Mgmt 323 Purdue - Exam 1 Flashcards Question and answers verified to pass
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Course
MQM 323
Institution
MQM 323
Mgmt 323 Purdue - Exam 1 Flashcards Question and answers verified to pass
Marketing - correct answer 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....
Mgmt 323 Purdue - Exam 1 Flashcards
Question and answers verified to pass
Marketing - correct answer ✔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.
Marketing Plan - correct answer ✔Specifies the marketing activities for a
specific period of time. Written document.
Value - correct answer ✔Reflects the relationship of benefits to costs, or
what you get for what you give.
Value Cocreation - correct answer ✔Creative way to provide value to
customers is to engage in this. The customers act as collaborators to create
the product or service.
Exchange - correct answer ✔The trade of things of value between the buyer
and the seller so that each is better off as a result.
Four P's of Marketing (also known as marketing mix) - correct answer
✔Product, Place, Price, Promotion
Product - correct answer ✔Crating value by developing a variety of offerings.
Place - correct answer ✔Delivering the value proposition; Represents all the
activities necessary to get the product to the right customer, at the right time.
,Price - correct answer ✔Capturing value; Is everything the buyer gives up
(money, time, or energy) in exchange for the product.
Promotion - correct answer ✔Communicating the value proposition; Is the
communication by a marketer that informs, persuades, and reminds potential
buyers about a product or service to influence their opinions and provoke a
response.
Goods - correct answer ✔Items you can physically touch.
Services - correct answer ✔Intangible customer benefits that are produced
by people or machines and cannot be separated from the producer.
Idea - correct answer ✔Includes thoughts, opinions, and philosophies.
Supply Chain Management - correct answer ✔The set of approaches and
techniques that firms employ to efficiently and effectively integrate those
involved in the transaction.
Business-to-Consumer Marketing (B2C) - correct answer ✔Process by which
businesses sell to consumers.
Business-to-Business Marketing (B2B) - correct answer ✔Process of selling
merchandise or services from one business to another.
Consumer-to-Consumer Marketing (C2C) - correct answer ✔Consumers sell
to other consumers.
, Relational Orientation - correct answer ✔Marketers have begun to develop
this as they have realized that they need to think about their customers in
terms of relationships rather than transactions. To build relationships, firms
focus on the lifetime profitability of the relationship, not how much money is
made during each transaction.
Customer Relationship Management (CRM) - correct answer ✔Is an
approach that is also a business philosophy and set of strategies, programs,
and systems that focus on identifying and building loyalty among the firm's
most valued customers.
Marketing Strategy - correct answer ✔Defines (1) a firm's target market(s),
(2) a related marketing mix (its four Ps), and (3) the bases on which the firm
plans to build a sustainable competitive advantage.
Sustainable Competitive Advantage - correct answer ✔An advantage over
the competition that is not easily copied and can be maintained over a long
period of time. Acts like a wall that the firm has built around its position in a
market. The wall makes it hard for outside competitors to contact customers
inside (the marketer's target market).
Four macro strategies to develop sustainable competitive advantage - correct
answer ✔Customer Excellence, Operational Excellence, Product Excellence,
Locational Excellence
Customer Excellence - correct answer ✔Focuses on retaining loyal
customers and excellent customer service.
Operational Excellence - correct answer ✔Achieved through efficient
operations and excellent supply chain and human resource management.
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