TIM 304 EXAM 1 (CH. 1-6) STUDY GUIDE
Purpose of Business - Answers - to create and maintain satisfied, profitable customers
7 P's of Marketing - Answers - 1. product
2. price
3. place
4. promotion
5. people
6. physical location
7. process
Marketing Mix Tools (4 P's) - Answers - 1. Product
2. Price
3. Place
4. Promotion
Marketing - Answers - the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Value - Answers - cost that you sacrifice to get satisfaction
5 Management Orientations - Answers - 1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
Market Segmentation - Answers - Divide market into segments of customers and select
which ones to go after (Target Marking)
3 considerations in setting market strategies - Answers - 1. Consumer wants
2. Company Profits
3. Society's interest
Marketing Process (5 steps) - Answers - 1. Understand marketplace and consumer
needs
2. Design customer value driven marketing strategy
3. Construct marketing program
4. Build profitable relationships and create customer delight(Most important)
5. capture value from customers in return
, Lifetime Value (LTV) - Answers - The stream of profits a customer will create over the
life of his or her relationship to a business
CH 2 - Answers -
Service Culture - Answers - A system of values and beliefs in an organization that
provides the customer with quality service
Characteristics of Services (4) - Answers - 1. Intangibility: Products are only experiential
only
2. Inseperability: sold then produced and consumed simultaneously
3. Variability: Quality control, from who and where is the product sold
4. Perishability: services cannot be stored
Reduce Variability - Answers - 1. invest in good hiring and training of staff
2. standardize service performance process throughout organization
3. monitor customer satisfaction
service profit chain - Answers - Relationship between employee satisfaction, customer
satisfaction, and value creation and profitability
Marketing Strategies (ESSAY QUESTION) - Answers - Reliability
Assurance
Tangibility
Empathy
Responsibility
Ch 3
Stakeholders - Answers - All the people who stand to gain or lose by the policies and
activities of a business
Processes - Answers - maximize own activities
manage processes more than departments
tasks pass from one department to another
Resources - Answers - personal, material, machines, info
Organization - Answers - structure, policies, culture
Strategic planning - Answers - developing and maintaining strategic fit between
organization's:
goals
capacities
changing market opportunities
Purpose of Business - Answers - to create and maintain satisfied, profitable customers
7 P's of Marketing - Answers - 1. product
2. price
3. place
4. promotion
5. people
6. physical location
7. process
Marketing Mix Tools (4 P's) - Answers - 1. Product
2. Price
3. Place
4. Promotion
Marketing - Answers - the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in return
Value - Answers - cost that you sacrifice to get satisfaction
5 Management Orientations - Answers - 1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
Market Segmentation - Answers - Divide market into segments of customers and select
which ones to go after (Target Marking)
3 considerations in setting market strategies - Answers - 1. Consumer wants
2. Company Profits
3. Society's interest
Marketing Process (5 steps) - Answers - 1. Understand marketplace and consumer
needs
2. Design customer value driven marketing strategy
3. Construct marketing program
4. Build profitable relationships and create customer delight(Most important)
5. capture value from customers in return
, Lifetime Value (LTV) - Answers - The stream of profits a customer will create over the
life of his or her relationship to a business
CH 2 - Answers -
Service Culture - Answers - A system of values and beliefs in an organization that
provides the customer with quality service
Characteristics of Services (4) - Answers - 1. Intangibility: Products are only experiential
only
2. Inseperability: sold then produced and consumed simultaneously
3. Variability: Quality control, from who and where is the product sold
4. Perishability: services cannot be stored
Reduce Variability - Answers - 1. invest in good hiring and training of staff
2. standardize service performance process throughout organization
3. monitor customer satisfaction
service profit chain - Answers - Relationship between employee satisfaction, customer
satisfaction, and value creation and profitability
Marketing Strategies (ESSAY QUESTION) - Answers - Reliability
Assurance
Tangibility
Empathy
Responsibility
Ch 3
Stakeholders - Answers - All the people who stand to gain or lose by the policies and
activities of a business
Processes - Answers - maximize own activities
manage processes more than departments
tasks pass from one department to another
Resources - Answers - personal, material, machines, info
Organization - Answers - structure, policies, culture
Strategic planning - Answers - developing and maintaining strategic fit between
organization's:
goals
capacities
changing market opportunities
