Marketing 350 Final Exam GVSU (Walz) || Questions and
100% Accurate Answers.
What are Cookies? correct answers These help companies track an item from the moment they
are manufactured, through the distribution system, to the retail store, and into the hands of the
consumer.
What is marketing? correct answers The set of institutions and processes for 1. creating, 2.
capturing, 3. communicating, 4. delivering, and 5. exchanging offerings that have value for the
customers, clients, partners and society at large. -Satisfaction of needs and wants through the
whole exchange
What are the 4 p's (marketing mix)? correct answers Product (creating value), price (capturing
value)- how much a customers are willing to pay so they get value but the company still receives
a profit, promotion (communicating value)- tool that informs, persuades, and reminds the
customer, and place/distribution (deliver value)- right product, right place, right time, right
customer
What does marketing have to do with value and the exchange process? correct answers
Marketers are exchange facilitators (that helps us get value)
What do market oriented and value based companies focus on? correct answers Information
centered: collecting information from customers and competitors and sharing it to (manufactures
and employees). Relationship oriented: Build relationships with everyone (customers, retailers,
suppliers, employees) by customer relationship management (CRM)- a philosophy and set of
strategies, programs, and systems that focus on identifying and building loyalty with the firms
most valuable customers.
Customer Satisfaction vs. value correct answers satisfaction: the feeling a product or service
gives the customer when it have met the customers expectations.
P>E=delight
P<E= dissatisfaction
P=E=satisfied
Customer value: what the customer gets compared to what they give (cost vs. benefits)
cost= line, money, gas, opport. cost.
Benefits: quality, flavor, quantity, smell
Corporate Social Responsibility (CSR) correct answers voluntary actions taken by a company to
address the ethical, social, and environmental impacts of its business operations and the concerns
of its stakeholders. actions taken to increase positive effect and decrease negative effects of a
firm on society
, What is the marketing plan? correct answers a written document that acts as a guidebook of
marketing activities for the marketing manager. Step 1. mission statement: "What are we, and
why we are in business." Focuses on the benefits rather than the product (If you do not suffer
from marketing myopia). Step 2. SWOT Analysis Strengths and Weakness are internally, and
Opportunities and Threats are external. then SMART objectives, this is a statement of what is to
be accomplished has to be Specific, Measurable, Attainable, and Relevant with the mission
statement, and in a certain Time Frame. Step 3. target market and positioning. Step 4. implement
the marketing mix. Step 5. evaluate performance.
What is a marketing strategy? 3 components correct answers Target market: the group of
customer you are going to focus on satisfying their needs and wants with value.
Marketing mix 4 p's: how are you going to satisfy that
SCA: something that a firm can persistently do better than the competitors and cannot be copied
in the long run.
market penetration strategy correct answers a growth strategy that employs the existing
marketing mix and focuses the firm's efforts on existing customer
market development strategy correct answers a growth strategy that employs the existing
marketing offering to reach new market segments, whether domestic or international
product development strategy correct answers a growth strategy that offers a new product or
service to a firm's current target market
diversification strategy correct answers a growth strategy whereby a firm introduces a new
product or service to a market segment that it does not currently serve
what is a market? correct answers a group of customers that have all the same general need or
want
what is a segment ? correct answers market + some other characteristics that have separated them
from the rest of the market (dividing the market into segments)
What is a target market? correct answers segment of the market that a firm decides to satisfy by
developing valuable 4 P's/marketing mix. every segment you target gets their own 4 p's.
What is positioning? correct answers "How do you want customers to think of you compared to
the other competitors?" defining the 4P's so customers get a clear, distinctive, and desirable
understanding of what the product does and represents in comparison to other products
RFID (radio frequency identification) correct answers Enables firms to track an item from the
moment it was manufactured, through the distribution system, to the retail store, and into the
hands of the consumer.
Cookies correct answers These help companies track what a customer does on the web, allowing
marketers to better meet the needs/wants but increasing privacy concerns.
