Si Chen Exam 1 MBA 706 Q&A
What is Marketing? (list 6) - =- marketing helps create value
- marketing satisfies customer needs and wants
- marketing entails an exchange
- marketing requires decisions on the 4ps
- marketing can be performed by individuals & organizations
- marketing occurs in different settings
What is the AMA definition of marketing? - =Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
What is Professor Philip Kotler definition of marketing? - =Marketing is:
To create, to communicate, and to deliver value to a target market at a profit
CCDVTP Stands for - =This is Professors Philip Kotler definition of marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
What is the traditionally Marketing Mix? (ORDER IS IMPOTANT ) - =The 4Ps, with product
being first and the most important
- Product
- Price
- Place
- Promotion
, a set of marketing tools that the firm uses to pursue its marketing objectives in the target -
=Marketing mix
If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition we
would get: - =Product -->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate
_______ are the tools that firms can use/manipulate to achieve their goals and are the foundation
of the marketing framework - =traditional 4ps
list some examples of additional 4ps - =personnel, personality of a store/brand
people--> employees
physical evidence --> inside the store
Process Management --) shopping experience
Decisions on the 4Ps affect ___ buys from the firm and _____ they buy, and ultimately the
profitability of the firm. - =who; how many
In a very simple economic model: a retailer's profits = - =sales revenue - costs
What is the formula for sales revenue? - =Price * Qty for 1 product
determined by consumers. They will consider price (budget), product itself (utilities), place
(physical energy required), promotion (budget), competitor's offerings, & other factors. -
=Quantity
Costs associated with selling goods - =costs
What is Marketing? (list 6) - =- marketing helps create value
- marketing satisfies customer needs and wants
- marketing entails an exchange
- marketing requires decisions on the 4ps
- marketing can be performed by individuals & organizations
- marketing occurs in different settings
What is the AMA definition of marketing? - =Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.
What is Professor Philip Kotler definition of marketing? - =Marketing is:
To create, to communicate, and to deliver value to a target market at a profit
CCDVTP Stands for - =This is Professors Philip Kotler definition of marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit
Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management
What is the traditionally Marketing Mix? (ORDER IS IMPOTANT ) - =The 4Ps, with product
being first and the most important
- Product
- Price
- Place
- Promotion
, a set of marketing tools that the firm uses to pursue its marketing objectives in the target -
=Marketing mix
If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition we
would get: - =Product -->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate
_______ are the tools that firms can use/manipulate to achieve their goals and are the foundation
of the marketing framework - =traditional 4ps
list some examples of additional 4ps - =personnel, personality of a store/brand
people--> employees
physical evidence --> inside the store
Process Management --) shopping experience
Decisions on the 4Ps affect ___ buys from the firm and _____ they buy, and ultimately the
profitability of the firm. - =who; how many
In a very simple economic model: a retailer's profits = - =sales revenue - costs
What is the formula for sales revenue? - =Price * Qty for 1 product
determined by consumers. They will consider price (budget), product itself (utilities), place
(physical energy required), promotion (budget), competitor's offerings, & other factors. -
=Quantity
Costs associated with selling goods - =costs
