MKTG 3010 FINAL EXAM VERIFIED STUDY GUIDE
Marketing - Answers - the activity, set of institutions, and processes for creating,
capturing, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
Marketing plan - Answers - Written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing objectives and
strategy specified in terms of the four Ps, action programs, and projected or pro forma
income (and other financial) statements
Exchange - Answers - the trade of things of value between the buyer and the seller so
that each is better off as a result
goods - Answers - items you can physically touch; ex: Nike shoes, iPhone
service - Answers - intangible customer benefits that are produced by people or
machines and cannot be separated from the producer; Ex: Spa trips, going to a baseball
game
ideas - Answers - concepts, opinions and philosophies; intellectual ideas such as these
can be marketed; Ex: TedTalks
B2C - Answers - (business to consumer) the process in which businesses sell to
customers
B2B - Answers - (business to business) where businesses sell to other businesses
C2C - Answers - (consumer to consumer) - when consumers sell to other consumers;
ex: Ebay, Stubhub
Marketing mix - Answers - four Ps; product, price, place, and promotion; the controllable
set of activities that a firm uses to respond toa the wants of its target markets
Product (Four Ps) - Answers - creating value; may include cooperation or collaboration
with suppliers and customers
Price (Four Ps) - Answers - capturing value; determined on the bases of the buyer's
belief of the value; anything a consumer gives up in an exchange
Place (Four Ps) - Answers - delivering value; deals with supply chain management
Promotion (Four Ps) - Answers - communicating value
Value - Answers - reflects the relationship of benefits to cost
, Value co-creation - Answers - customers act as collaborators with a manufacturer or
retailer to create the product or service
Supply chain management - Answers - the set of approaches and techniques that firms
employ to efficiently integrate their suppliers, manufacturers, warehouses, stores, and
other firms involved in the transaction into a seamless value chain; the right quantities to
the right locations at the right time
Supply chain - Answers - the group of firms that make and deliver a given set of goods
and services
Relational orientation - Answers - a method of building a relationship with customers
based on the philosophy that buyers and sellers should develop a long term relationship
Profitable exchange formula - Answers - value = benefits - price, price = cost +hassle; if
the value is negative, it is a bad exchange
Marketing concept - Answers - the philosophy underlying everything marketers do; seek
to satisfy customer wants and needs
Transactional orientation - Answers - regards the buyer-seller relationship as a series of
individual transactions, so anything that happened before or after the exchange is of
little importance
Marketing strategy - Answers - outlines the specific actions a firm intends to implement
to appeal to potential customers
Sustainable competitive advantage - Answers - an advantage over the competition that
is not easily copied and thus can be maintained over a long period of time
Customer excellence - Answers - Focuses on retaining loyal customers and excellent
customer service
Operational excellence - Answers - achieved through efficient operations and excellent
supply chain and human resource management
Product excellence - Answers - having products with high perceived value and effective
branding and position
Locational excellence - Answers - having a good physical location and Internet
presence
Mission statement - Answers - a broad description of a firm's objectives and the scope
of activities it plans to undertake
Marketing - Answers - the activity, set of institutions, and processes for creating,
capturing, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large
Marketing plan - Answers - Written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing objectives and
strategy specified in terms of the four Ps, action programs, and projected or pro forma
income (and other financial) statements
Exchange - Answers - the trade of things of value between the buyer and the seller so
that each is better off as a result
goods - Answers - items you can physically touch; ex: Nike shoes, iPhone
service - Answers - intangible customer benefits that are produced by people or
machines and cannot be separated from the producer; Ex: Spa trips, going to a baseball
game
ideas - Answers - concepts, opinions and philosophies; intellectual ideas such as these
can be marketed; Ex: TedTalks
B2C - Answers - (business to consumer) the process in which businesses sell to
customers
B2B - Answers - (business to business) where businesses sell to other businesses
C2C - Answers - (consumer to consumer) - when consumers sell to other consumers;
ex: Ebay, Stubhub
Marketing mix - Answers - four Ps; product, price, place, and promotion; the controllable
set of activities that a firm uses to respond toa the wants of its target markets
Product (Four Ps) - Answers - creating value; may include cooperation or collaboration
with suppliers and customers
Price (Four Ps) - Answers - capturing value; determined on the bases of the buyer's
belief of the value; anything a consumer gives up in an exchange
Place (Four Ps) - Answers - delivering value; deals with supply chain management
Promotion (Four Ps) - Answers - communicating value
Value - Answers - reflects the relationship of benefits to cost
, Value co-creation - Answers - customers act as collaborators with a manufacturer or
retailer to create the product or service
Supply chain management - Answers - the set of approaches and techniques that firms
employ to efficiently integrate their suppliers, manufacturers, warehouses, stores, and
other firms involved in the transaction into a seamless value chain; the right quantities to
the right locations at the right time
Supply chain - Answers - the group of firms that make and deliver a given set of goods
and services
Relational orientation - Answers - a method of building a relationship with customers
based on the philosophy that buyers and sellers should develop a long term relationship
Profitable exchange formula - Answers - value = benefits - price, price = cost +hassle; if
the value is negative, it is a bad exchange
Marketing concept - Answers - the philosophy underlying everything marketers do; seek
to satisfy customer wants and needs
Transactional orientation - Answers - regards the buyer-seller relationship as a series of
individual transactions, so anything that happened before or after the exchange is of
little importance
Marketing strategy - Answers - outlines the specific actions a firm intends to implement
to appeal to potential customers
Sustainable competitive advantage - Answers - an advantage over the competition that
is not easily copied and thus can be maintained over a long period of time
Customer excellence - Answers - Focuses on retaining loyal customers and excellent
customer service
Operational excellence - Answers - achieved through efficient operations and excellent
supply chain and human resource management
Product excellence - Answers - having products with high perceived value and effective
branding and position
Locational excellence - Answers - having a good physical location and Internet
presence
Mission statement - Answers - a broad description of a firm's objectives and the scope
of activities it plans to undertake
