BYU MARKETING 201 EXAM 1 (100%
ERRORLESS ANSWERS)
Question :Marketing
Correct 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
Question :Marketing Strategy
Correct answer:A cohesive marketing mix of product,
place, price, and promotion, designed for a specific target market. Marketing strategy answers the question, "How do we orchestrate the marketing mix to deliver value to a particular market segment?"
Question :Three important components of marketing
Correct answer:1) Marketing is the exchange that takes
place between sellers and buyers.
Marketing creates, communicates, and delivers value to facilitate exchanges.
By delivering value, marketing satisfies customer needs and wants at a profit (marketing concept)
Question :Marketing Concept
Correct answer:By delivering value, marketing satisfies
customer needs and wants at a profit.
Question :Markets
Correct answer:the aggregate of individuals and
organizations that have (1) needs and wants and (2) the ability, willingness, and authority to purchase products and services that satisfy their needs and wants.
Question :Business Market (business-to-business
market)
Correct answer:individuals within organizations and
companies purchasing products and services for use or consumption within their organization or for resale.
Question :Consumer Market (business-to-consumer
market)
Correct answer:Individuals buying products and services
for personal consumption or use
Question :Strategic Triangle
Correct answer:Customer, Company, Competition
(customer is the central point)
Question :Corporate Strategy
Correct answer:What businesses should we be in?
(Marketing firm considers types of business to include in its portfolio)
Question :Strategic Business Unit (SBU)
Correct answer:How do we compete effectively in a
given business?
Question :BCG Growth Model
Correct answer:stars, cash cows, question marks, dogs
Question :Stars
Correct answer:high growth, high market share
Question :Cash Cows
Correct answer:low growth markets that generate more
cash than they need (high market share)
Question :Question Marks
Correct answer:high growth, low market share
Question :Dogs
Correct answer:low growth, low market share
Question :Marketing Mix
Correct answer:Product, Price, Place, Promotion
Question :Product
Correct answer:A bundle of attributes in which each
attribute and combination of attributes creates value for customers
Question :Place
Correct answer:Where products are purchased
Question :Price
Correct answer:the amount of money made for a product
Question :Promotion
Correct answer:refers to many different marketing
activities, such as advertising, public relations, sales promotions, trade promotions, personal selling, and digital marketing.
Question :Brand Champions
Correct answer:Customers who love the firm's products
and then advocate or champion the products to others.
Question :Market Penetration
Correct answer:selling more of the existing products in
existing markets