MCS 1000 Final - Guelph UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
4 P's of the marketing mix Product, Price, Place, Promotion
product in marketing mix developing goods and services
marketing set of business practices designed to plan for and present an organization's
products or services in ways that build effective customer relationships.
need basic necessities of life
want particular way in which persons choose to fulfill their need
market groups of people who need or want a company's products and have the ability
and willingness to buy them.
target market customer segment or group to whom the firm is interested in selling its products
and services
goods items you can physically touch
services intangible customer benefits produced by people or machines that cannot be
separated from the producer
, price in marketing mix everything the buyer gives up
place in marketing mix all activities necessary to get the product from the manufacturer or producer to
the right customer when that customer wants it
promotion in marketing mix communication by a marketer that informs, persuades, and reminds potential
buyers about a product or service to influence their opinions
B2C businesses sell to consumers
B2B selling merchandise from one business to another
C2C consumers market their products and services to other consumers
product oriented companies focus on developing and distributing innovative products with little concern
about whether the products satisfy customer needs
sales orientation try to sell as many products as possible instead of marketing products consumers
want
market oriented focus on what consumers want and need before they make or sell
value based oriented provide greater value than competitors
value relationship of benefits to costs, what you get for what you give
value cocreation customers act as collaborators with a manufacturer or retailer to create the
product or service
relational orientation building a relationship with customers based on philosophy that buyers and
sellers should develop a long term relationship
customer relationship management focus on identifying and building loyalty among the firm's most valued customers
marketing plan define business mission and objectives, situation analysis, identify and evaluate
opportunities by using segmentation, targeting, and positioning, marketing mix
and allocate resources, evaluate performance
market penetration current product in a current market
market development current product in a new market
product development new product in current market
ANSWERS
4 P's of the marketing mix Product, Price, Place, Promotion
product in marketing mix developing goods and services
marketing set of business practices designed to plan for and present an organization's
products or services in ways that build effective customer relationships.
need basic necessities of life
want particular way in which persons choose to fulfill their need
market groups of people who need or want a company's products and have the ability
and willingness to buy them.
target market customer segment or group to whom the firm is interested in selling its products
and services
goods items you can physically touch
services intangible customer benefits produced by people or machines that cannot be
separated from the producer
, price in marketing mix everything the buyer gives up
place in marketing mix all activities necessary to get the product from the manufacturer or producer to
the right customer when that customer wants it
promotion in marketing mix communication by a marketer that informs, persuades, and reminds potential
buyers about a product or service to influence their opinions
B2C businesses sell to consumers
B2B selling merchandise from one business to another
C2C consumers market their products and services to other consumers
product oriented companies focus on developing and distributing innovative products with little concern
about whether the products satisfy customer needs
sales orientation try to sell as many products as possible instead of marketing products consumers
want
market oriented focus on what consumers want and need before they make or sell
value based oriented provide greater value than competitors
value relationship of benefits to costs, what you get for what you give
value cocreation customers act as collaborators with a manufacturer or retailer to create the
product or service
relational orientation building a relationship with customers based on philosophy that buyers and
sellers should develop a long term relationship
customer relationship management focus on identifying and building loyalty among the firm's most valued customers
marketing plan define business mission and objectives, situation analysis, identify and evaluate
opportunities by using segmentation, targeting, and positioning, marketing mix
and allocate resources, evaluate performance
market penetration current product in a current market
market development current product in a new market
product development new product in current market
