MKT315 MIDTERM QUESTIONS AND ANSWERS / STUDY
GUIDE
B2C (business-to-consumer) Ans:- the process in which businesses sell to
consumers
B2B (business-to-business) Ans:- the process of selling merchandise or services
from one business to another
Marketing Mix Ans:- Product, Price, Place, Promotion
transaction Ans:- A business deal or action; exchange of money, goods, or
services
exchange Ans:- the trade of things of value between the buyer and the seller so
that each is better off as a result
enviromental forces Ans:- social, economic, technological, competitive, regulatory
Enviromental Scan Ans:- Is an analysis of outside influences that may have an
impact on an organization.
Evolution of Marketing Ans:- Production Era
Selling Era
Marketing Era
Relationship Era
Marketing Concept Ans:- is the business model that involves creating value and
satisfying consumer needs not so much to find the right customers for a product but
to find the right products for the customers.
organizational buying demand Ans:- purchases by organizations that are
influenced by the consumer.
ultimate consumers Ans:- the people who use the goods and services purchased
for a household
Profit Equation Ans:- Profit = Total Revenue - Total Cost
Market Segmentation Ans:- Dividing of the entire available market into groups of
consumers with similar characteristics.
SWOT analysis Ans:- identifying internal strengths (S) and weaknesses (W) and
also examining external opportunities (O) and threats (T)
Consumer Behavior Ans:- The study of why personal, situational, psychological,
and social interactions drive he decision making process within individuals known as
consumers
GUIDE
B2C (business-to-consumer) Ans:- the process in which businesses sell to
consumers
B2B (business-to-business) Ans:- the process of selling merchandise or services
from one business to another
Marketing Mix Ans:- Product, Price, Place, Promotion
transaction Ans:- A business deal or action; exchange of money, goods, or
services
exchange Ans:- the trade of things of value between the buyer and the seller so
that each is better off as a result
enviromental forces Ans:- social, economic, technological, competitive, regulatory
Enviromental Scan Ans:- Is an analysis of outside influences that may have an
impact on an organization.
Evolution of Marketing Ans:- Production Era
Selling Era
Marketing Era
Relationship Era
Marketing Concept Ans:- is the business model that involves creating value and
satisfying consumer needs not so much to find the right customers for a product but
to find the right products for the customers.
organizational buying demand Ans:- purchases by organizations that are
influenced by the consumer.
ultimate consumers Ans:- the people who use the goods and services purchased
for a household
Profit Equation Ans:- Profit = Total Revenue - Total Cost
Market Segmentation Ans:- Dividing of the entire available market into groups of
consumers with similar characteristics.
SWOT analysis Ans:- identifying internal strengths (S) and weaknesses (W) and
also examining external opportunities (O) and threats (T)
Consumer Behavior Ans:- The study of why personal, situational, psychological,
and social interactions drive he decision making process within individuals known as
consumers
