UGA Marketing 3000 Test 1 with verified
answers already passed
Marketing - correct answer ✔✔Activity, set of institutions, and processes for creating,
capturing, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large
What are the 4 Ps? - correct answer ✔✔Product, Price, Place, Promotion
Product - correct answer ✔✔Creates value
goods, services, idea
Price - correct answer ✔✔Captures Value
everything buyer gives up for product, not just money
Place - correct answer ✔✔Delivering value proposition
all activities necessary to get product to the right customer when that customer wants it
Promotion - correct answer ✔✔communicating the value proposition
Production Oriented Era - correct answer ✔✔Up until 1920
Era where "good product will sell itself"
Focuses on internal capability and technology
Sales Oriented Era - correct answer ✔✔1920-1950
, Overproduction resulted in heavy sales and advertising
Marketing Oriented Era - correct answer ✔✔1980-90s
Consumers make purchasing decisions, companies focus on what customers want and need
Value-based marketing era - correct answer ✔✔products and services meet specific needs and
wants. Offered at a price considered a good value
How do you become value Driven? - correct answer ✔✔1. Marketing Analytics
2. Balancing Benefits w/ Costs
3. Build Relationships w/ Customers
4. Social/Mobile Media
Marketing Strategy - correct answer ✔✔Identifies a firm's target market, its related marketing
mix, and the basis on which the firm plans to build a sustainable competitive advantage
Sustainable Competitive Advantage - correct answer ✔✔Advantage over competition that is not
easily copied and can be maintained over a long period of time
What are the 4 Macro Strategies of Marketing? - correct answer ✔✔1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
Customer Excellence - correct answer ✔✔Retaining loyal customers and having excellent
customer service
answers already passed
Marketing - correct answer ✔✔Activity, set of institutions, and processes for creating,
capturing, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large
What are the 4 Ps? - correct answer ✔✔Product, Price, Place, Promotion
Product - correct answer ✔✔Creates value
goods, services, idea
Price - correct answer ✔✔Captures Value
everything buyer gives up for product, not just money
Place - correct answer ✔✔Delivering value proposition
all activities necessary to get product to the right customer when that customer wants it
Promotion - correct answer ✔✔communicating the value proposition
Production Oriented Era - correct answer ✔✔Up until 1920
Era where "good product will sell itself"
Focuses on internal capability and technology
Sales Oriented Era - correct answer ✔✔1920-1950
, Overproduction resulted in heavy sales and advertising
Marketing Oriented Era - correct answer ✔✔1980-90s
Consumers make purchasing decisions, companies focus on what customers want and need
Value-based marketing era - correct answer ✔✔products and services meet specific needs and
wants. Offered at a price considered a good value
How do you become value Driven? - correct answer ✔✔1. Marketing Analytics
2. Balancing Benefits w/ Costs
3. Build Relationships w/ Customers
4. Social/Mobile Media
Marketing Strategy - correct answer ✔✔Identifies a firm's target market, its related marketing
mix, and the basis on which the firm plans to build a sustainable competitive advantage
Sustainable Competitive Advantage - correct answer ✔✔Advantage over competition that is not
easily copied and can be maintained over a long period of time
What are the 4 Macro Strategies of Marketing? - correct answer ✔✔1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
Customer Excellence - correct answer ✔✔Retaining loyal customers and having excellent
customer service
