MBA 706 Chen: Exam 1 Questions and Answers 100% Verified
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Course
MBA 706 Chen
Institution
MBA 706 Chen
MBA 706 Chen: Exam 1 Questions and Answers 100% VerifiedMBA 706 Chen: Exam 1 Questions and Answers 100% VerifiedMBA 706 Chen: Exam 1 Questions and Answers 100% VerifiedMBA 706 Chen: Exam 1 Questions and Answers 100% VerifiedWhat is marketing? - ANSWER-- Helps to build brand equity and the company r...
What is marketing? - ANSWER-- Helps to build brand equity and the company
reputations
- Helps engage the customer and the company can learn from its customers
relationships
- Helps a company stay ahead of the competition
What can be marketed? - ANSWER-- Goods
- Services
- Experiences
- Events
- Persons
- Places
- Properties
- Organizations
- Information
,- Ideas
Product/production orientation - ANSWER-- Focus on building a better gadget
- Ford Model T
Sales orientation - ANSWER-Focus on convincing the custom that your
product works the best for them
Customer orientation - ANSWER-Focus on identifying customers wants before
formulating attractive solutions
Evolution of modern marketing - ANSWER-- Product/production orientations
> Sales orientation > Customer orientation
- Degree of customization increased from product to customer orientation
Marketing management framework - ANSWER-- 5Cs, STP, and 4Ps
- Interdependent
5Cs - ANSWER-- Who?
- Customer
, - Company
- Context
- Collaborators
- Competitors
STP - ANSWER-- Why/How?
- Segmentation
- Targeting
- Positioning
4Ps - ANSWER-- What?
- Product
- Price
- Place
- Promotion
Patterns of consumer behavior - ANSWER-- Phases consumers go through
when making a purchase
- Different kinds of purchases that consumers make
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