UGA McManus Marketing Test 1 Questions With Revised Answers
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Course
Georgia History
Institution
Georgia History
UGA McManus Marketing Test 1 Questions
With Revised Answers
Marketing - answeractivity, set of institutions and processes for creating, capturing,
communicating, delivering and exchanging offerings that have values for customers, clients,
partners and society at large.
Marketing Plan - answers...
UGA McManus Marketing Test 1 Questions
With Revised Answers
Marketing - answer✔✔activity, set of institutions and processes for creating, capturing,
communicating, delivering and exchanging offerings that have values for customers, clients,
partners and society at large.
Marketing Plan - answer✔✔specifies the marketing activities for a specific period of time.
Broken down into how the product will be conceived, cost, where, and how it will get to the
consumer.
Exchange - answer✔✔the trade of things between the buyer and seller so that each is better off
as a result.
Marketing Mix (4 P's) - answer✔✔Price, place, promotion and product
Goods - answer✔✔Items that you can physically touch
Services - answer✔✔Intangible customer benefits that are produced by people or machines and
cannot be separated from the producer
Ideas - answer✔✔thoughts, opinions, and philosophies
Supply Chain Marketing - answer✔✔set of approaches and techniques that firms employ to
efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores and other
firms involved in the transaction into a seamless value chain in which merch is produced and
distributed in the right quantities, to the right locations, and at the right time, while minimizing
systemwide costs and satisfying the service level required by consumers.
Business to Consumer (B2C) - answer✔✔the process of selling merch or services from one
business to a consumer
Business to Business (B2B) - answer✔✔the process of selling merch or services from one
business to a business
Consumer to Consumer (C2C) - answer✔✔Consumers sell to another consumer
Value - answer✔✔the relationship of benefits to costs, or what you get for what you give
Value Cocreation - answer✔✔Customers can act as collaborators to create the product or service
Relational Orientation - answer✔✔A method of building a relationship with customers based on
their philosophy that buyers and sellers should develop a long-term relationship
Customer Relationship Management (CRM) - answer✔✔A business philosophy and set of
strategies, programs, and systems that focus on identifying and building loyalty among the firm's
most valued customers
Marketing Strategy - answer✔✔identifies a firm's target market, a related marketing mix and the
bases on which a firm plans to build a sustainable competitive advantage
Sustainable Competitive Advantage - answer✔✔a competitive advantage that other companies
have tried unsuccessfully to duplicate and have, for the moment, stopped trying to duplicate
customer excellence - answer✔✔involves a focus on retaining loyal customers and excellent
customer service
operational excellence - answer✔✔achieved through efficient operations and excellent supply
chain and human resource management
Product Excellence - answer✔✔having products with high perceived value and effective
branding and positioning
Locational Excellence - answer✔✔having a good physical location and internet presence
Planning Phase - answer✔✔The part of the strategic marketing planning process when marketing
executives, in conjunction with other top managers, (1) define the mission or vision of the
business and (2) evaluate the situation by assessing how various players, both in and outside the
organization, affect the firm's potential for success.
implementation phase - answer✔✔the part of the strategic marketing planning process when
marketing managers (1) identify and evaluate different opportunities by engaging in
segmentation, targeting, and positioning and (2) implement the marketing mix using the four Ps
Control Phase - answer✔✔the part of the strategic marketing planning process when managers
evaluate the performance of the marketing strategy and take any necessary corrective actions
Mission Statement - answer✔✔A broad description of a firm's objectives and the scope of
activities it plans to undertake; attempts to answer two main questions: What type of business is
it? What does it need to do to accomplish its goals and objectives?
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