MARK 3000 McManus Test 1 Questions With Correct Answers.
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Course
UGA
Institution
UGA
MARK 3000 McManus Test 1 Questions
With Correct Answers.
Marketing - answerorganizational function and set of processes for...
1. CReating, CApturing, COmmunicating and DElivering value to customers
2. Managing customer relationships in ways that benefit the organization and stakeholders
Antic...
MARK 3000 McManus Test 1 Questions
With Correct Answers.
Marketing - answer✔✔organizational function and set of processes for...
1. CReating, CApturing, COmmunicating and DElivering value to customers
2. Managing customer relationships in ways that benefit the organization and stakeholders
Anticipating (research) and determining the needs/wants of consumers (target market)... -
answer✔✔and satisfying those needs through the use of the 4P's to create long term exchanges
of value
Value - answer✔✔ratio of what is given up for what is obtained
Requirement for exchange to happen - answer✔✔Both parties must believe they are getting
value
How is value created? - answer✔✔Through the marketing mix !! ( aka 4 Ps)
4Ps - answer✔✔Product
Price
Promotion
Place
Product - answer✔✔Creating value
-through goods, services and ideas
-to satisfy customer needs
-everything the buyer gives up in exchange for the product
-amt customer is willing to pay and gives a profit
Place - answer✔✔Delivering the value proposition
(aka supply chain management)
-all activities needed to get the product to the right customer when he wants it
Promotion - answer✔✔Communicating Value
-informs, persuades and reminds potential buyers about a product or service to INFLUENCE
opinions or ELICIT a response
Production-Oriented Era - answer✔✔-focuses on internal capability and technology
-product innovation over satisfying needs of individual consumers
ex. Henry Ford and only black cars
Question: What does the firm do best?
Sales-Oriented Era - answer✔✔1920-1950
Aggressive sales techniques
Question: How can we sell more of what we have??
Value-based marketing orientation - answer✔✔purpose is to satisfy customer needs/wants, while
meeting organizational objectives
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