- ,CORRECT ,ANSWER-A ,cohesive ,marketing ,mix ,of ,product,
,place, ,price, ,and ,promotion, ,designed ,for ,a ,specific ,target ,market. ,Marketing ,strategy
,answers ,the ,question, ,"How ,do ,we ,orchestrate ,the ,marketing ,mix ,to ,deliver ,value ,to
,a ,particular ,market ,segment?"



Three ,important ,components ,of ,marketing ,- ,CORRECT ,ANSWER-1) ,Marketing ,is ,the
,exchange ,that ,takes ,place ,between ,sellers ,and ,buyers.



2) ,Marketing ,creates, ,communicates, ,and ,delivers ,value ,to ,facilitate ,exchanges.


,3) ,By ,delivering ,value, ,marketing ,satisfies ,customer ,needs ,and ,wants ,at ,a ,profit
,(marketing ,concept)



Marketing ,Concept ,- ,CORRECT ,ANSWER-By ,delivering ,value, ,marketing ,satisfies
,customer ,needs ,and ,wants ,at ,a ,profit.

,Markets ,- ,CORRECT ,ANSWER-the ,aggregate ,of ,individuals ,and ,organizations ,that
,have ,(1) ,needs ,and ,wants ,and ,(2) ,the ,ability, ,willingness, ,and ,authority ,to ,purchase
,products ,and ,services ,that ,satisfy ,their ,needs ,and ,wants.



Business ,Market ,(business-to-business ,market) ,- ,CORRECT ,ANSWER-individuals
,within ,organizations ,and ,companies ,purchasing ,products ,and ,services ,for ,use ,or
,consumption ,within ,their ,organization ,or ,for ,resale.



Consumer ,Market ,(business-to-consumer ,market) ,- ,CORRECT ,ANSWER-Individuals
,buying ,products ,and ,services ,for ,personal ,consumption ,or ,use



Strategic ,Triangle ,- ,CORRECT ,ANSWER-Customer, ,Company, ,Competition
,(customer ,is ,the ,central ,point)



Corporate ,Strategy ,- ,CORRECT ,ANSWER-What ,businesses ,should ,we ,be ,in?
,(Marketing ,firm ,considers ,types ,of ,business ,to ,include ,in ,its ,portfolio)



Strategic ,Business ,Unit ,(SBU) ,- ,CORRECT ,ANSWER-How ,do ,we ,compete ,effectively
,in ,a ,given ,business?



BCG ,Growth ,Model ,- ,CORRECT ,ANSWER-stars, ,cash ,cows, ,question ,marks, ,dogs


Stars ,- ,CORRECT ,ANSWER-high ,growth, ,high ,market ,share


Cash ,Cows ,- ,CORRECT ,ANSWER-low ,growth ,markets ,that ,generate ,more ,cash ,than
,they ,need ,(high ,market ,share)



Question ,Marks ,- ,CORRECT ,ANSWER-high ,growth, ,low ,market ,share


Dogs ,- ,CORRECT ,ANSWER-low ,growth, ,low ,market ,share


Marketing ,Mix ,- ,CORRECT ,ANSWER-Product, ,Price, ,Place, ,Promotion


Product ,- ,CORRECT ,ANSWER-A ,bundle ,of ,attributes ,in ,which ,each ,attribute ,and
,combination ,of ,attributes ,creates ,value ,for ,customers

,Place ,- ,CORRECT ,ANSWER-Where ,products ,are ,purchased


Price ,- ,CORRECT ,ANSWER-the ,amount ,of ,money ,made ,for ,a ,product


Promotion ,- ,CORRECT ,ANSWER-refers ,to ,many ,different ,marketing ,activities, ,such
,as ,advertising, ,public ,relations, ,sales ,promotions, ,trade ,promotions, ,personal ,selling,
,and ,digital ,marketing.



Brand ,Champions ,- ,CORRECT ,ANSWER-Customers ,who ,love ,the ,firm's ,products
,and ,then ,advocate ,or ,champion ,the ,products ,to ,others.



Market ,Penetration ,- ,CORRECT ,ANSWER-selling ,more ,of ,the ,existing ,products ,in
,existing ,markets



Product ,Development ,- ,CORRECT ,ANSWER-introducing ,new ,products ,to ,existing
,markets



Market ,Development ,- ,CORRECT ,ANSWER-introducing ,existing ,products ,to ,new
,markets



Diversification ,- ,CORRECT ,ANSWER-Introducing ,new ,products ,into ,new ,markets


Marketing ,Plan ,- ,CORRECT ,ANSWER-a ,marketing ,strategy ,with ,a ,budget ,and ,a
,timeline



Customer ,Lifetime ,Value ,(CLV) ,- ,CORRECT ,ANSWER-determines ,the ,economic
,value ,a ,customer ,brings ,over ,the ,lifetime ,with ,the ,business.



3 ,Ways ,marketers ,can ,boost ,sales ,per ,customer ,- ,CORRECT ,ANSWER-(1)
,persuading ,customers ,to ,buy ,more ,of ,their ,products ,
(2) ,generating ,add-on ,sales ,(complementary ,products ,and ,services),
and ,(3) ,partnering ,with ,other ,firms ,to ,create ,add-on ,sales ,opportunities.


Customer ,Aquisition ,- ,CORRECT ,ANSWER-how ,can ,we ,acquire ,(and ,keep)
,customers

, Customer ,Retention ,- ,CORRECT ,ANSWER-the ,practice ,of ,keeping ,customers ,by
,building ,long-term ,relationships



Margin ,- ,CORRECT ,ANSWER-difference ,between ,sell ,price ,and ,cost ,to ,make


Marketers ,can ,increase ,margin ,by... ,- ,CORRECT ,ANSWER-(1) ,increasing ,price
(2) ,shifting ,the ,mix ,of ,purchases ,toward ,higher-margin ,products
(3) ,changing ,customer ,behavior ,so ,customers ,are ,less ,expensive ,to ,serve
(4) ,discouraging ,unprofitable ,customer ,behavior.


How ,to ,Achieve ,Success ,- ,CORRECT ,ANSWER-1) ,focus ,on ,solving ,customer
,problems
2) ,chase ,customers, ,not ,competitors


Product ,Orientation ,- ,CORRECT ,ANSWER-based ,on ,the ,belief ,that ,supply ,generates
,its ,own ,demand



Sales ,Orientation ,- ,CORRECT ,ANSWER-based ,on ,the ,belief ,that ,marketing's ,only
,role ,is ,to ,sell ,products ,once ,they ,are ,already ,made



Marketing ,Orientation ,- ,CORRECT ,ANSWER-Based ,on ,the ,belief ,that ,every ,product
,or ,service ,should ,focus ,on ,satisfying ,customer ,needs ,and ,wants ,a ,profit



Societal ,Orientation ,- ,CORRECT ,ANSWER-Based ,on ,the ,belief ,that ,every ,product ,or
,service ,should ,provide ,value ,to ,the ,customer ,as ,well ,as ,to ,society ,as ,a ,whole.



Culture ,- ,CORRECT ,ANSWER-Shared ,values, ,attitudes ,and ,practices ,that ,shape
,human ,behavior



Demographics ,- ,CORRECT ,ANSWER-statistical ,data ,that ,describe ,a ,population


Generational ,Cohorts ,- ,CORRECT ,ANSWER-People ,born ,during ,the ,same ,period
,and ,who ,share ,common ,life ,experiences.



Which ,generational ,group ,has ,the ,highest ,buying ,power? ,- ,CORRECT ,ANSWER-
Baby ,Boomers