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BUSM 2010 Midterm Exam: Questions/Answers (100%)
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BUSM 2010 Midterm Exam: Questions/Answers (100%)
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BUSM 2010 Midterm Exam: Questions/Answers(100%)
What is Marketing? Right Ans - The activity for creating, delivering, and
exchanging offers that benefit the organization, its stakeholders, and society at
large
3 fundamental ideas: 1. Exchanges 2. Value 3 The marketing mix (4 P's)
Marketing is a fusion of various disciplines
Who markets? Right Ans - For Profits and Non-Profits
What is marketed Right Ans - Goods, services, Ideas
Economics, psychology, biology physiology, visual arts, statistics
The Marketing Mix Right Ans - a combination of factors that can be
controlled by a company to influence consumers to purchase its products.
Business strategy drives the Marketing Mix (or the 4Ps)
4 P's of Marketing Right Ans - Product, Price, Place, Promotion
Target Market Right Ans - a particular group of consumers at which a
product or service is aimed.
Utility Right Ans - Utility consists of the benefits or customer value
received by users of the product/service; it is what consumers pay for in an
exchange transaction.
Is subjective
Types of Utility Right Ans - Form: refers to how well a product or service
meets the customer's needs. For example, a company might design a product
to target a specific client's needs or wants
, Possession: the amount of usefulness or perceived value from owning a
product. For example, owning a car or truck might be considered to have a
high possession utility
Time: exists when a company maximizes the availability of a product so that
customers can buy it during the times that are the most convenient or
desirable for them. For example, demand for woolen clothes is more during
winter as compared to demand in summer. So the utility of the woolen clothes
is more during winter than in any other season.
Place:refers primarily to making goods or services physically available or
accessible to potential customers. Examples of place utility range from a retail
store's location to how easy a company's website or services are to find on the
internet
strategy Right Ans - Strategy is a business' long-term plans (what we will
do) made to achieve specific goals (what we hope to accomplish).
The Organization (Why?) Right Ans - Values: What are our beliefs
Mission: What do we want to be
Culture: How will we act
Organizational Direction (What Business Are We In?) Right Ans - SBU AND
PORTFOLIO ANALYSIS: Determine the appeal of each SBU or offering and then
determine the investment strategy for each SBU
What business are we in?
What are our goals?
Strategic Planning: Right Ans - 5 C's Analysis: Company, Customers,
Competitors, Collaborators, and Context
SWOT ANALYSIS: Strength and weaknesses (internal); opportunities and
threat (external)
Diversification Analysis (Ansoff Matrix): a technique that helps a firm search
for growth opportunities from among current and new markets as well as
current and new products
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