MARK 3000 Test 1 - Grantham UGA Version 2 Exam Questions With Correct Answers
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Course
UGA
Institution
UGA
MARK 3000 Test 1 - Grantham UGA
Version 2 Exam Questions With Correct
Answers.
Marketing by the book - answerAn organizational function and set of process for creating,
capturing, communicating, and delivering value to customers, and for managing customer
relationships in ways that benefit the...
MARK 3000 Test 1 - Grantham UGA
Version 2 Exam Questions With Correct
Answers.
Marketing by the book - answer✔✔An organizational function and set of process for creating,
capturing, communicating, and delivering value to customers, and for managing customer
relationships in ways that benefit the organization and its stakeholders
Working Definition of Marketing - answer✔✔Anticipating and determining the needs and wants
of consumers and satisfying those needs through the use of the 4 P's to create long term
exchanges of value.
Marketing Plan - answer✔✔A written document composed of an analysis of the current
marketing situation, opportunities, and threats for the firm, marketing objectives and strategy
specified in terms of four P's, action programs, and projected or pro forma income (and other
financial) statements
Exchange - answer✔✔The trade of things of value between the buyer and the seller so that each
is better off as a result
Marketing Mix - answer✔✔Product, price, place, and promotion-the controllable set of activities
that a firm uses to respond to the wants of its target markets
Product = Creating value
Price = Capturing value
Promotion = Communicating value
Place = Delivering value - answer✔✔How do the 4 P's relate to value?
Goods - answer✔✔Items that can be physically touched
Services - answer✔✔Any intangible offering that involves a deed, performance, or effect that
cannot be physically possessed; intangible customer benefits that are produced by people or
machines and cannot be separated from the producer
Ideas - answer✔✔Intellectual concepts-thoughts, opinions, and philosophies
B2C (Business-to-consumers) - answer✔✔The process in which businesses sell to consumers
B2B (Business-to-business) - answer✔✔The process of selling merchandise, or services from
one business to another
C2C (consumer-to-consumer) - answer✔✔The process in which consumers sell to other
consumers
Production Oriented Era - answer✔✔Turn of the 20th century when most firms were production
oriented and believed a good product would sell itself
Internal capability and technology - answer✔✔In the production orientation era the focus was
on...?
Sales Oriented Era - answer✔✔Between 1920-1950, With overproduction they depended on
heavy doses of personal selling and advertising
Aggressive sales techniques and worries more about transaction number. - answer✔✔In the sales
orientation era the focus was on...?
Market Oriented Era - answer✔✔Purpose of the organization is to satisfy customers wants and
needs, while meeting organizational objectives.
Value-Based Era - answer✔✔Most successful firms are this today. Discover and give the
customer what they want.
Value - answer✔✔Reflects the relationship of benefits to costs, or what the consumer gets for
what he or she gives
Value Cocreation - answer✔✔Customers act as collaborators with a manufacturer or retailer to
create the product or service
Relation Orientation - answer✔✔A method of building a relationship with customers based on
the 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
Supply Chain - answer✔✔The group of firms that make and deliver a given set of goods and
services
Marketing Channel - answer✔✔The set of institutions that transfer the ownership of and move
goods from the point of production to the point of consumption: consists of all the institutions
and marketing activities in the marketing process
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