MKTG 350 TEST 1 WORSHAM || with 100% Verified Solutions.
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Course
MKTG 350
Institution
MKTG 350
what is marketing correct answers 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
core aspects of marketing correct answers -marketing helps create...
MKTG 350 TEST 1 WORSHAM || with 100% Verified
Solutions.
what is marketing correct answers 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
core aspects of marketing correct answers -marketing helps create value
-marketing is about satisfying customer NEEDS and WANTS
-marketing entails an exchange
-marketing requires product, price, place and promotion decisions
-marketing can be performed by both individuals and organizations
-marketing occurs in many settings
exchange correct answers exchange is the trade of things of value between the buyer and the
seller so that each is better off with the result
Marketing mix - 4 P's correct answers -product: creates value
-price: captures value
-place: delivers value (supply chain management)
-promotion: communicates value (inform, persuades, and reminds)
B2B correct answers business to business
B2C correct answers business to customer
C2C correct answers customer to customer
What does marketing impact? correct answers various stakeholders: society, customer,
employees, supply chain
eras of marketing correct answers production, sales, marketing, value based marketing
marketing mix: PRODUCT correct answers creates value by developing a variety of offerings
including goods, services, and ideas to satisfy customer needs
marketing mix: PRICE correct answers captures value, price is everything a buyer gives up
(money, time, energy) in exchange for a product.
How much are customers willing to pay and can a profit be made at that point?
marketing mix: PLACE correct answers delivers the value proposition. place, or supply chain
management describes all activities necessary to get the product to the right customer when the
customer wants it.
, where would you find this product in the store?
marketing mix: PROMOTION correct answers communicates value, communication by a
marketer that informs, persuades and reminds potential buyers about a product or service to
influence their opinion or elicit a response
components of a market correct answers raw material, manufacturer, retailer, consumer
supply chain management correct answers a supply chain is the group of firms that make and
deliver a given set of goods and services
value correct answers reflects the relationship of benefits to costs
value co-creation correct answers when customers act as collaborators with a manufacturer or
retailer to create the product or service
what are the 4 activities that value driven companies focus on correct answers 1. share
information about customers
2. balance customers benefits and costs
3. build relationship with customer
4. connect with customers via social media and mobile media
CRM - customer relationship management correct answers a business philosophy and set of
strategies, programs, and systems focused on identifying and building loyalty among the firms
most valued customers
3 components of a marketing strategy correct answers 1. a firms target market
2. a related marketing mix
3. bases on which the firm plans
sustainable competitive advantage correct answers an advantage over the competition that is not
easily copied and can be maintained over a long period of time
target market correct answers broad description of a firms objectives and the scope of activities it
plans to undertake. A competitive advantage acts like a wall that the firm has built around its
position in a market. This wall makes it hard for outside competitors to contact customers inside
—otherwise known as the marketer's target market
4 macro strategies correct answers -customer excellence: focus on retaining loyal customers and
excellent customer service
-operational excellence: achieved through efficient operations and excellent supply chain and
human resource management
-product excellence: having products with high perceived value and effective branding
-location excellence: having a good physical location and internet presence
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