MKT 320F - Unit 1 Study Guide with Complete Solutions
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Course
MKT 320
Institution
MKT 320
MKT 320F - Unit 1 Study Guide with
Complete Solutions
Summarize and explain the purpose of marketing in the organization and the basic
marketing concept - Answer️️ -Marketing has three key purposes: (1) to acquire
customers, (2) retain those customers, and (3) incentivize those customers to...
MKT 320F - Unit 1 Study Guide with
Complete Solutions
Summarize and explain the purpose of marketing in the organization and the basic
marketing concept - Answer✔️✔️-Marketing has three key purposes: (1) to acquire
customers, (2) retain those customers, and (3) incentivize those customers to become
brand ambassadors and promote the brand to their sphere of influence.
Distinguish among the four main firm orientations and their historical connections -
Answer✔️✔️-production, sales, marketing, and societal marketing
Describe the overview of the marketing discipline and the key elements of a situation
analysis (5 Cs), aspiration decisions (STP or marketing strategy), and action plan
decisions (4 Ps). - Answer✔️✔️-The goal of marketing, at the end of the day, is to acquire
customers, retain customers, and incentivize customers to become brand ambassadors.
To accomplish this goal, we start our marketing plan with our situation analysis of the 5
C's: Customers, Company, Competition, Context, and Collaborators. (SWOT is a useful
analysis tool at this point.) Following our analysis is our decisions—or marketing plan.
We start with aspiration decisions. We (1) segment the customers that we will market to,
(2) we decide to target those customers, and (3) we position our product to the
customer as to be perceived how we intend it to. Then we make our action plan
decisions - commonly known as the marketing mix (4 P's): Product + promotion + Place
= Value Creation. Value Capturing = price. Finally, we analyze the outcome, which is
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