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MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9
Questions With Correct Answers.
Marketing - 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
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
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
Supply Chain Management - answer✔✔set of approaches and techniques that firms employ to
efficiently and effectively integrate their suppliers and manufacturers and other firms involved in
transaction into a seamless value chain where merchandise is produced and distributed while
minimizing costs and satisfying service levels
B2C (business to consumers) - answer✔✔The process in which businesses sell to consumers
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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
Sales Oriented Era - answer✔✔Between 1920-1950, With overproduction they depended on
heavy doses of personal selling and advertising
Market Oriented Era - answer✔✔After WWII(1945), buyers market- customer is king.
Marketing discovered in this time.
Value-Based Era - answer✔✔Most successful firms are this today. Discover and give the
customer what they want. Give customers greater value than competitors.
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
Marketing Analytics - answer✔✔Firms collect massive amounts of data about how, when, why,
where, and what people buy, then analyze those data to inform their choices.
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
To build relationships, firms focus on the lifetime profitability of the relationship, not how much
money is made during each transaction.
Customer Relationship Management - 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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Business Ethics - answer✔✔Refers to a branch of ethical study that examines ethical rules and
principles within a commercial context, the various moral or ethical problems that might arise in
a business setting, and any special duties or obligations that apply to persons engaged in
commerce
Marketing Ethics - answer✔✔Marketing Ethics Refers to those ethical problems that are specific
to the domain of marketing
Deceptive Advertising - answer✔✔A representation, omission, act or practice in an
advertisement that is likely to mislead consumers acting reasonable under the circumstances
Corporate Social Responsibility (CSR) - answer✔✔Refers to the voluntary actions taken by a
company to address the ethical, social, and environmental impacts of its business operations and
the concerns of its stakeholders
Ethical but socially Irresponsible - answer✔✔ethical firm not involved with the larger
community
Unethical but socially responsible - answer✔✔questionable firm practices, yet donates a lot of
money to community
EX: Walmart was recently ranked as the worst-paying company by the National Employment
Law Project, but even as it was underpaying its employees, it was donating more than $1 billion
in cash and in-kind items to charitable causes.
Unethical but socially irresponsible - answer✔✔EX: firm makes generous donations to charities
but is simultaneously involved in questionable sales practices.
Unethical + Illegal Example- Coca Cola - answer✔✔Putnam (Coke mkting exec) talks of
targeting minorities (blks +hisp) to drink Coke bc healthy options aren't readily available to
them- not helping society but its legal
Ethical + Illegal Example - answer✔✔Price fixing a pill so ppl can afford it
Ethical + Legal Example - answer✔✔TOMS giving away a pair of shoes to a child w every
purchase
Unethical + Legal - answer✔✔Mylan EpiPen price increase
Ethical Decision Making Framework - answer✔✔Ethical Decision Making Framework Identify
Issues ⇒Gather info & identify Stakeholders ⇒Brainstorm & evaluate alternatives ⇒Choose a
course of action
Admired observer test - answer✔✔Would the person I admire most engage in this activity, and
would I want him or her to see me engage in this activity?
