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Marketing 201 Exam 1 Questions with Correct Answers
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Marketing 201 Exam 1 Questions with Correct Answers
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Marketing 201 Exam 1 Questions with CorrectAnswers
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 entails an... Correct Answer-Exchange
4 P's of marketing Correct Answer-Product
Price
Place
Promotion
Product Correct Answer-Creates value be developing a variety of
offerings including goods, services, and ideas to satisfy customer needs.
Price Correct Answer-Everything a buyer gives up(money, time, energy)
in exchange for the product.
Place/ supply chain management Correct Answer-All activities
necessary to get the product to the right customer when the customer
wants it.
,Promotion Correct Answer-Communicated my a marketer that informs,
persuades, and reminds potential buyers about a product to service to
influence their opinions or elicit a response.
Marketing Impacts... Correct Answer-Consumers
Society
Employees
Supply Chain
Firms become value driven by... Correct Answer-1.) Sharing info
2.) Balancing benefits with costs
3.) Building relationships with customers
4.)Connecting with customers using social/mobile media.
Social and Mobile Marketing Correct Answer--93% of marketers use
social media for their business.
-4.2 billion people are linked to some social media site on their mobile
devices.
Exchange Correct Answer-Trade of things of value between the buyer
and the seller so that each is better off as a result.
Goods Correct Answer-tangible items
, Services Correct Answer-intangible customer benefits that are produced
by people or machines and cannot be separated from the producer.
Ideas Correct Answer-Thoughts, opinions, and philosophies, and
intellectual concepts that can be marketed.
Supply Chain Correct Answer-A group of firms that make and deliver a
given set of goods and services.
Value Correct Answer-Reflects the relationship between benefits and
costs.
4 strategies of sustainable competitive advantage Correct Answer-
customer excellence
operational excellence
product excellence
locational excellence
3 phases of a strategic plan Correct Answer-1.) planning
2.) implementing
3.) controlling
5 steps of the marketing plan Correct Answer-1.) Define the business
Mission
2.) SWOT analysis
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