MBA 650 STUDY GUIDE
What is the value of marketing - Answers -Builds demands for products, services, and
creates jobs
Marketing - Answers -Activity, institutions, processes for creating, communicating,
delivering, exchanging offerings that have value for customers, clients, partners, society
Marketing Management - Answers -Art/science of choosing tarket markets, getting,
keeping, growing customers through creating, delivering, communicating superior
customer value
What is Marketed - Answers -Goods, services, events, experiences, persons, places,
properties, organizations, info, and ideas
Marketer - Answers -someone who seeks response, attention purchase, vote, donation
from another party
Prospect - Answers -Someone who donates to another party
4 types of markets - Answers -Consumer market
Business market
Global market
Non profit market
Simple Marketing System - Answers -the Industry sells goods and services to the
market, and in return the market pays the industry
Core Marketing Concepts - Answers -needs, wants, demands
Needs - Answers -air, food, water, clothing, shelter
Wants - Answers -specific objects that might satify needs
Demands - Answers -wants for specific products back by an ability to pay
Types of needs - Answers -Stated, Real, Unstated, Delight, Segmentation
Stated needs - Answers -What the customer asks for
Real needs - Answers -Basic needs that are tangible (such as food, shelter)
Unstated needs - Answers -the customer expects good service from the dealer
, Delight needs - Answers -an added value that a customer might receive from a seller
without prior expectation or request for the same
Segmentation needs - Answers -hard to get, more revealing, might have to ask directly,
overcoming pain points or challenges
value proposition - Answers -set of benefits that satisfy needs
Offerings - Answers -Combo of products, services, infor, experiences
Brands - Answers -Offerings from known source
Paid media - Answers -TV, MAGAZINES, DISPLAYS, ADS, SPONSORSHIPs
Owned Media - Answers -BRAND, BROCHURES, WEBISTES, BLOGS, FACEBOOK,
TWITTER
Earned Media - Answers -WORD OF MOUTH, BUZZ, VIRAL MARKETING
Impressions - Answers -Occur when consumers view a communication
Engagement - Answers -Extent of a customers attention and active involvement with a
communication
Value - Answers -A combo of quality, service, and price
Satisfaction - Answers -A persons judgment of a products perceived performance to
expectations
Supply Chain - Answers -A channel stretching from raw materials to components to
finished products carried to final buyers
Competition - Answers -The actual potential rival offerings and substitutes a buyer
might consider
Marketing Environment - Answers -Task environment
Broad environment
New consumer capabilities - Answers -- can use the internet as a powerful information
and
purchasing aid
- can search, communicate, and purchase on the move
- can tap into social media to share opinions and express loyalty
- can actively interact with companies
- can reject marketing they find inappropriate
What is the value of marketing - Answers -Builds demands for products, services, and
creates jobs
Marketing - Answers -Activity, institutions, processes for creating, communicating,
delivering, exchanging offerings that have value for customers, clients, partners, society
Marketing Management - Answers -Art/science of choosing tarket markets, getting,
keeping, growing customers through creating, delivering, communicating superior
customer value
What is Marketed - Answers -Goods, services, events, experiences, persons, places,
properties, organizations, info, and ideas
Marketer - Answers -someone who seeks response, attention purchase, vote, donation
from another party
Prospect - Answers -Someone who donates to another party
4 types of markets - Answers -Consumer market
Business market
Global market
Non profit market
Simple Marketing System - Answers -the Industry sells goods and services to the
market, and in return the market pays the industry
Core Marketing Concepts - Answers -needs, wants, demands
Needs - Answers -air, food, water, clothing, shelter
Wants - Answers -specific objects that might satify needs
Demands - Answers -wants for specific products back by an ability to pay
Types of needs - Answers -Stated, Real, Unstated, Delight, Segmentation
Stated needs - Answers -What the customer asks for
Real needs - Answers -Basic needs that are tangible (such as food, shelter)
Unstated needs - Answers -the customer expects good service from the dealer
, Delight needs - Answers -an added value that a customer might receive from a seller
without prior expectation or request for the same
Segmentation needs - Answers -hard to get, more revealing, might have to ask directly,
overcoming pain points or challenges
value proposition - Answers -set of benefits that satisfy needs
Offerings - Answers -Combo of products, services, infor, experiences
Brands - Answers -Offerings from known source
Paid media - Answers -TV, MAGAZINES, DISPLAYS, ADS, SPONSORSHIPs
Owned Media - Answers -BRAND, BROCHURES, WEBISTES, BLOGS, FACEBOOK,
Earned Media - Answers -WORD OF MOUTH, BUZZ, VIRAL MARKETING
Impressions - Answers -Occur when consumers view a communication
Engagement - Answers -Extent of a customers attention and active involvement with a
communication
Value - Answers -A combo of quality, service, and price
Satisfaction - Answers -A persons judgment of a products perceived performance to
expectations
Supply Chain - Answers -A channel stretching from raw materials to components to
finished products carried to final buyers
Competition - Answers -The actual potential rival offerings and substitutes a buyer
might consider
Marketing Environment - Answers -Task environment
Broad environment
New consumer capabilities - Answers -- can use the internet as a powerful information
and
purchasing aid
- can search, communicate, and purchase on the move
- can tap into social media to share opinions and express loyalty
- can actively interact with companies
- can reject marketing they find inappropriate
