mcs 1000 UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
marketing set of business practices designed to plan and
present an orgs product in ways that build effective
customer relationships
target markets customer segment to whom the firm is selling to
6 core concepts 1. creates value
2. satisfies needs and wants
3. involves exchange
4. requires 4P's
5. occurs in many settings
6. done by individuals and orgs
marketing exchange the trade of value between parties
marketing mix product, price, place, promotion
product anything that creates value (goods, services, ideas)
price everything a buyer gives up
, place getting product to right customer at right time
promotion communitcation to inform, persuade, remind
buyers
4 marketing orientations product, sales, market, value-based
product orientation focus on making good products, not customer
needs
sales orientation focus on selling as much as possible
market orientation focus on customer needs first
value-based orientation focus on value using people, profit, planet
4 things that make a firm value driven 1. share info
2. balance benefits and costs
3. build relationships
4. use tech/social media
supply chain all parties invloded in moving raw materials to
customer
what's marketing strategy identifies target market, marketing mix, sustainable
competitive advantage
sustainable competitive advantage something a firm does better than others and is
hard to copy
CORRECT ANSWERS
marketing set of business practices designed to plan and
present an orgs product in ways that build effective
customer relationships
target markets customer segment to whom the firm is selling to
6 core concepts 1. creates value
2. satisfies needs and wants
3. involves exchange
4. requires 4P's
5. occurs in many settings
6. done by individuals and orgs
marketing exchange the trade of value between parties
marketing mix product, price, place, promotion
product anything that creates value (goods, services, ideas)
price everything a buyer gives up
, place getting product to right customer at right time
promotion communitcation to inform, persuade, remind
buyers
4 marketing orientations product, sales, market, value-based
product orientation focus on making good products, not customer
needs
sales orientation focus on selling as much as possible
market orientation focus on customer needs first
value-based orientation focus on value using people, profit, planet
4 things that make a firm value driven 1. share info
2. balance benefits and costs
3. build relationships
4. use tech/social media
supply chain all parties invloded in moving raw materials to
customer
what's marketing strategy identifies target market, marketing mix, sustainable
competitive advantage
sustainable competitive advantage something a firm does better than others and is
hard to copy
