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marketing 201 chapter 1 swenson BYU questions with correct answers 2024/2025
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marketing 201 chapter 1 swenson BYU questions with correct answers 2024/2025
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marketing 201 chapter 1 swenson BYUMarketing - ANSThe "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 Concept - ANSBy delivering value, marketing satisfies customer needs and wants
at a profit.
Profit - ANSTotal revenue minus total cost.
Business to business Market - ANSIndividuals within organizations and companies
purchasing products and services for use or consumption within the organization or for
resale; also called the business market or B2B. (BMW using Michelin tires for their cars)
Business to consumer Market - ANSIndividuals purchasing products and services for
personal consumption; also called the consumer market or B2C. (Someone purchasing a
candy bar for personal consumption.)
Strategic Triangle - ANSA model for marketing in which the three main stakeholders for any
business are corporation, competition, and customer.
Stars - ANSHigh Growth Rate High share quadrant. Dominant fast-growing markets. Lots of
investment
Cash Cows - ANSBusinesses that dominate in slow growth markets. Generate more cash
than they need. Allows companies to use money elsewhere.
Question Marks - ANSHigh growth and low market share. Which should go to star status and
what should be eliminated.
Dogs - ANSLittle hope to become stars or cash cows. May be dropped. May generate
enough cash to support themselves.
Marketing Mix - ANSThe mix of controllable marketing variables that the firm uses to pursue
the desired level of sales in the target market. The most common classification of these
factors is the four Ps-product, price, promotion, and place (or distribution).
Corporate Strategy - ANSA strategy for determining the types of businesses to include in a
firm's portfolio. Corporate strategy answers the question, "What businesses should we be
in?"
Target Market - ANSOne or more specific market segments a company decides to serve.
Product - ANSA bundle of attributes that satisfies consumers' wants and needs.
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