What is marketing? correct answers The American Marketing Association (AMA) states that "marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large....
MAR 3023 Exam 1 || A Verified A+ Pass.
What is marketing? correct answers The American Marketing Association (AMA) states that
"marketing is the activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large."
Who's the AMA? correct answers The American Marketing Association (AMA)
What are the four Ps/marketing mix? correct answers Product, Price, Place, Promotion (this is
correct order)
The four Ps are the controllable set of decisions or activities that the firm uses to respond to the
wants of its target markets.
The four Ps are the controllable set of decisions or activities that the firm uses to respond to the
wants of its target markets. But what does each of these activities in the marketing mix entail?
correct answers product = creating value
price = capturing value
Place = delivering value
Promotion = communicating value
Components of the marketing plan correct answers how the product or service will be conceived
or designed, how much it should cost, where and how it will be promoted, and how it will get to
the consumer.
Core Aspects of Marketing correct answers 1. Marketing helps create value.
2. Marketing is about satisfying customer needs and wants
3. marketing entails an exchange
4. Marketing requires product price place and promotion decisions
5. Marketing can be performed by both individuals and organizations
6. Marketing affects various steakholders
What does an exchange entail according to the book? correct answers exchange—the trade of
things of value between the buyer and the seller so that each is better off as a result.
-sellers provide products or services,
-then communicate and facilitate the delivery of their offering to consumers.
-Buyers complete the exchange by giving money and information to the seller.
What is the marketing mix? correct answers Product, Price, Place, Promotion (four Ps)
Goods vs services correct answers Goods: tangible items that have monetary value and satisfy
ones needs and wants.
, Service: intagible item that are produced by people or machines and cannot be separated from
the producer. You know it is a service if it is an experience not a good.
What does the P, place represent? correct answers represents all the activities necessary to get the
product to the right customer when that customer wants it.
What is supply chain management? correct answers set of approaches and techniques that firms
employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores,
and other firms involved in the transaction
into a seamless value chain in which merchandise is produced and distributed in the right
quantities, to the right locations, and at the right time, while minimizing system wide costs and
satisfying the service levels required by the customers.
basically the approach or strategy of transporting all product to the consumers at the best price
where everyone is satisfied
What is promotion in the four Ps correct answers Promotion is communication by a marketer that
informs, persuades, and reminds potential buyers about a product or service so as to influence
their opinions and elicit a response. Promotion generally can enhance a product's or service's
value.
B2C vs B2B vs C2C correct answers The process by which businesses sell to consumers is
known as business-to-consumer (B2C) marketing; the process of selling merchandise or services
from one business to another is called business-to-business (B2B) marketing
Through various Internet sites such as eBay and Etsy, consumers market their products and
services to other consumers. This third category, in which consumers sell to other consumers, is
consumer-to-consumer (C2C) marketing
The evolution of marketing in order correct answers 1900-1920= Production
1920-1950= Sales
1950-1990= Marketing
1990-21st century= Value-based marketing
During what years was the production era and what was the focus for firms? correct answers
1900-1920
Around the turn of the 20th century, most firms were production oriented and believed that a
good product would sell itself.
What years and what focus for firms was the sales oriented era? correct answers Between 1920
and 1950,
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