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MKTG 396 Unit 1 Exam with complete answers(verified for accuracy)
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MKTG 396 Unit 1 Exam with complete answers(verified for accuracy)
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MKTG 396: Unit 1 Exam withcomplete answers(verified for
accuracy)
Define the role of marketing.. - answer "Marketing is a set of
business practices designed to plan for, and present, an
organization's products or services in ways that build effective
customer relationships"
Explain the core concepts of marketing. - answer 1. Helps create
value
2. Satisfying customer needs and wants. Not concerned with just
one transaction, but the value of loyal customers and strive to
develop long-term relationships
3. Entails an exchange
4. Requires product, price, place and promotion decisions
5. Can be performed by both individuals and organizations
6. Occurs in many settings
Describe how marketers create value for a product or service. -
answer Value represents the relationship of benefits to costs.
Firms can improve their value by increasing benefits, reducing
costs, or both.
Firms become value driven by finding out as much about their
customers and their needs/wants.
Value marketers are not worried about how much money they will
make on the next sale, but instead focus on developing a lasting
relationship with their customers so they return again and again.
Summarize the four orientations of marketing. - answer Product
Orientation - A good product will sell itself. More concerned with
, product innovation, not with satisfying the needs of individual
customers. Marketing with this orientation is simply about
informing the customer that a product exists, whether it is used at
all.
Sales Orientation - Rely on a sales team to sell. Production is
maximized and then heavy doses of personal selling and advertising
help to distribute the product. Marketing is only focused on the sale
of the product.
Market Orientation - Celebrates the customer. Rather than just
simply producing/selling, manufacturers with this orientation seek
to learn customer needs and wants, and design products to fit the
customers. Marketing plays an important role by communication of
the different attributes, or value, created by each product.
Value-Based Orientation - Discovering needs and wants, and deliver
the most value to customers than other competitors do. Value
reflects the relationship of benefits to costs. Marketing plays an
integral role in creating and delivering the valuable product, and in
communicating the value, especially in relation to other products
available.
What is the importance of marketing both within and outside the
firm? - answer Successful firms integrate marketing throughout
their organizations so that marketing activities coordinate with
functional areas, such as product design, production, logistics, HR,
etc. Enables a firm to get the right product, to the right customers,
at the right time.
Marketing helps facilitate smooth flow of goods through the supply
chain ranging from raw materials to the consumer.
Marketing is also important for society - social impact.
Firms "do the right thing" when they sponsor charitable events,
seek to reduce negative environmental impacts, and avoid unethical
practices. This makes a firm more likeable to customers.
Marketing is entrepreneurialism.
What are the four P's? - answer Product, Price, Place, Promotion
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