MAR 3023 UF Professor Cooke Exam 1 || with 100% Verified Solutions.
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MAR 3023 UF Professor Cooke
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MAR 3023 UF Professor Cooke
SEGMENT 1: Marketing defintion correct answers the activity, set of institutions, and process for creating communicating, delivering, and exchanging products that have value for customers, clients, partners, and society at large
Types of Utility correct answers form, place, time, possession
T...
MAR 3023 UF Professor Cooke Exam 1 || with 100%
Verified Solutions.
SEGMENT 1: Marketing defintion correct answers the activity, set of institutions, and process
for creating communicating, delivering, and exchanging products that have value for customers,
clients, partners, and society at large
Types of Utility correct answers form, place, time, possession
Time Utility correct answers -Availability of a product
-Being able to get the product quickly
place utility correct answers the usefulness of a good or service as a function of the location at
which it is made available
form utility correct answers value of the vehicle which the product is given
spotify vs vinyl
possession utility correct answers the benefits associated with having a product
Exchange relationship correct answers cash or object in exchange for a produict
Creating value with an exchange relationship: correct answers we want to create value with an
exchange relationship as long as it is PROFITABLE and STABLE
Value correct answers perceived benefit
= ----------------------
price
Marketing Mix: Price correct answers What is exchanged for the product
Also includes: list price, discounts, allowances, payment period, credit terms
Marketing Mix: Product correct answers A product can be a good, service, or idea
Marketing Mix: Place correct answers a means of getting the product to the consumer
Marketing Mix: Promotion correct answers Inform individuals or groups about the organization
and its products/services
, Marketing Program correct answers a plan that integrates the marketing mix to provide a good,
service, or idea to prospective buyers
market share correct answers (sales revenue of the firm )
= -----------------------------------
(total sales revenue of all firms in the industry, including the firm itself)
NOTE: Can also be measure in unit sales if makes more sense
STP: Segmentation correct answers divvying people in the market in meaningful ways
(Age, sex, race, likes sports, etc)
STP: Targeting correct answers Deciding which segments that the business can best meet the
customers needs of for Long Term Sustainability.
usually Cant meet needs of all segments, not worth pursuing
STP: Positioning correct answers How do you go after selected sement(S)
Four Business Orientations correct answers 1) the Production orientation
2) the Sales orientation
3) the Marketing orientation
4) the Societal marketing orientation
production orientation correct answers producing a singular product and that is all the buisness
has to worry about as they are only manufacturer
ex: Early automobiles didnt need advertising and shit
Sales Orientaiton correct answers company has to produce and actively sell the product to
consumers as they have options due to other firms entering the market.
Requires good sales people, must state how this product is better than others
Marketing Orientation correct answers job of buisness is to figure out the customer needs, and
Meet their needs for a long-term relationship
Market Orientation correct answers Marketing functions are important enough that all parts of
buisness perform them
Segment 2: The marketing environmnet correct answers ...
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