UF MAR3023 FINAL EXAM 1 AND ALL
CORRECT ANSWERS.
marketing - Answer - the activity of creating, communicating, delivering and exchanging offerings that
have value for customers, clients, partners, and society at large.
- heart of marketing is in making sure exchanges between people and orgs satisfy the objectives of both
sides of the exchange.
- seeks to serve both buyers and sellers by discovering and satisfying the needs and wants of prospective
customers, as well as society overall.
Customer value - Answer -the unique combo of benefits received by targeted buyers that includes
quality, price, convenience, on-tome delivery, and before/after-sale service.
-synonyms are utility and satisfaction
-the ratio of perceived benefits to price
value= (perceived benefits)/price
Utility - Answer the benefit of satisfaction, or customer value, received by users of a product.
-4 types: time, place, form, and possession
Time utility - Answer -created by getting the product to the customer when he or she wants it.
-WHEN they want it, AS QUICKLY as they want it.
-speed of delivery (fast food companies)
,-availability (vid game release, want it first day)
Place utility - Answer -created by having th product WHERE the consumer wants it and providing the
product in a positive atmosphere
-conveneint locations (arms everywhere)
-atmospherics: ambiance of the place where u buy the product adds value. (eating hamburger at
rainforest cafe is an experience, consuming an experience, which justifies the high prices)
Form utility - Answer -created by having the product tin the form that is most useful to the consumer
-think tide pods
Possession utility - Answer -created by allowing customers to physically get hold of a product.
-Primary way marketers create possession utility is through CREDIT, which allows people to possess a
product now and pay for it later.
-credit cards, student loans
Marketing management - Answer -set of activities that facilitates the exchange of value.
-marketing managers facilitate exchange by using the marketing mizz
Marketing mix - Answer the four controllable marketing factors (the 4 P's): product, price, place,
promotion.
-used by marketing managers to deliver value to customers
Product of marketing mix - Answer a good, service, or idea that satisfies consumer needs (variety,
quality, design, features, brand name, packaging, services, and warranties)
,Price of marketing mix - Answer what is exchanged for the product
Place of marketing mix - Answer a means of getting the product to the consumer (channels, locations,
inventory, transportation, atmospherics)
Promotion of marketing mix - Answer A means of communication between the seller and the buyer
(sales promotion, ads,, PR, direct marketing, e-com)
-marketing is broader than just advertising and PR, which is only a PART of PROMOTION
Marketing program - Answer a plan that integrates the marketing mix to provide a product, service or
idea to prospective customers.
-the set of decisions that encompasses each of the four P's
Market share - Answer -used to evaluate the success of a MARKETING PROGRAM
-the ratio of firms sales rev to total sales rev of the industry
(firms sales rev)/(total industry sales)
STP marketing - Answer at the heart of modern marketing, the process of identifying groups in the
marketplace and then serving them.
-includes segmentation, targeting, and positioning
Segmentation - Answer -marketplace is not uniform, its heterogenous. Its the search for relatively
homogeneous clusters within a hetero market.
, -any specific market contains "submarkets" due to the inherent diffs among consumers
-market segment is relatively homogeneous group of existing and potential customers w common needs,
values, and levels of responsiveness to marketing variables.
-Responsiveness to marketing variables is one of the most important requirements for successful
segmentation
-process of segmentation includes identifying existing and potential customers in a market segment.
-This is based on belief that ppl in the same segment have the same kinds of needs and respond similarly
to marketing variables, so invidious who are not yet customers can be converted into customers thru
effective marking efforts.
-can be segmented based on dimensions like age, region, gender
SEGMENTATION CRITERIA:
1. Measurability (ease of assignment)
- firms have to have some basis by which they can measure the ppl who fall into their markets so they
can assign them to diff segments.
- gender and age commonly used
- consumer perceptions and psychographics can be used.
2. Reachability:
- a marketers ability to commnunicate w and reach the segments once they are identified
