Si Chen Exam 1 MBA 706
What is Marketing? (list 6) - answer- 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? - answerMarketing 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? - answerMarketing is:
To create, to communicate, and to deliver value to a target market at a profit
CCDVTP Stands for - answerThis 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 ) - answerThe 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
- answerMarketing mix
If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition
we would get: - answerProduct -->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 - answertraditional 4ps
, list some examples of additional 4ps - answerpersonnel, 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. - answerwho; how many
In a very simple economic model: a retailer's profits = - answersales revenue - costs
What is the formula for sales revenue? - answerPrice * 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. - answerQuantity
Costs associated with selling goods - answercosts
What are the differences between customer needs and wants? - answerNeeds--
necessities (water)
Wants -- desires (Ferrari)
Marketing entails an exchange of what? - answerMoney, goods, information
what does the external environment influence ? - answerconsumer behavior, firms
decisions on P4, and firm's performance and competitors profitability
The marketing mix is influenced by - answerthe external environment(political,
environment, social and technological), consumers and competitors
Competitors are influenced by - answerconsumers and external environment
Define "open technology" or "open innovation" - answerFrom Philip Kotler: Find the best
ideas, wherever they come from!
What's new about customer management? - answerFrom Philp Kotler: We want to know
the customers--not just have them in a database. We want to co-create our products
and ads with our customers!
What are the 5 stages of the management process? - answer•Stage 1: strategic and
marketing analysis(where are we now?)
•Stage 2: strategic direction and strategy formulation(where do we want to be?)
•Stage 3: develop alternatives(how might we get there?)
•Stage 4: evaluation of alternatives(which way is best?)
•Stage 5: strategy implementation, monitoring, and control.(how can we ensure arrival?)
What is Marketing? (list 6) - answer- 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? - answerMarketing 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? - answerMarketing is:
To create, to communicate, and to deliver value to a target market at a profit
CCDVTP Stands for - answerThis 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 ) - answerThe 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
- answerMarketing mix
If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition
we would get: - answerProduct -->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 - answertraditional 4ps
, list some examples of additional 4ps - answerpersonnel, 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. - answerwho; how many
In a very simple economic model: a retailer's profits = - answersales revenue - costs
What is the formula for sales revenue? - answerPrice * 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. - answerQuantity
Costs associated with selling goods - answercosts
What are the differences between customer needs and wants? - answerNeeds--
necessities (water)
Wants -- desires (Ferrari)
Marketing entails an exchange of what? - answerMoney, goods, information
what does the external environment influence ? - answerconsumer behavior, firms
decisions on P4, and firm's performance and competitors profitability
The marketing mix is influenced by - answerthe external environment(political,
environment, social and technological), consumers and competitors
Competitors are influenced by - answerconsumers and external environment
Define "open technology" or "open innovation" - answerFrom Philip Kotler: Find the best
ideas, wherever they come from!
What's new about customer management? - answerFrom Philp Kotler: We want to know
the customers--not just have them in a database. We want to co-create our products
and ads with our customers!
What are the 5 stages of the management process? - answer•Stage 1: strategic and
marketing analysis(where are we now?)
•Stage 2: strategic direction and strategy formulation(where do we want to be?)
•Stage 3: develop alternatives(how might we get there?)
•Stage 4: evaluation of alternatives(which way is best?)
•Stage 5: strategy implementation, monitoring, and control.(how can we ensure arrival?)
