MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9
MARK3000 EXAM 1 Grantham Ch
1,4,5,6,9 Questions and Answers
UPDATED 2024
Marketing - An organizational function and set of process for creating, capturing,
communicating, and delivering value to customers, and for managing customer
relationships in ways that benefit the organization and its stakeholders
Marketing Plan - A written document composed of an analysis of the current marketing
situation, opportunities, and threats for the firm, marketing objectives and strategy
specified in terms of four P's, action programs, and projected or pro forma income (and
other financial) statements
Exchange - The trade of things of value between the buyer and the seller so that each is
better off as a result
Marketing Mix - Product, price, place, and promotion-the controllable set of activities
that a firm uses to respond to the wants of its target markets
Product = Creating value
Price = Capturing value
Promotion = Communicating value
Place = Delivering value
Goods - Items that can be physically touched
MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9
, MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9
Services - Any intangible offering that involves a deed, performance, or effect that
cannot be physically possessed; intangible customer benefits that are produced by
people or machines and cannot be separated from the producer
Ideas - Intellectual concepts-thoughts, opinions, and philosophies
Supply Chain Management - set of approaches and techniques that firms employ to
efficiently and effectively integrate their suppliers and manufacturers and other firms
involved in transaction into a seamless value chain where merchandise is produced and
distributed while minimizing costs and satisfying service levels
B2C (business to consumers) - The process in which businesses sell to consumers
B2B (business to business) - The process of selling merchandise, or services from one
business to another
C2C (consumer to consumer) - The process in which consumers sell to other
consumers
Production Oriented Era - Turn of the 20th century when most firms were production
oriented and believed a good product would sell itself
Sales Oriented Era - Between 1920-1950, With overproduction they depended on heavy
doses of personal selling and advertising
Market Oriented Era - After WWII(1945), buyers market- customer is king. Marketing
discovered in this time.
MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9
, MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9
Value-Based Era - Most successful firms are this today. Discover and give the customer
what they want. Give customers greater value than competitors.
Value - Reflects the relationship of benefits to costs, or what the consumer gets for what
he or she gives
Value Cocreation - Customers act as collaborators with a manufacturer or retailer to
create the product or service
Marketing Analytics - Firms collect massive amounts of data about how, when, why,
where, and what people buy, then analyze those data to inform their choices.
Relation Orientation - A method of building a relationship with customers based on the
philosophy that buyers and sellers should develop a long-term relationship
To build relationships, firms focus on the lifetime profitability of the relationship, not how
much money is made during each transaction.
Customer Relationship Management - A business philosophy and set of strategies,
programs, and systems that focus on identifying and building loyalty among the firm's
most valued customers
Supply Chain - The group of firms that make and deliver a given set of goods and
services
MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9
