MCS*1000 Final Exam | UPDATED Questions with 100% Verified
Answers
Question:
Marketing
Answer:
A set of business practices designed to plan for and present an organization's products
or services in ways that build effective customer relationships
Question:
Marketing Plan
Answer:
How the product or service will be conceived or designed, how much it should cost,
where and how it will be promoted, and how it will get to the consumer
Question:
Market
Answer:
The groups of people who need or want a company's products or services and have the
ability and willingness to buy them
Question:
Target Market
Answer:
The customer segment or group to whom the firm is interested in selling its products and
services
Question:
The Four P's
Answer:
Product, Price, Place, Promotion
Question:
Product- (The Four P's)
, Answer:
Creating value- developing a variety of offerings including goods, services, and ideas to
satisfy customer needs
Question:
Price- (The Four P's)
Answer:
Capturing value- everything the buyer gives up in exchange for the product (money,
time, energy)
Question:
Place- (The Four P's)
Answer:
Delivering value- describes all the activities necessary to get through product from the
manufacturer to the right customer when that customer wants it
Question:
Promotion- (The Four P's)
Answer:
Communicating value- communication by a marketer
Question:
B2C Marketing
Answer:
Business to Consumer- the process in which businesses sell to consumers
Question:
B2C Marketing
Answer:
Business to Business- the process of selling merchandise or services from one business
to another
Question:
C2C Marketing
, Answer:
Consumer to Consumer- consumers sell to other consumers
Question:
Four Orientations of Marketing
Answer:
Product, sales, market, and value-based
Question:
Product Orientation- (The Four Orientations)
Answer:
Focus on developing and distributing innovative products with little concern about
whether the products best satisfy customers' needs
Question:
Sales Orientation- (The Four Orientations)
Answer:
View marketing as a selling function where companies try to sell as many of their
products as possible rather than focus on making products consumers really want
Question:
Market- (The Four Orientations)
Answer:
Focus on what consumers want and need before they design, make, or attempt to sell
their products and services
Question:
Value-Based Orientation- (The Four Orientations)
Answer:
Have gone beyond a product or sales orientation and have attempted to discover and
satisfy their customers' needs and wants
Question:
Value
, Answer:
Reflects the relationships of benefits to costs, or what you get for what you give
Question:
Value Cocreation
Answer:
Customers can act as collaborators with a manufacturer or retailer to create the product
or service
Question:
How do firms become more value driven?
Answer:
1. Gathering and sharing information
2. Balancing benefits with costs
3. Build relationships with customers
4. Use new technologies to connect with customers
Question:
Relational Orientation
Answer:
A method of building a relationship with customers based on the philosophy that buyers
and sellers should develop a long-term relationship
Question:
Customer Relationship Management (CRM)
Answer:
A business philosophy and set of strategies, programs, and systems that focus on
identifying and building loyalty among the firm's most valued customers
Question:
Supply Chain
Answer:
Answers
Question:
Marketing
Answer:
A set of business practices designed to plan for and present an organization's products
or services in ways that build effective customer relationships
Question:
Marketing Plan
Answer:
How the product or service will be conceived or designed, how much it should cost,
where and how it will be promoted, and how it will get to the consumer
Question:
Market
Answer:
The groups of people who need or want a company's products or services and have the
ability and willingness to buy them
Question:
Target Market
Answer:
The customer segment or group to whom the firm is interested in selling its products and
services
Question:
The Four P's
Answer:
Product, Price, Place, Promotion
Question:
Product- (The Four P's)
, Answer:
Creating value- developing a variety of offerings including goods, services, and ideas to
satisfy customer needs
Question:
Price- (The Four P's)
Answer:
Capturing value- everything the buyer gives up in exchange for the product (money,
time, energy)
Question:
Place- (The Four P's)
Answer:
Delivering value- describes all the activities necessary to get through product from the
manufacturer to the right customer when that customer wants it
Question:
Promotion- (The Four P's)
Answer:
Communicating value- communication by a marketer
Question:
B2C Marketing
Answer:
Business to Consumer- the process in which businesses sell to consumers
Question:
B2C Marketing
Answer:
Business to Business- the process of selling merchandise or services from one business
to another
Question:
C2C Marketing
, Answer:
Consumer to Consumer- consumers sell to other consumers
Question:
Four Orientations of Marketing
Answer:
Product, sales, market, and value-based
Question:
Product Orientation- (The Four Orientations)
Answer:
Focus on developing and distributing innovative products with little concern about
whether the products best satisfy customers' needs
Question:
Sales Orientation- (The Four Orientations)
Answer:
View marketing as a selling function where companies try to sell as many of their
products as possible rather than focus on making products consumers really want
Question:
Market- (The Four Orientations)
Answer:
Focus on what consumers want and need before they design, make, or attempt to sell
their products and services
Question:
Value-Based Orientation- (The Four Orientations)
Answer:
Have gone beyond a product or sales orientation and have attempted to discover and
satisfy their customers' needs and wants
Question:
Value
, Answer:
Reflects the relationships of benefits to costs, or what you get for what you give
Question:
Value Cocreation
Answer:
Customers can act as collaborators with a manufacturer or retailer to create the product
or service
Question:
How do firms become more value driven?
Answer:
1. Gathering and sharing information
2. Balancing benefits with costs
3. Build relationships with customers
4. Use new technologies to connect with customers
Question:
Relational Orientation
Answer:
A method of building a relationship with customers based on the philosophy that buyers
and sellers should develop a long-term relationship
Question:
Customer Relationship Management (CRM)
Answer:
A business philosophy and set of strategies, programs, and systems that focus on
identifying and building loyalty among the firm's most valued customers
Question:
Supply Chain
Answer:
