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MARK 3000 Test 1 - Grantham
UGA Questions With Verified
Solutions
Marketing (By the books) - correct-answer - An organizational function and a set
of process for creating, capturing, communicating, and delivering value to
customers and for managing customer relationships in ways that benefit the
organization and its stakeholders
Working definition of Marketing - correct-answer - Anticipating and determining
the needs/wants of consumers and satisfying those need through the use of the
4P's to create long term exchanges of value.
Exchange - correct-answer - The trade of things of value between the buyer and
the seller so that each is better off as a result
Value - correct-answer - Reflects the relationship of benefits to costs, or what the
consumer gets for what they give.
Marketing Mix - correct-answer - The controllable set of activates that a firm uses
to respond to the wants of its target.
Product, Price, Promotion, and Place.
, 2
Product - Creating Value
Price - Capturing Value
Promotion - Communicating Value
Place - Delivering Value - correct-answer - How does value apply to all of the 4P's?
Product -Creating Value - correct-answer - Happens through a variety of offerings,
including goods, services, and ideas.
Price - Capturing Value - correct-answer - Everything a buyer gives up in exchange
for the product.
Must be an amount customers are willing to pay and which gives a profit
Place - Delivering Value - correct-answer - All activities needed to get the product
to the right customer when the customer wants it.
Promotion - Communicating Value - correct-answer - Informs, persuades, and
reminds potential buyers about a product or service.
To influence their opinions or elicit a response.
Goods - correct-answer - Items that can be physically touched
, 3
Services - correct-answer - Any intangible offering that involves a deed,
performance, or effort that cannot be physically possessed.
Intangible customer benefits that are produced by people or machines and
cannot be separated from the producer
Ideas - correct-answer - Intellectual concepts - thoughts, opinions, and
philosophies.
B2C(Business to consumer) - correct-answer - The process in which businesses sell
to consumers
B2B(Business to Business) - correct-answer - The process of selling merchandise or
services from one business to another
C2C(Consumer to Consumer) - correct-answer - The process in which consumers
sell to other consumers
Value Cocreation - correct-answer - Customers act as collaborations with a
manufacturer or retailer to create the product or service.
Production Orientation Era - correct-answer - Focus is on internal capability and
technology.
Key question: What does the firm do best?
MARK 3000 Test 1 - Grantham
UGA Questions With Verified
Solutions
Marketing (By the books) - correct-answer - An organizational function and a set
of process for creating, capturing, communicating, and delivering value to
customers and for managing customer relationships in ways that benefit the
organization and its stakeholders
Working definition of Marketing - correct-answer - Anticipating and determining
the needs/wants of consumers and satisfying those need through the use of the
4P's to create long term exchanges of value.
Exchange - correct-answer - The trade of things of value between the buyer and
the seller so that each is better off as a result
Value - correct-answer - Reflects the relationship of benefits to costs, or what the
consumer gets for what they give.
Marketing Mix - correct-answer - The controllable set of activates that a firm uses
to respond to the wants of its target.
Product, Price, Promotion, and Place.
, 2
Product - Creating Value
Price - Capturing Value
Promotion - Communicating Value
Place - Delivering Value - correct-answer - How does value apply to all of the 4P's?
Product -Creating Value - correct-answer - Happens through a variety of offerings,
including goods, services, and ideas.
Price - Capturing Value - correct-answer - Everything a buyer gives up in exchange
for the product.
Must be an amount customers are willing to pay and which gives a profit
Place - Delivering Value - correct-answer - All activities needed to get the product
to the right customer when the customer wants it.
Promotion - Communicating Value - correct-answer - Informs, persuades, and
reminds potential buyers about a product or service.
To influence their opinions or elicit a response.
Goods - correct-answer - Items that can be physically touched
, 3
Services - correct-answer - Any intangible offering that involves a deed,
performance, or effort that cannot be physically possessed.
Intangible customer benefits that are produced by people or machines and
cannot be separated from the producer
Ideas - correct-answer - Intellectual concepts - thoughts, opinions, and
philosophies.
B2C(Business to consumer) - correct-answer - The process in which businesses sell
to consumers
B2B(Business to Business) - correct-answer - The process of selling merchandise or
services from one business to another
C2C(Consumer to Consumer) - correct-answer - The process in which consumers
sell to other consumers
Value Cocreation - correct-answer - Customers act as collaborations with a
manufacturer or retailer to create the product or service.
Production Orientation Era - correct-answer - Focus is on internal capability and
technology.
Key question: What does the firm do best?
