USM MKT 300 Exam 1 Already Graded A+
Core Aspects of Marketing ️1. Creating Value
2. Satisfying
customer needs and wants
3. Affecting various stakeholders
4. can be performed by individuals or corporations
5. entails an exchange
6. requires 4 P's decisions
Four P's ️Product, Pri...
USM MKT 300 Exam 1 Already Graded A+
Core Aspects of Marketing ✔️1. Creating Value
2. Satisfying
customer needs and wants
3. Affecting various stakeholders
4. can be performed by individuals or corporations
5. entails an exchange
6. requires 4 P's decisions
Four P's ✔️Product, Price, Place, Promotion
Product ✔️create value by developing a variety of offerings, including goods, services, and ideas, to
satisfy customer needs
Price ✔️Capturing value: Price is everything the buyer gives up—money, time, and/or energy—in
exchange for the product
Place ✔️Delivering Value:
place, represents all the activities necessary to get the product to the right customer when that
customer wants it
Promotion ✔️Communicating Value:
Promotion is communication by a marketer that informs, persuades, and reminds potential buyers
about a product or service to influence their opinions and elicit a response
Value ✔️reflects the relationship of benefits to costs, or what you get for what you give
CRM ✔️a business philosophy and set of strategies, programs, and systems that focus on identifying
and building loyalty among the firm's most valued customers
, Sustainable Competitive Advantage ✔️an advantage over the competition that is not easily copied and
can be maintained over a long period of time
Customer Excellence ✔️Focuses 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 and
positioning
Locational Excellence ✔️Having a good physical location and Internet presence
SWOT Analysis ✔️The segmentation strategy must be consistent with and derived from the firm's
mission and objectives as well as its current situation—its strengths, weaknesses, opportunities, and
threats
Strategic Planning Process ✔️3 Phases of planning
Planning Phase ✔️the part of the strategic marketing planning process when marketing executives, in
conjunction with other top managers define the mission or vision of the business and evaluate the
situation by assessing how various players, both in and outside the organization, affect the firm's
potential for success
Implementation Phase ✔️the part of the strategic, marketing planning process when marketing
managers identify and evaluate different opportunities by engaging in segmentation, targeting,
positioning, and implement the marketing mix using the four P's
Control Phase ✔️The part of the strategic marketing planning process when managers evaluate the
performance of the marketing strategy and take any necessary corrective actions
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