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BCOR 2201 Midterm, CU Boulder Question and answers already passed

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BCOR 2201 Midterm, CU Boulder Question and answers already passed Marketing - correct answer The science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit 4 P's of Marketing (Marketing Mix) - correct answer Product, Price, Place, Prom...

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  • December 17, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bcor 2201 midterm cu boulder question and answers
  • bcor 2201 midterm cu boulder

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BCOR 2201 Midterm, CU Boulder
Question and answers already passed
Marketing - correct answer ✔The science and art of exploring, creating and
delivering value to satisfy the needs of a target market at a profit


4 P's of Marketing (Marketing Mix) - correct answer ✔Product, Price, Place,
Promotion


Point of Difference - correct answer ✔a unique product characteristic or
benefit that sets it apart from a competitor


4 things needed for marketing to occur - correct answer ✔1. 2 or more
parties with unsatisfied needs
2. desire & ability to have needs satisfied
3. a way for parties to communicate
4. something to exchange


Exchange - correct answer ✔the trade of things of value between the buyer
and the seller so that each party is better off as a result


Environmental Forces - correct answer ✔uncontrollable variables that affect
a marketing decision: Social, Economic, Technological, Competitive and
Regulatory Forces


Customer Value - correct answer ✔the unique combination of benefits
received by targeted buyers that includes quality, convenience, on-time
delivery as well as before and after sale service at an agreed upon price

,Marketing Program - correct answer ✔a plan that integrates the marketing
mix to provide a good, service, or idea to prospective buyers


Societal Marketing Concept - correct answer ✔the view that organizations
should satisfy the needs of consumers in a way that provides for society's
well-being


Form Utility - correct answer ✔The production of the good or service


Place Utility - correct answer ✔having the offering available where
consumers need it


Possession Utility - correct answer ✔making an item easy to purchase
(credit card)


Time Utility - correct answer ✔Having the offering available when consumers
need it


Value - correct answer ✔a perception calculated by the equation
Value = Benefit/Price


Market Strategy - correct answer ✔a businesses long-term plan, developed
to achieve specific goals


BCG Matrix - correct answer ✔a means of evaluating strategic business
units on the basis of (1) their business growth rates and (2) their share of the
market

, Ansoff Matrix - correct answer ✔An analytical tool to devise various product
and market growth strategies, depending on whether businesses want to
market new or existing products in either new or existing markets.


5 C's Analysis - correct answer ✔Customers, Company, Competitors,
Collaborators, Context


4 Types of Business Risks - correct answer ✔Technical: Can we build this
app?
People: Can we retain key employees?
Financial: Can we stay well financed?
Market: Will market trends shift? (riskiest)


Exploratory Research - correct answer ✔open-ended exploring, helps gain
understanding of a vague issue (Focus groups, Individual interviews,
Ethnographies)


Descriptive Research - correct answer ✔measuring or quantifying; finding
the frequency that something occurs, or identify a relationship ("Rank these" ,
"How often do you" , "Which feature is most important")


Causal/Experimental Research - correct answer ✔Asses impact from a
variable, used to determine the impact of a factor on another (Based on cause
and effect, how a business decision will affect sales)


Primary Data - correct answer ✔information that is collected for the first time;
used for solving the particular problem under investigation


Secondary Data - correct answer ✔information that already exists
somewhere, having been collected for another purpose

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