BUS X100 EXAM 3 QUESTIONS WITH
CORRECT ANSWERS
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
Value |- |CORRECT |ANSWER✔✔-perception |of |the |benefit |or |use |of |some |offering, |relative |to |
the |cost |of |acquisition |or |access
Components |of |Perceived |Value |- |CORRECT |ANSWER✔✔-perceived |customer |benefits |
(benefits |increased) |- |perceived |customer |costs |(costs |minimized/ |deferred) |= |perceived |value
Product |- |CORRECT |ANSWER✔✔-any |physical |good, |service, |or |idea |that |satisfies |a |want |or |
need |plus |anything |that |would |enhance |the |product |in |the |eyes |of |consumers, |such |as |the |
brand
Marketing |Ideology |- |CORRECT |ANSWER✔✔-production |orientation, |product |orientation, |
selling |orientation, |market |orientation, |societal |marketing |orientation |(production |- |what |are |
we |good |at? |product |- |what |are |we |better |at? |selling |- |sell!)
Marketing |Concept |- |CORRECT |ANSWER✔✔-customer |(understand |the |customer |and |fulfill |
unmet |needs |better |than |competitors), |service |(everyone |working |towards |selling), |profit |
(generate |the |most |process)
Four |P's |of |Marketing |- |CORRECT |ANSWER✔✔-product, |price, |place, |promotion
, Marketing |Process |- |CORRECT |ANSWER✔✔-mission, |situation |analysis, |marketing |strategy, |
marketing |mix, |implementation |and |control)
Marketing |Research |Process |- |CORRECT |ANSWER✔✔-analyze |markets |to |determine |
opportunities |and |challenges |and |to |find |the |information |they |need |to |make |good |decisions
Primary |Data |- |CORRECT |ANSWER✔✔-data |that |you |gather |yourself |(not |from |secondary |
sources |such |as |books |and |magazines)
Secondary |Data |- |CORRECT |ANSWER✔✔-information |that |has |already |been |compiled |by |
others |and |published |in |journals |and |books |or |made |available |online
Marketing |Environment |- |CORRECT |ANSWER✔✔-environmental |scanning |(the |process |of |
identifying |factors |that |can |affect |marketing |success)
Global |Factors |- |CORRECT |ANSWER✔✔-trade |agreements, |competition, |trends, |opportunities, |
internet
Technological |Factors |- |CORRECT |ANSWER✔✔-computers, |telecommunications, |bar |codes, |
data |interchange, |internet |changes
Sociocultural |Factors |- |CORRECT |ANSWER✔✔-population |shifts, |values, |attitudes, |trends
Competitive |Factors |- |CORRECT |ANSWER✔✔-speed, |service, |price, |selection
Economic |Factors |- |CORRECT |ANSWER✔✔-GDP, |disposable |income, |competition, |
unemployment
CORRECT ANSWERS
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
Value |- |CORRECT |ANSWER✔✔-perception |of |the |benefit |or |use |of |some |offering, |relative |to |
the |cost |of |acquisition |or |access
Components |of |Perceived |Value |- |CORRECT |ANSWER✔✔-perceived |customer |benefits |
(benefits |increased) |- |perceived |customer |costs |(costs |minimized/ |deferred) |= |perceived |value
Product |- |CORRECT |ANSWER✔✔-any |physical |good, |service, |or |idea |that |satisfies |a |want |or |
need |plus |anything |that |would |enhance |the |product |in |the |eyes |of |consumers, |such |as |the |
brand
Marketing |Ideology |- |CORRECT |ANSWER✔✔-production |orientation, |product |orientation, |
selling |orientation, |market |orientation, |societal |marketing |orientation |(production |- |what |are |
we |good |at? |product |- |what |are |we |better |at? |selling |- |sell!)
Marketing |Concept |- |CORRECT |ANSWER✔✔-customer |(understand |the |customer |and |fulfill |
unmet |needs |better |than |competitors), |service |(everyone |working |towards |selling), |profit |
(generate |the |most |process)
Four |P's |of |Marketing |- |CORRECT |ANSWER✔✔-product, |price, |place, |promotion
, Marketing |Process |- |CORRECT |ANSWER✔✔-mission, |situation |analysis, |marketing |strategy, |
marketing |mix, |implementation |and |control)
Marketing |Research |Process |- |CORRECT |ANSWER✔✔-analyze |markets |to |determine |
opportunities |and |challenges |and |to |find |the |information |they |need |to |make |good |decisions
Primary |Data |- |CORRECT |ANSWER✔✔-data |that |you |gather |yourself |(not |from |secondary |
sources |such |as |books |and |magazines)
Secondary |Data |- |CORRECT |ANSWER✔✔-information |that |has |already |been |compiled |by |
others |and |published |in |journals |and |books |or |made |available |online
Marketing |Environment |- |CORRECT |ANSWER✔✔-environmental |scanning |(the |process |of |
identifying |factors |that |can |affect |marketing |success)
Global |Factors |- |CORRECT |ANSWER✔✔-trade |agreements, |competition, |trends, |opportunities, |
internet
Technological |Factors |- |CORRECT |ANSWER✔✔-computers, |telecommunications, |bar |codes, |
data |interchange, |internet |changes
Sociocultural |Factors |- |CORRECT |ANSWER✔✔-population |shifts, |values, |attitudes, |trends
Competitive |Factors |- |CORRECT |ANSWER✔✔-speed, |service, |price, |selection
Economic |Factors |- |CORRECT |ANSWER✔✔-GDP, |disposable |income, |competition, |
unemployment
