Si Chen Exam 1 Mba 706 Comprehensive Questions And Solutions

SI CHEN EXAM 1 MBA 706
COMPREHENSIVE QUESTIONS AND
SOLUTIONS


◉ What is the AMA definition of marketing?
Answer: Marketing is the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and
society at large.


◉ What is Professor Philip Kotler definition of marketing?
Answer: Marketing is:
To create, to communicate, and to deliver value to a target market
at a profit


◉ CCDVTP Stands for
Answer: This is Professors Philip Kotler definition of marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a
Profit


Create Value = product management
Communicate Value = Brand Management

, Deliver Value = Customer Management


◉ What is the traditionally Marketing Mix? (ORDER IS IMPOTANT
)
Answer: The 4Ps, with product being first and the most important
- Product
- Price
- Place
- Promotion


◉ a set of marketing tools that the firm uses to pursue its
marketing objectives in the target
Answer: Marketing mix


◉ If we were to do a mix-and-match of the 4Ps with the 4 verbs
from the AMA definition we would get:
Answer: Product -->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate


◉ _______ are the tools that firms can use/manipulate to achieve
their goals and are the foundation of the marketing framework
Answer: traditional 4ps