MARK 3000 UGA - Test 1 – McManus Questions with correct Answers

MARK 3000 UGA - Test 1 – McManus Questions with correct Answers What is marketing? - Correct ️️ - an organizational function and a set of processes for *creating, capturing, communicating, and delivering value* to customers and for managing customer relationships in ways that benefit the organization and its stakeholders - anticipating and determining the needs/wants of consumers and satisfying those needs through the use of the 4P's to create long term exchanges of value - if you're not good at marketing, it's hard to stick around (excluding minor snafus, ex. Pepsi) What are the 4 P's? - Correct ️️ - product - promotion - place - price - aka the *marketing mix* - these create value Value - Correct ️️ - the ratio of what is given up for what is obtained - both parties must believe they are getting value for the exchange to take place - created through the marketing mix (4 P's) 4 P's: Product - Correct ️️ - creating value through a variety of offerings, including goods, services, and ideas, to satisfy customer needs - goods, services, ideas, people, etc. 4 P's: Price - Correct ️️ - capturing value