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BUSML 3250 Exam 1 Review Questions with Complete Answers
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BUSML 3250 Exam 1 Review Questions with Complete Answers
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BUSML 3250 Exam 1 Review Questionswith 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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