UGA MARK 3000 TEST 1 – McManus Questions With Revised Answers
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Course
UGA
Institution
UGA
UGA MARK 3000 TEST 1 – McManus
Questions With Revised Answers
Marketing - answeran 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 and its sta...
UGA MARK 3000 TEST 1 – McManus
Questions With Revised Answers
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 and its stakeholders
What is the goal of marketing? - answer✔✔anticipating and determining the needs/wants of
consumers and satisfying those needs through the 4Ps to create long term exchanges of value
marketing plan - answer✔✔a written doc 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 P's, action programs, and projected or pro forma income (and other financial)
statements
exchange - answer✔✔the trade of things of value between the buyer and the seller so that each is
better off as a result
marketing mix (4 P's) - answer✔✔Product, Price, Place, and Promotion
-the controllable set of activities that a firm uses to respond to the wants of its target market
marketing mix (4 P's): product - answer✔✔creating value
created through a variety of offerings, including goods, services, and ideas, to satisfy customer
needs.
marketing mix (4 P's): price - answer✔✔capturing value
made up of everything a buyer gives up (money, time, energy) in exchange for the product.
must be amount customer willing to pay and which gives a profit
marketing mix (4 P's): place - answer✔✔delivering the value proposition
communication that informs, persuades, and reminds potential buyers about a product or service
ideas - answer✔✔intellectual concepts- thoughts, opinions, and philosophies
supply chain management - answer✔✔the set of approaches and techniques that firms employ to
efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other
firms involved in the transacting into a seamless value chain in which merchandise is produced
and distributed in the right quantities, to the right locations, and at the right time while
minimizing system wide costs and satisfying the service levels required by customers.
business-to-consumer marketing (B2C) - answer✔✔process in which businesses sell to
consumers
business-to-business marketing (B2B) - answer✔✔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 (C2C) - answer✔✔process in which consumers sell to other
consumers
value - answer✔✔reflects the relationship of benefits to costs, or what the consumer gets for
what he or she gives
it is created through the marketing mix (4 Ps)
value cocreation - answer✔✔customers act as collaborators with a manufacturer or retailer to
create the product or service
Corporate Orientation: Production - answer✔✔What does the firm do best?
Focus on internal capability and technology
Corporate Orientation: Sales - answer✔✔How can we sell more of what we have?
Focus on sales techniques
Corporate Orientation - Value-based Marketing - answer✔✔What does the customer want?
Satisfy consumer needs/wants while meeting organizational objective
societal marketing orientation - answer✔✔focus on enhancing benefits to society- how do i meet
customers needs and benefit society?
the marketing concept - answer✔✔make what you can sell rather than selling what you can
make
production oriented era - answer✔✔"a good product will sell itself"
prior to 1920's
sales oriented era - answer✔✔1920-1950- consumers buy less and make mores themselves- great
depression WWII
marketing oriented era - answer✔✔after WWII- consumers became king and had choices-
producers are now thinking about consumer wants
value based marketing era - answer✔✔firms realized they have to deliver more value than their
competition
relational orientation - answer✔✔a method of building a relationship with customers based on
the philosophy that buyers and sellers should develop a long term relationship
customer relationship management (CRM) - answer✔✔a business philosophy and set of
strategies, programs, and systems that focus on identifying and building loyalty among the firm's
most valued customers
business ethics - answer✔✔refers to a branch of ethical study that examines ethical rules and
principals within a commercial context, the various moral or ethical problems that might arise in
a business setting, and any special duties or obligations that apply to persons engaged in
commerce
marketing ethics - answer✔✔refers to those ethical problems that are specific to the domain of
marketing
deceptive advertising - answer✔✔a representation, omission, act, or practice in an advertisement
that is likely to mislead consumers acting reasonably under the circumstances
corporate social responsibility - answer✔✔refers to the voluntary actions taken by a company to
address the ethical, social, and environmental impacts of its business operations and the concerns
of its stakeholders
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