MGMT 323 Exam 1 Purdue Question and answers rated A+
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Course
MQM 323
Institution
MQM 323
MGMT 323 Exam 1 Purdue Question and answers rated A+
Marketing - correct answer the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing Plan...
MGMT 323 Exam 1 Purdue Question and
answers rated A+
Marketing - correct answer ✔the activity, set of institutions, and processes
for creating, capturing, communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and society at large
Marketing Plan - correct 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 (and other financial) statements.
Exchange - correct answer ✔the trade of things of value between the buyer
and the seller so that each is better off as a result.
Marketing Mix - correct answer ✔Product, price, place, and promotion—the
controllable set of activities that a firm uses to respond to the wants of its
target markets.
Four P's - correct answer ✔Product, price, place, and promotion
Goods - correct answer ✔items that you can physically touch
Services - correct answer ✔intangible customer benefits that are produced
by people or machines and cannot be separated from the producer
Ideas - correct answer ✔include thoughts, opinions, and philosophies;
intellectual concepts such as these also can be marketed
,business-to-consumer (B2C) marketing - correct answer ✔The process by
which businesses sell to consumers
business-to-business (B2B) marketing - correct answer ✔the process of
selling merchandise or services from one business to another
consumer-to-consumer (C2C) marketing - correct answer ✔consumers sell
to other consumers
Value - correct answer ✔reflects the relationship of benefits to costs, or what
you get for what you give
value cocreation - correct answer ✔customers can act as collaborators to
create the product or service
relational orientation - correct 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) - correct 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
marketing strategy - correct answer ✔A firm's target market, marketing mix,
and method of obtaining a sustainable competitive advantage
sustainable competitive advantage - correct answer ✔Something the firm
can persistently do better than its competitors
, Customer excellence - correct answer ✔Focuses on retaining loyal
customers and excellent customer service
Operational excellence - correct answer ✔Achieved through efficient
operations and excellent supply chain and human resource management
Product excellence - correct answer ✔Having products with high perceived
value and effective branding and positioning
Locational excellence - correct answer ✔Having a good physical location
and Internet presence
Planning Phase - correct answer ✔The part of the strategic marketing
planning process when marketing executives, in conjunction with other top
managers (1) define the mission or vision of the business and (2) evaluate the
situation by assessing how various players, both in and outside the
organization, affect the firm's potential for success.
implementation phase - correct answer ✔The part of the strategic marketing
planning process when marketing managers (1) identify and evaluate different
opportunities by engaging in segmentation, targeting, and positioning and (2)
implement the marketing mix using the four Ps.
control phase - correct answer ✔The part of the strategic marketing planning
process when managers evaluate the performance of the marketing strategy
and take any necessary corrective actions.
Mission Statement - correct answer ✔a broad description of a firm's
objectives and the scope of activities it plans to undertake,21 attempts to
answer two main questions: What type of business are we? What do we need
to do to accomplish our goals and objectives?
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