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BUSM 2010 – MIDTERM EXAM: QUESTIONS & ANSWERS
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BUSM 2010 – MIDTERM EXAM: QUESTIONS & ANSWERS
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BUSM 2010 – MIDTERM EXAM: QUESTIONS & ANSWERSDefine marketing Right Ans - the activity, set of institutions, and processes
for creating, communication, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large
Define exchange Right Ans - which is the trade of things of value between a
buyer and a seller so that each is better off after the trade.
What two things does the market seek to serve both buyers and sellers?
Right Ans - to discover the needs and wants of prospective customers & to
satisfy them
What are the four factors needed for marketing to occur? Right Ans - 1. two
or more parties with unsatisfied needs
2. desire and ability to satisfy these needs
3. a way for the parties to communicate
4. something to exchange
ex) of two or more parties with unsatisfied needs Right Ans - you want
domino's but you dont know it exists in your area
the two parties are: you, desiring a meal. and dominos, needing someone to
buy their pizza
ex) of desire and ability to satisfy these needs Right Ans - both you and
dominos wants to satisfy unmet needs
you have money
dominos has desire to sell and ability to make pizza easily
ex) a way for the parties to communicate Right Ans - the transaction wont
occur unless you know product exists and the location
dominos wont sell pizza unless potential buyers are nearby
ex) something to exchange Right Ans - transaction takes place and both
buyer/seller exchange something for value
money for pizza
both gained but also gave up something
both are better off bc they satisfied others unmet needs
, consumer need Right Ans - occurs when a person feels deprived of basic
necessities (food, shelter, etc.)
consumer want Right Ans - a need that is shaped by a persons knowledge,
culture and personality (you buy sushi bc based on past experience it will
satisfy your need)
define market Right Ans - people with both the desire and the ability to buy
a specific offering
define target market Right Ans - people with both desire and the ability to
buy a specific offering
what are the four P's Right Ans - 1. product
2. price
3. promotion
4. place
*elements of marketing mix*
define product Right Ans - a good, service, or idea to satisfy the consumers
needs
define price Right Ans - what is exchanged for the product
define promotion Right Ans - a means of communication between the seller
and buyer
define place Right Ans - a means of getting the product to the consumer
controllable factors Right Ans - 4 p's
that can be used by the . marketing manager to solve a marketing problem
customer value proposition Right Ans - a cluster of benefits that an
organization promises customers to satisfy their needs
define environmental forces Right Ans - they are the uncontrollable forces
that affect a marketing decision, which consists of social, economic,
technological, competitive, and regulatory forces.
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