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Exam (elaborations)

Marketing 350 Worsham Final || with A+ Guaranteed Solutions.

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  • Course
  • Mktg 350
  • Institution
  • Mktg 350

Core Aspects of Marketing correct answers 1. Helps create value 2. Satisfying customer needs/wants 3. Entails an exchange 4. Requires 4 p's decisions 5. Can be performed by both individuals and organizations 6. Affects various stakeholders Exchange correct answers Can be monetary or a barte...

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  • August 28, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Mktg 350
  • Mktg 350
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Marketing 350 Worsham Final || with A+ Guaranteed
Solutions.
Core Aspects of Marketing correct answers 1. Helps create value
2. Satisfying customer needs/wants
3. Entails an exchange
4. Requires 4 p's decisions
5. Can be performed by both individuals and organizations
6. Affects various stakeholders

Exchange correct answers Can be monetary or a barter.

4 Eras correct answers Production
Sales
Marketing
Value Based

Production Era correct answers producing best product - Henry Ford

Sales Era correct answers producing more than bought
emphasis is on sales people.

Marketing Era correct answers Satisfy customer's needs
sell goods and services based on what people need

Value Based Era correct answers giving customer what they want, better value, get what you pay
for, $ is not the most important factor.

Sustaining Competitive Advantage correct answers 1. CUSTOMER Excellence
2. OPERATIONAL Excellence
3. PRODUCT Excellence
4. LOCATIONAL Excellence

Customer Excellence correct answers Retaining loyal customers and having customer service

Operational Excellence correct answers -Efficient operations & excellent supply chain
management
-Low price is not sustainable...someone can always underprice you (walmart)

Product Excellence correct answers Occurs by having products with high perceived value and
effective branding/positioning

Locational Excellence correct answers 3 most important things in retailing: Location, location,
location!

, Marketing Mix (4 p's) correct answers 1. Price
2. Product
3. Place
4. Promotion

SWOT Analysis correct answers Analysis of a firm's internal:
Strengths
Weaknesses
Opportunities
Threats

Segmentation correct answers Taking a large heterogenous market, and dividing it into smaller,
homogenous segments

Positioning correct answers Developing a clear, distinctive, desirable understanding of your
product compared to the competition... the place your product occupies in the mind of the
consume

4 Product Growth Strategies correct answers 1. Market Penetration
2. Product Development
3. Market Development
4. Diversification

Market Penetration correct answers sells more current products to current customers. Possible
via sales promotions

CP to CC

Market Development correct answers Sells current products/services to new market segments

CP to NM

Product Development correct answers sells new products/services to current target market.

NP to CM

Diversification correct answers New product to new market segment.

Corporate Social Responsibility correct answers company address the ethical, social, and
environmental impacts of its business

Impacts of Corporate Social Responsibility correct answers -employees and families
-current and potential customers
-community and environment
-partners and competitors

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