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BYU Marketing 201 [Swenson] Midterm 1 Exam Questions with Complete Solutions
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BYU Marketing 201 [Swenson] Midterm 1 Exam Questions with Complete Solutions
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BYU Marketing 201 [Swenson] Midterm 1Exam Questions with Complete Solutions
Marketing - -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
-Marketing Strategy - -A cohesive marketing mix of product, place, price,
and promotion, designed for a specific target market. Marketing strategy
answers the question, "How do we orchestrate the marketing mix to deliver
value to a particular market segment?"
-Three important components of marketing - -1) Marketing is the exchange
that takes place between sellers and buyers.
2) Marketing creates, communicates, and delivers value to facilitate
exchanges.
3) By delivering value, marketing satisfies customer needs and wants at a
profit (marketing concept)
-Marketing Concept - -By delivering value, marketing satisfies customer
needs and wants at a profit.
-Markets - -the aggregate of individuals and organizations that have (1)
needs and wants and (2) the ability, willingness, and authority to purchase
products and services that satisfy their needs and wants.
-Business Market (business-to-business market) - -individuals within
organizations and companies purchasing products and services for use or
consumption within their organization or for resale.
-Consumer Market (business-to-consumer market) - -Individuals buying
products and services for personal consumption or use
-Strategic Triangle - -Customer, Company, Competition (customer is the
central point)
-Corporate Strategy - -What businesses should we be in? (Marketing firm
considers types of business to include in its portfolio)
-Strategic Business Unit (SBU) - -How do we compete effectively in a given
business?
, -BCG Growth Model - -stars, cash cows, question marks, dogs
-Stars - -high growth, high market share
-Cash Cows - -low growth markets that generate more cash than they need
(high market share)
-Question Marks - -high growth, low market share
-Dogs - -low growth, low market share
-Marketing Mix - -Product, Price, Place, Promotion
-Product - -A bundle of attributes in which each attribute and combination of
attributes creates value for customers
-Place - -Where products are purchased
-Price - -the amount of money made for a product
-Promotion - -refers to many different marketing activities, such as
advertising, public relations, sales promotions, trade promotions, personal
selling, and digital marketing.
-Brand Champions - -Customers who love the firm's products and then
advocate or champion the products to others.
-Market Penetration - -selling more of the existing products in existing
markets
-Product Development - -introducing new products to existing markets
-Market Development - -introducing existing products to new markets
-Diversification - -Introducing new products into new markets
-Marketing Plan - -a marketing strategy with a budget and a timeline
-Customer Lifetime Value (CLV) - -determines the economic value a
customer brings over the lifetime with the business.
-3 Ways marketers can boost sales per customer - -(1) persuading
customers to buy more of their products
(2) generating add-on sales (complementary products and services),
and (3) partnering with other firms to create add-on sales opportunities.
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