100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9 Questions and Answers UPDATED 2024 R312,05
Add to cart
Quickly navigate to
Preview
  2.  
  3. MRKT3000
  4.  
  5. MRKT3000

Exam (elaborations)

MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9 Questions and Answers UPDATED 2024
 0 purchase
  • Course
  • MRKT3000
  • Institution
  • MRKT3000

Marketing - An organizational function and set of process for creating, capturing, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders Marketing Plan - A written document composed of an analysis of t...

[Show more]

Preview 3 out of 29  pages

Document information

  • September 4, 2024
  • 29
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • mark3000 exam 1 grantham
  • mark3000 exam 1
  • mark3000
  • mark3000 exam 1 grantham ch 14569 questions

Written for

  • MRKT3000
  • MRKT3000

Seller

avatar-seller
PossibleA

Reviews received

Content preview

MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9


MARK3000 EXAM 1 Grantham Ch
1,4,5,6,9 Questions and Answers
UPDATED 2024

Marketing - An organizational function and set of process for creating, capturing,
communicating, and delivering value to customers, and for managing customer
relationships in ways that benefit the organization and its stakeholders


Marketing Plan - 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 four P's, action programs, and projected or pro forma income (and
other financial) statements


Exchange - The trade of things of value between the buyer and the seller so that each is
better off as a result


Marketing Mix - Product, price, place, and promotion-the controllable set of activities
that a firm uses to respond to the wants of its target markets
Product = Creating value
Price = Capturing value
Promotion = Communicating value
Place = Delivering value


Goods - Items that can be physically touched




MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9

, MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9

Services - Any intangible offering that involves a deed, performance, or effect that
cannot be physically possessed; intangible customer benefits that are produced by
people or machines and cannot be separated from the producer


Ideas - Intellectual concepts-thoughts, opinions, and philosophies


Supply Chain Management - set of approaches and techniques that firms employ to
efficiently and effectively integrate their suppliers and manufacturers and other firms
involved in transaction into a seamless value chain where merchandise is produced and
distributed while minimizing costs and satisfying service levels


B2C (business to consumers) - The process in which businesses sell to consumers


B2B (business to business) - The process of selling merchandise, or services from one
business to another


C2C (consumer to consumer) - The process in which consumers sell to other
consumers


Production Oriented Era - Turn of the 20th century when most firms were production
oriented and believed a good product would sell itself


Sales Oriented Era - Between 1920-1950, With overproduction they depended on heavy
doses of personal selling and advertising


Market Oriented Era - After WWII(1945), buyers market- customer is king. Marketing
discovered in this time.




MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9

, MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9



Value-Based Era - Most successful firms are this today. Discover and give the customer
what they want. Give customers greater value than competitors.


Value - Reflects the relationship of benefits to costs, or what the consumer gets for what
he or she gives


Value Cocreation - Customers act as collaborators with a manufacturer or retailer to
create the product or service


Marketing Analytics - Firms collect massive amounts of data about how, when, why,
where, and what people buy, then analyze those data to inform their choices.


Relation Orientation - A method of building a relationship with customers based on the
philosophy that buyers and sellers should develop a long-term relationship
To build relationships, firms focus on the lifetime profitability of the relationship, not how
much money is made during each transaction.


Customer Relationship Management - A business philosophy and set of strategies,
programs, and systems that focus on identifying and building loyalty among the firm's
most valued customers


Supply Chain - The group of firms that make and deliver a given set of goods and
services




MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller PossibleA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R312,05. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 15 years now

Start selling
R312,05
  • (0)
Add to cart
Added