Marketing MKT 100 Final Exam Study Guide and Practice
Questions
B2B - correct answer ✔✔ process of selling merchandise or services from one business to
another
B2C - correct answer ✔✔ process in which businesses sell to consumers
C2C - correct answer ✔✔ process in which consumers sell to other consumers
CRM - correct answer ✔✔ customer relationship management
business philosophy and set of strategies, programs, and systems that focus on identifying and
building loyalty among the firm's most valued customers
goods - correct answer ✔✔ items that are tangible
ideas - correct answer ✔✔ thoughts, opinions, philosophies, and intellectual concepts
market - correct answer ✔✔ the group of people who need or want a company's
products/services and have the ability and willingness to buy them
marketing - correct answer ✔✔ set of businesses practices designed to plan for and present an
organization's products or services in ways that build effective customer relationships
marketing mix (4 P's) - correct answer ✔✔ product
place
promotion
,price
marketing plan - correct answer ✔✔ a written document composed of an analysis of the
current marketing situation, SWOT for the firm, marketing objectives and strategy specified in
terms of the four P's, action programs, and projected or pro forma income (and other financial
statements)
need - correct answer ✔✔ feeling physiologically drived of basic necessities, such as food,
clothing, shelter and safety
price - correct answer ✔✔ the overall sacrifice a consumer is willing to make-money, time,
energy-to acquire a specific product or service
relational orientation - correct answer ✔✔ a method of building a relationship with customers
based on the philosophy that buyers and sellers should develop a long term relationship
services - correct answer ✔✔ intangible customer benefits that are produced by people or
machines and cannot be separated from the producer
social media - correct answer ✔✔ the use of the internet tools to easily and quickly create and
share content to foster dialogue, social relationships, and personal identities
supply chain - correct answer ✔✔ group of firms and set of techniques and approaches firms
use to make and deliver a given set of goods and services
target market - correct answer ✔✔ the customer segment or group to whom the firm is
interested in selling its products and services
, transactional orientation - correct answer ✔✔ regards the buyer-seller relationship as a series
of individual transactions, so anything that happened before or after the transaction is of little
importance
value - correct answer ✔✔ reflects the relationship of benefits to costs, or what the consumer
gets for what he or she gives
value based marketing - correct answer ✔✔ focuses on providing customers with benefits that
far exceed the cost (money, time, effort) of acquiring and using a product or service while
providing a reasonable return to the firm
want - correct answer ✔✔ particular way in which a person chooses to satisfy a need, which is
shaped by a person's knowledge, culture, and personality
control phase - correct answer ✔✔ part of the strategic marketing planning process when
mangers evaluate the performance of the marketing strategy and take any necessary corrective
actions
customer excellence - correct answer ✔✔ involves a focus on retaining loyal customers and
excellent customer service
diversification strategy - correct answer ✔✔ a growth strategy whereby a firm introduces a new
product or service to a market segment that it does not currently serve
downsizing - correct answer ✔✔ existing markets, reducing product portfolios, or closing
certain businesses or store or plant locations
implementation phase - correct answer ✔✔ where marketing managers identify and evaluate
different opportunities by engaging in a process known as segmentation, targeting, and
positioning. They then develop and implement the marketing mix by using the 4 Ps
Questions
B2B - correct answer ✔✔ process of selling merchandise or services from one business to
another
B2C - correct answer ✔✔ process in which businesses sell to consumers
C2C - correct answer ✔✔ process in which consumers sell to other consumers
CRM - correct answer ✔✔ customer relationship management
business philosophy and set of strategies, programs, and systems that focus on identifying and
building loyalty among the firm's most valued customers
goods - correct answer ✔✔ items that are tangible
ideas - correct answer ✔✔ thoughts, opinions, philosophies, and intellectual concepts
market - correct answer ✔✔ the group of people who need or want a company's
products/services and have the ability and willingness to buy them
marketing - correct answer ✔✔ set of businesses practices designed to plan for and present an
organization's products or services in ways that build effective customer relationships
marketing mix (4 P's) - correct answer ✔✔ product
place
promotion
,price
marketing plan - correct answer ✔✔ a written document composed of an analysis of the
current marketing situation, SWOT for the firm, marketing objectives and strategy specified in
terms of the four P's, action programs, and projected or pro forma income (and other financial
statements)
need - correct answer ✔✔ feeling physiologically drived of basic necessities, such as food,
clothing, shelter and safety
price - correct answer ✔✔ the overall sacrifice a consumer is willing to make-money, time,
energy-to acquire a specific product or service
relational orientation - correct answer ✔✔ a method of building a relationship with customers
based on the philosophy that buyers and sellers should develop a long term relationship
services - correct answer ✔✔ intangible customer benefits that are produced by people or
machines and cannot be separated from the producer
social media - correct answer ✔✔ the use of the internet tools to easily and quickly create and
share content to foster dialogue, social relationships, and personal identities
supply chain - correct answer ✔✔ group of firms and set of techniques and approaches firms
use to make and deliver a given set of goods and services
target market - correct answer ✔✔ the customer segment or group to whom the firm is
interested in selling its products and services
, transactional orientation - correct answer ✔✔ regards the buyer-seller relationship as a series
of individual transactions, so anything that happened before or after the transaction is of little
importance
value - correct answer ✔✔ reflects the relationship of benefits to costs, or what the consumer
gets for what he or she gives
value based marketing - correct answer ✔✔ focuses on providing customers with benefits that
far exceed the cost (money, time, effort) of acquiring and using a product or service while
providing a reasonable return to the firm
want - correct answer ✔✔ particular way in which a person chooses to satisfy a need, which is
shaped by a person's knowledge, culture, and personality
control phase - correct answer ✔✔ part of the strategic marketing planning process when
mangers evaluate the performance of the marketing strategy and take any necessary corrective
actions
customer excellence - correct answer ✔✔ involves a focus on retaining loyal customers and
excellent customer service
diversification strategy - correct answer ✔✔ a growth strategy whereby a firm introduces a new
product or service to a market segment that it does not currently serve
downsizing - correct answer ✔✔ existing markets, reducing product portfolios, or closing
certain businesses or store or plant locations
implementation phase - correct answer ✔✔ where marketing managers identify and evaluate
different opportunities by engaging in a process known as segmentation, targeting, and
positioning. They then develop and implement the marketing mix by using the 4 Ps
