what is marketing? correct answers identifying and meeting human and social needs in a way that harmonizes with the goals of the organization
three core aspects of marketing correct answers 1. marketing entails an exchange (mutually beneficial trade of things of value)
2. satisfying customer ne...
MGT 3300 Test 1 || A+ Guaranteed.
what is marketing? correct answers identifying and meeting human and social needs in a way
that harmonizes with the goals of the organization
three core aspects of marketing correct answers 1. marketing entails an exchange (mutually
beneficial trade of things of value)
2. satisfying customer needs and wants (where in the market is the product most relevant, and
how can a company target these consumers)
3. creating value through the marketing mix (set of devisions or activities used to respond to
target audience's needs)
what is the marketing mix/four p's correct answers PRODUCT, PRICE, PLACE, PROMOTION
marketing mix/four p's: product correct answers develop a variety of offerings
- goods (that you can touch)
- services (intangible benefits)
- ideas (thoughts, opinions, philosophies)
marketing mix/four p's: price correct answers everything the buyer gives up (money/time/energy)
in exchange for a product
- determined on the basis of the potential buyer's beliefs about its value
marketing mix/four p's: place correct answers activities necessary to deliver the product to the
consumer when they want it
- marketing channel management (integrating supply chain into a value chain where merchandise
is produced and distributed in the right quantities to the right locations at the right time)
marketing mix/four p's: promotion correct answers communication that informs, persuades, and
reminds potential buyers about a product or service to influence their opinions and elicit a
response
-B2B: selling merchandise or services from one business to another
- B2C: business selling offerings to consumers
- C2C: consumers selling to consumers (Ebay, Etsy)
production oriented era correct answers - at the turn of the 20th century
- a good product sells itself
- innovation-focused
sales-oriented era correct answers - 1920-50
- increase in production and distribution techniques
- during great depression and WWII, so consumption decreased and companies were
overproducing
market-oriented era correct answers - after WWII
- consumers made decisions based on quality, convenience, and price
, - began to focus on consumer's needs and wants
value-based marketing era correct answers - marketing strategies implemented according to what
customers value
- consumers want good value and to have their specific needs met
- value cocreation: customers participating as collaborators to design and create a product/service
that most appeals to them
- customer relationship management: carefully managing detailed information about individual
customers and all customer touch points to maximize loyalty
sustainable competitive advantage correct answers an advantage over the competition that is not
easily copied and can be maintained over a long period of time
sca: customer excellence correct answers - retaining loyal customers (who are reluctant to
patronize other firms, firms try to provide lifetime customer value through loyalty programs)
- providing outstanding customer service (ex disney)
sca: operational excellence correct answers efficient operations (ex amazon), supply chain
management, relationships with suppliers
sca: product excellence correct answers providing products with high perceived value, effective
branding, positioning
sca: locational excellence correct answers - particularly important for retailers and service
providers
- this sustainable advantage is not easily duplicated
the marketing plan: step 1 - define the business mission and objectives correct answers - mission
(= core purpose): a clear, concise, and enduring statement of the reasons for an organization's
existence
- mission statements can change if the organization's goals change
the marketing plan: step 2 - conduct a situation analysis correct answers SWOT analysis:
- strengths: positive internal attributes
- weaknesses: negative internal attributes
- opportunities: positive aspects of the company's external environment
- threats: negative aspects of the company's external environment
the marketing plan: step 3 - identifying and evaluating opportunities correct answers
segmentation
- market segment: consumers who respond similarly to a firm's marketing efforts
- market segmentation: dividing the market into groups of customers with different needs, wants,
or characteristics
targeting
- the process of evaluating each market segment's attractiveness and deciding which to pursue
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