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Mark 3000/3001 Grantham Exam 1 – UGA
Exam Study Guide.
Marketing - answer✔✔An organizational function and a set of processes for creating, capturing,
communicating, and delivering value to customers and for managing customer relationships in
ways that benefit the organization
Marketing Plan - answer✔✔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 the four Ps, action programs and projected or pro forma income statements.
Marketing Mix - answer✔✔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 - answer✔✔Fundamental purpose of marketing is to create value by
developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs
Goods - answer✔✔Items that can be physically touched
Services - answer✔✔Any intangible offering that involves a deed, performance, or effort that
cannot be physically possessed; intangible customer benefits produced by people or machines
and cannot be separated from the producer
Ideas - answer✔✔Intellectual concepts - thoughts, opinions, and philosophies
Product: Capturing Value - answer✔✔Price is everything the buyer gives up - money, time,
and/or energy - in exchange for the product. Marketers must determine the price of a product
carefully on the basis of the potential buyer's belief about its value. The key to determining
prices is figuring out how much customers are willing to pay so that they are satisfied with the
purchase and the seller achieves a reasonable profit
Place: Delivering the Value Proposition - answer✔✔All the activities necessary to get the
product to the right customer when that customer wants it
Supply Chain Management - answer✔✔Set of approaches and techniques that firms employ to
efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other
firms involved in the transaction into a seamless value chain in which merchandise is produced
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and distributed in the right quantities, to the right locations, and at the right time, while
minimizing systemwide costs and satisfying the service levels required by the customers
Promotion: Communicating the Value Proposition - answer✔✔Communication by a marketer
that informs, persuades, and reminds potential buyers about a product or service to influence
their opinions and elicit a response. Promotion generally can enhance a product's or service's
value
Business-To-Consumer Marketing - answer✔✔The process in which businesses sell to
consumers
Business-To-Business Marketing - answer✔✔The process of buying and selling goods or
services to be used in the production of other goods and services for consumption by the buying
organization, or for resale by wholesalers and retailers
Consumer-To-Consumer Marketing - answer✔✔The process in which consumers sell to other
consumers
Production-Oriented Era - answer✔✔Around the turn of the 20th century, most firms were
production oriented and believed that a good product would sell itself. Manufacturers were
concerned with production innovation, not with satisfying the needs of individual consumers,
and retail stores typically were considered places to hold the merchandise until a consumer
wanted it
Sales-Oriented Era - answer✔✔1920-1950, production and distribution techniques more
sophisticated and Great Depression and World War II conditioned customers to consume less or
manufacture items themselves. Manufacturers had the capacity to produce more than customers
really wanted or were able to buy. So, they depended on heavy doses of personal selling and
advertising
Market-Oriented Era - answer✔✔When consumers again had choices, they were able to make
purchasing decisions on the basis of factors such as quality, convenience, and price.
Manufacturers and retailers thus began to focus on what consumers wanted and needed before
they designed, made, or attempted to sell their products and services
Value-Based Marketing Era - answer✔✔21st century, to compete successfully, they would have
to give their customers greater value than their competitors did
Value - answer✔✔Reflects the relationship of benefits to costs, or what the consumer gets for
what he/she gives
Value Cocreation - answer✔✔Customers act as collaborators with a manufacturer or retailer to
create the product or service
