Si Chen Exam 1 MBA 706 and answers
What is Marketing? (list 6)- marketing helps create value - marketing satisfies customer needs and wants - marketing entails an exchange - marketing requires decisions on the 4ps - marketing can be performed by individuals & organizations - marketing occurs in ...
Si Chen Exam 1 MBA 706 and answers
What is Marketing? (list 6)✔✔- marketing helps create value
- marketing satisfies customer needs and wants
- marketing entails an exchange
- marketing requires decisions on the 4ps
- marketing can be performed by individuals & organizations
- marketing occurs in different settings
What is the AMA definition of marketing?✔✔Marketing is 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.
What is Professor Philip Kotler definition of marketing?✔✔Marketing is:
To create, to communicate, and to deliver value to a target market at a profit
CCDVTP Stands for✔✔This is Professors Philip Kotler definition of marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
What is the traditionally Marketing Mix? (ORDER IS IMPOTANT )✔✔The 4Ps, with
product being first and the most important
- Product
- Price
- Place
- Promotion
a set of marketing tools that the firm uses to pursue its marketing objectives in the
target✔✔Marketing mix
If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition
we would get:✔✔Product -->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate
_______ are the tools that firms can use/manipulate to achieve their goals and are
the foundation of the marketing framework✔✔traditional 4ps
list some examples of additional 4ps✔✔personnel, personality of a store/brand
people--> employees
physical evidence --> inside the store
Process Management --) shopping experience
, Decisions on the 4Ps affect ___ buys from the firm and _____ they buy, and
ultimately the profitability of the firm.✔✔who; how many
In a very simple economic model: a retailer's profits =✔✔sales revenue - costs
What is the formula for sales revenue?✔✔Price * Qty for 1 product
determined by consumers. They will consider price (budget), product itself (utilities),
place (physical energy required), promotion (budget), competitor's offerings, & other
factors.✔✔Quantity
Costs associated with selling goods✔✔costs
What are the differences between customer needs and wants?✔✔Needs--
necessities (water)
Wants -- desires (Ferrari)
Marketing entails an exchange of what?✔✔Money, goods, information
what does the external environment influence ?✔✔consumer behavior, firms
decisions on P4, and firm's performance and competitors profitability
The marketing mix is influenced by✔✔the external environment(political,
environment, social and technological), consumers and competitors
Competitors are influenced by✔✔consumers and external environment
Define "open technology" or "open innovation"✔✔From Philip Kotler: Find the best
ideas, wherever they come from!
What's new about customer management?✔✔From Philp Kotler: We want to know
the customers--not just have them in a database. We want to co-create our products
and ads with our customers!
What are the 5 stages of the management process?✔✔•Stage 1: strategic and
marketing analysis(where are we now?)
•Stage 2: strategic direction and strategy formulation(where do we want to be?)
•Stage 3: develop alternatives(how might we get there?)
•Stage 4: evaluation of alternatives(which way is best?)
•Stage 5: strategy implementation, monitoring, and control.(how can we ensure
arrival?)
What are the 3 aspects of a strategic choice?✔✔- Generation of strategic options
- Evaluation of strategic options
- Selection of a preferred strategy
What are the 3 distinct levels of strategy? (Hofer & Schendel 1978)✔✔- Corporate
strategy (allocation of resources)
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