COB 300 EXAM 1 MARKETING MCMILLEN
Definition of Marketing - Answers - The process of creating, distributing, promoting, and
pricing goods, services,
and ideas to facilitate satisfying exchange relationships with customers and to develop
and
maintain favorable relationships with stakeholders in a dynamic environment
Target Market - Answers - A specific group of customers on whom an organization
focuses its
marketing efforts
Marketing Mix - Answers - Product, promotion, price, and distribution
Good - Answers - physical entity you can touch
Service - Answers - The application of human and mechanical efforts to people or
objects to
provide intangible benefits to customers
Distribution Variable - Answers - o satisfy customers, products must be available at the
right time and in appropriate locations
•
A marketing manager makes products available in the quantities desired to as many
target-market
customers as possible while minimizing these three costs:
•
Inventory
•
Transportation
•
Storage
•
A marketing manager also may:
•
Select and motivate intermediaries (wholesalers and retailers)
•
Establish and maintain inventory control procedures
•
Develop and manage transportation and storage systems
•
The advent of the internet and electronic commerce has dramatically influenced the
distribution
variable
•
, Companies now can make their products available throughout the world without
maintaining
facilities in each country
Promotion Variable - Answers - Increase public awareness of the organization and of
new or existing products
•
Inform customers about product features
•
Urge people to take a particular stance on a political or social issue
•
Help to sustain interest in established products
Price Variable - Answers - Price is a critical component of the marketing mix because
customers are concerned
about the value obtained in an exchange
•
Price is often used as a competitive tool
•
Intense price competition sometimes leads to price wars
Value - Answers - A customer's subjective assessment of benefits relative to costs in
determining the
worth of a product
Conditions for Exchange to take place - Answers - Two or more individuals, groups, or
organizations must participate, and each must possess
something of value that the other party desires
•
The exchange should provide a benefit or satisfaction to both parties involved in the
transaction
•
Each party must have confidence in the promise of the "something of value" held by the
other
•
To build trust, the parties to the exchange must meet expectations
Maintain Exchange relationship - Answers - Buyers must be satisfied with the good,
service, or idea obtained
•
Sellers must be satisfied with the financial reward or something else of value received
Stakeholders - Answers - Constituents who have a "stake," or claim, in some aspect of
a company's
products, operations, markets, industry, and outcomes
Definition of Marketing - Answers - The process of creating, distributing, promoting, and
pricing goods, services,
and ideas to facilitate satisfying exchange relationships with customers and to develop
and
maintain favorable relationships with stakeholders in a dynamic environment
Target Market - Answers - A specific group of customers on whom an organization
focuses its
marketing efforts
Marketing Mix - Answers - Product, promotion, price, and distribution
Good - Answers - physical entity you can touch
Service - Answers - The application of human and mechanical efforts to people or
objects to
provide intangible benefits to customers
Distribution Variable - Answers - o satisfy customers, products must be available at the
right time and in appropriate locations
•
A marketing manager makes products available in the quantities desired to as many
target-market
customers as possible while minimizing these three costs:
•
Inventory
•
Transportation
•
Storage
•
A marketing manager also may:
•
Select and motivate intermediaries (wholesalers and retailers)
•
Establish and maintain inventory control procedures
•
Develop and manage transportation and storage systems
•
The advent of the internet and electronic commerce has dramatically influenced the
distribution
variable
•
, Companies now can make their products available throughout the world without
maintaining
facilities in each country
Promotion Variable - Answers - Increase public awareness of the organization and of
new or existing products
•
Inform customers about product features
•
Urge people to take a particular stance on a political or social issue
•
Help to sustain interest in established products
Price Variable - Answers - Price is a critical component of the marketing mix because
customers are concerned
about the value obtained in an exchange
•
Price is often used as a competitive tool
•
Intense price competition sometimes leads to price wars
Value - Answers - A customer's subjective assessment of benefits relative to costs in
determining the
worth of a product
Conditions for Exchange to take place - Answers - Two or more individuals, groups, or
organizations must participate, and each must possess
something of value that the other party desires
•
The exchange should provide a benefit or satisfaction to both parties involved in the
transaction
•
Each party must have confidence in the promise of the "something of value" held by the
other
•
To build trust, the parties to the exchange must meet expectations
Maintain Exchange relationship - Answers - Buyers must be satisfied with the good,
service, or idea obtained
•
Sellers must be satisfied with the financial reward or something else of value received
Stakeholders - Answers - Constituents who have a "stake," or claim, in some aspect of
a company's
products, operations, markets, industry, and outcomes
