100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Marketing 350 Final Exam || with 100% Accurate Solutions. $11.49   Add to cart

Exam (elaborations)

Marketing 350 Final Exam || with 100% Accurate Solutions.

 8 views  0 purchase
  • Course
  • Mktg 350
  • Institution
  • Mktg 350

Core aspects of marketing correct answers Marketing helps create value, occurs in many settings, can be performed by both individuals and organizations, requires product, price, place, and promotion decisions, entails an exchange, is about satisfying customer needs and wants. Exchange correct an...

[Show more]

Preview 2 out of 12  pages

  • August 28, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Mktg 350
  • Mktg 350
avatar-seller
FullyFocus
Marketing 350 Final Exam || with 100% Accurate Solutions.
Core aspects of marketing correct answers Marketing helps create value, occurs in many settings,
can be performed by both individuals and organizations, requires product, price, place, and
promotion decisions, entails an exchange, is about satisfying customer needs and wants.

Exchange correct answers The trade of things of value between the buyer and seller so that each
is better off

• Fundamental purpose of marketing is to create value by goods, services, ideas to satisfy
customer needs

Marketing Mix correct answers • 4 P's (Marketing Mix)
• Product - Creating value
• Price - Capturing Value
• Placement - Delivering Value
• Promotion- Communicate value

Production, sales, marketing and value-based era correct answers • Production Era: start of 20th
century, good product will sell itself, more concerned with product innovation than customer
needs, product was mainly sold in retail

• Sales Era: great depression, emphasis shifts to sales, where they will try to push the product
(1920-1950)

• Marketing Era: Focused on satisfying customer needs (1950-1990)

• Value Based Marking: not only satisfying but giving them a better bang for their buck, what the
customer wants? And what they're willing to pay? (1990-Present)

4 strategies for building a sustainable competitive advantage correct answers • Customer
excellence - excellent customer service
o Ritz-Carlton
o Nordstrom's
• Operational Excellence - efficient operations, and excellent supply chain management, strong
HR and supplier relationships.
o Wal-Mart
• Product Excellence - branding product well, so that we know exactly what customer is looking
for, clear distinctive brand image, high perceived value
o Apple
• Locational Excellence - Location is key

SWOT correct answers Strengths, weaknesses, opportunities, threat

Segmentation correct answers • Market segment consists of consumers who respond similarly to
a firm's marketing efforts.

, Positioning correct answers • When the firm decides which segments to pursue, it must
determine how it wants to be positioned within those segments.

4 market/product growth strategies (based on exh. 2.7) correct answers Market Penetration
Market Development
Product Development
Diversification

Creating an ethical climate correct answers • Values (Comes from mission statement often times,
clarity is important)
o Establish
o Share
o Understand
• Rules
o Management commitment
o Employee Dedication
• Controls
o Reward
o Punishment

Corporate social responsibility (and exh. 4.2) correct answers • Describes 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

Importance of monitoring the marketing environment correct answers • Marketing Environment:
all factors outside the company that have an impact or influence on it
• Framework
• Consumers are center of focus
• Immediate Environment consists of
o Company
o Competition
o Corporate Partners
• Broader Environments
o Culture
o Economic
o Social
o Demographics
o Political/Legal
o Technology

Macro-environment factors correct answers • Outside the company, helps to adapt and prepare
for what is coming

Culture correct answers • The artifacts, the dress, behavior, tastes, food preferences, ceremonies,
language differences, all work together to influence someone's culture

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67474 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.49
  • (0)
  Add to cart