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BUSM 2010 - MIDTERM Questions
and Answers (100% Pass)
define marketing
✓ the activity, set of institutions, and processes for creating,
communication, delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large
define exchange
✓ which is the trade of things of value between a buyer and a seller so
that each is better off after the trade.
what two things does the market seek to serve both buyers and sellers?
✓ to discover the needs and wants of prospective customers & to satisfy
them
what are the four factors needed for marketing to occur?
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ 1. two or more parties with unsatisfied needs
✓ 2. desire and ability to satisfy these needs
✓ 3. a way for the parties to communicate
✓ 4. something to exchange
ex) of two or more parties with unsatisfied needs
✓ you want domino's but you dont know it exists in your area
✓ the two parties are: you, desiring a meal. and dominos, needing
someone to buy their piazz
ex) of desire and ability to satisfy these needs
✓ both you and dominos wants to satisfy unmet needs
✓ you have money
✓ dominos has desire to sell and ability to make pia easilyzz
ex) a way for the parties to communicate
✓ the transaction wont occur unless you know product exists and the
location
✓ dominos wont sell pia unless potential buyers are nearbyzz
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
ex) something to exchange
✓ transaction takes place and both buyer/seller exchange something for
value
✓ money for pia
both gained but also gave up something
both are better off bc they satisfied others unmet needszz
consumer need
✓ occurs when a person feels deprived of basic necessities (food, shelter,
etc.)
consumer want
✓ a need that is shaped by a persons knowledge, culture and personality
(you buy sushi bc based on past experience it will satisfy your need)
define market
✓ people with both the desire and the ability to buy a specific offering
define target market
✓ people with both desire and the ability to buy a specific offering
Master01 | October, 2024/2025 | Latest update
BUSM 2010 - MIDTERM Questions
and Answers (100% Pass)
define marketing
✓ the activity, set of institutions, and processes for creating,
communication, delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large
define exchange
✓ which is the trade of things of value between a buyer and a seller so
that each is better off after the trade.
what two things does the market seek to serve both buyers and sellers?
✓ to discover the needs and wants of prospective customers & to satisfy
them
what are the four factors needed for marketing to occur?
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ 1. two or more parties with unsatisfied needs
✓ 2. desire and ability to satisfy these needs
✓ 3. a way for the parties to communicate
✓ 4. something to exchange
ex) of two or more parties with unsatisfied needs
✓ you want domino's but you dont know it exists in your area
✓ the two parties are: you, desiring a meal. and dominos, needing
someone to buy their piazz
ex) of desire and ability to satisfy these needs
✓ both you and dominos wants to satisfy unmet needs
✓ you have money
✓ dominos has desire to sell and ability to make pia easilyzz
ex) a way for the parties to communicate
✓ the transaction wont occur unless you know product exists and the
location
✓ dominos wont sell pia unless potential buyers are nearbyzz
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
ex) something to exchange
✓ transaction takes place and both buyer/seller exchange something for
value
✓ money for pia
both gained but also gave up something
both are better off bc they satisfied others unmet needszz
consumer need
✓ occurs when a person feels deprived of basic necessities (food, shelter,
etc.)
consumer want
✓ a need that is shaped by a persons knowledge, culture and personality
(you buy sushi bc based on past experience it will satisfy your need)
define market
✓ people with both the desire and the ability to buy a specific offering
define target market
✓ people with both desire and the ability to buy a specific offering
Master01 | October, 2024/2025 | Latest update
