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Exam (elaborations)

BUSML 3250 Exam 1 Review Questions with Complete Answers

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  • BUSML 3250
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  • BUSML 3250

BUSML 3250 Exam 1 Review Questions with Complete Answers

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  • October 29, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSML 3250
  • BUSML 3250
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BUSML 3250 Exam 1 Review Questions
with Complete Answers
Marketing - Answer-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

To serve both buyers and sellers, marketing seeks - Answer-1.) Discover the needs and
wants of prospective customers

2.) Satisfy them

Every year ____ of new products fail in the marketplace and then quietly slide into
oblivion - Answer-thousands

Exchange - Answer-The trade of things of value between buyer and seller so that each
is better off after the trade

Ex.) The key to discovering the needs and wants of customers and satisfying them is
the idea of exchange

Should marketing try to satisfy consumer needs or consumer wants? - Answer-
Marketing tries to do both => need is basic necessities such as food, clothing, and
shelter

Want is shaped by a person's knowledge, culture, and personality

A marketing department relates many ___, ___, and ____ - Answer-people,
organizations, and forces

Forces = social, economic, technological, competitive, and regulatory (all shape an
organization's marketing actions)

Factors for marketing to Occur - Answer-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

Marketing Department - Answer-responsible for facilitating relationships, partnerships,
and alliances with the organization's customers, its shareholders, its suppliers, and
other organizations

Two or More Parties with Unsatisfied Needs - Answer-Ex.) A student wants a meal from
Domino's, but Domino's needs someone to place an order (example of unmet needs)

,Desire and ability to satisfy these needs - Answer-Both you and the bookstore have the
want to satisfy unmet needs. You have the time and the money to get the magazine and
the store has the desire to sell people but also the ability to do so since its stocked on
the shelves.

A way for the parties to communicate - Answer-Examples of ways parties can
communicate: advertising (TV, online, roadside, e-mail, apps) , event sponsorship, word
of mouth, logoed merchandise

Something to exchange - Answer-For a transaction to occur between a buyer and a
seller, money (or something else of value) must be exchanged.

Ex.) An exchange of money for food

first objective in marketing - Answer-discovering the needs of prospective customers.

Marketers often use customers surveys, concept tests, and other forms of marketing
research (discussed in detail in Chapter 8) to better understand customer ideas.

Ex.) Crowdsourcing or innovation tournaments

Need - Answer-occurs when a person feels deprived of basic necessities such as food,
clothing, and shelter

Want - Answer-a need that is shaped by a person's knowledge, culture, and personality

Market - Answer-people with both the desire and the ability to buy a specific offering (all
markets are ultimately people)

Target market - Answer-one or more specific groups of potential consumers toward
which an organization directs its marketing program

Four P's of Marketing - Answer-Product: A good, service, or idea to satisfy the
consumer's needs

Price: What is exchanged for the product, the cost to the consumer

Place: A means of getting the product to the customer

Promotion: A means of communication between the seller and the buyer, communicates
features and benefits to consumers

Marketing Mix - Answer-the controllable factors- product, price, promotion, and place-
that the marketing manager can use to solve a marketing problem

, -Controlled under the marketing department in an organization

When a company puts a product on sale, it is changing one element of the ___ namely,
the ___ - Answer-marketing mix; price

Uncontrollable, Environmental Forces - Answer-There are forces beyond a marketing
department's control, such as environmental forces that affect a marketing decision,
which consist of social, economic, technological, competitive, and regulatory forces

Examples of environmental factors - Answer-1.) What consumers want and need
2.) Changing technology
3.) State of the economy
4.) Actions competitors can take
5.) Government restrictions

These five forces can also serve as accelerators or brakes on marketing sometimes
expanding or restricting an organization's marketing opportunities

Customer Value - Answer-The unique combination of benefits received by targeted
buyers that includes quality, convenience, on-time delivery, and both before-sale and
after-sale service at a specific price.

Relationship Marketing - Answer-Links the organization to its individual customers,
employees, suppliers, and other partners for their mutual long-term benefit

-Involves a personal, ongoing relationship between the organization and its individual
customers that begin before the sale and may evolve through different types of
relationships after the sale

Marketing program - Answer-A plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers

Marketing segments - Answer-Relatively homogenous groups of prospective buyers
that have common needs and will respond similarly to a marketing action

Marketing action - Answer-an action taken to promote a business' products or services

Ex.) could be a product feature, a promotion, or a price

Why is marketing a driving force in the modern global economy? - Answer-1.) The
evolution of the market orientation
2.) Ethics and social responsibility
3.) The breadth and depth of marketing activities

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