MGT 103 - Quiz 1 Ch.1-5 Questions And
Answers
What can be exchanged?: Usually money
What are examples of things that are valued?: Quality, consistency, good price, sustainability,
durability, appearance, utility, brand recognition (trust, expectation)
-Impossible to be all things to all peop...
Evolution of the Marketing Concept (used to be the "selling concept") - Production Era:
Management philosophy that emphasizes the most efficient ways to produce & distribute
products
- Sales Era:
Managerial view of marketing as a sales function, or a way to move products out of warehouses
to reduce inventory
- Relationship Era:
A business approach that prioritizes the satisfaction of customers' needs and wants
, MGT 103 - Quiz 1 Ch.1-5 Questions And
Answers
- Triple Bottom Line (Corporate Sustainability):
Profit, People, Planet: Financial, Social, and Environmental consequences of business decisions
Production Era: (marketing concept) Management philosophy that emphasizes the most
efficient ways to produce & distribute products
Sales Era: (marketing concept) Managerial view of marketing as a sales function, or a way
to move products out of warehouses to reduce inventory
Relationship Era: (marketing concept) A business approach that prioritizes the satisfaction
of customers' needs and wants
Triple Bottom Line (Corporate Sustainability): (marketing concept) Profit, People, Planet:
Financial, Social, and Environmental consequences of business decisions
Steps in the Marketing Concept There are many steps involved in creating a successful
product
Environmental factors: Social, Economic, Technological, Competitive And Regulatory
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