BADM 320 Midterm – Study Guide, Key Concepts & Practice Questions Review
AMA Marketing - correct answer ✔✔the activity, set of institutions, and processes for creating,
capturing, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners and society at large.
Marketing - correct answer ✔✔the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return. (Kotler
& Armstrong p5 2014)
Common Language - correct answer ✔✔marketing is a combination of all the processes that
buyers and sellers go through in order to exchange things of value to each other.
Need - correct answer ✔✔a person is in a state of deprivation/lacking
Wants - correct answer ✔✔how needs are interpreted by people via influences in culture and
personality
Demands - correct answer ✔✔wants that are backed by the ability to buy
Value Proposition - correct answer ✔✔the reason why clients will buy from you (listen to their
needs and wants to develop).
Market Segmentation - correct answer ✔✔-segment up the markets into smaller submarkets
(to find your niche)
-base submarkets on criteria
*wants and needs
*purchasing behavior
,*demographics
*life cycle
*psychographics
*etc
Target Marketing - correct answer ✔✔-evaluate each market segment with research to
determine attractiveness
-decide on which markets are best to investing in
*who can afford your product/service/idea
*who would actually buy it
Positioning - correct answer ✔✔-communicating sources of value & value propositions to
customers, connect to needs and wants to specific market
-develop unique marketing mixes 4 Ps for specific groups
The Marketing Mix - correct answer ✔✔the key part of determining your product/services
delivery and perception to customers
What are the 4 Ps? - correct answer ✔✔1. Product
2. Price
3. Place
4. Promotion
Product - correct answer ✔✔-creates value
-a tangible/physical good to sell
, Service - correct answer ✔✔intangible
Ideas - correct answer ✔✔-philosophies
-opinions
-programs
*i.e. Public Service Announcements
Price - correct answer ✔✔-captures the value of the product
-all things a customer gives up to obtain your product, service or idea
Place - correct answer ✔✔-delivers that value to the customer
-all the things that must be done in order to get the product/service/idea to the customer to
purchase and obtain its value
Supply Chain - correct answer ✔✔important for PLACE:
-correct delivery
-timely delivery
-fully stocked stores
-undamaged goods
-food shopping environment
Promotion - correct answer ✔✔-communicates the value
-the most common idea people have about marketing as this is where advertising comes in
AMA Marketing - correct answer ✔✔the activity, set of institutions, and processes for creating,
capturing, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners and society at large.
Marketing - correct answer ✔✔the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return. (Kotler
& Armstrong p5 2014)
Common Language - correct answer ✔✔marketing is a combination of all the processes that
buyers and sellers go through in order to exchange things of value to each other.
Need - correct answer ✔✔a person is in a state of deprivation/lacking
Wants - correct answer ✔✔how needs are interpreted by people via influences in culture and
personality
Demands - correct answer ✔✔wants that are backed by the ability to buy
Value Proposition - correct answer ✔✔the reason why clients will buy from you (listen to their
needs and wants to develop).
Market Segmentation - correct answer ✔✔-segment up the markets into smaller submarkets
(to find your niche)
-base submarkets on criteria
*wants and needs
*purchasing behavior
,*demographics
*life cycle
*psychographics
*etc
Target Marketing - correct answer ✔✔-evaluate each market segment with research to
determine attractiveness
-decide on which markets are best to investing in
*who can afford your product/service/idea
*who would actually buy it
Positioning - correct answer ✔✔-communicating sources of value & value propositions to
customers, connect to needs and wants to specific market
-develop unique marketing mixes 4 Ps for specific groups
The Marketing Mix - correct answer ✔✔the key part of determining your product/services
delivery and perception to customers
What are the 4 Ps? - correct answer ✔✔1. Product
2. Price
3. Place
4. Promotion
Product - correct answer ✔✔-creates value
-a tangible/physical good to sell
, Service - correct answer ✔✔intangible
Ideas - correct answer ✔✔-philosophies
-opinions
-programs
*i.e. Public Service Announcements
Price - correct answer ✔✔-captures the value of the product
-all things a customer gives up to obtain your product, service or idea
Place - correct answer ✔✔-delivers that value to the customer
-all the things that must be done in order to get the product/service/idea to the customer to
purchase and obtain its value
Supply Chain - correct answer ✔✔important for PLACE:
-correct delivery
-timely delivery
-fully stocked stores
-undamaged goods
-food shopping environment
Promotion - correct answer ✔✔-communicates the value
-the most common idea people have about marketing as this is where advertising comes in
