UGA Marketing 3000 Test 1 |79
Questions and Answers
Marketing - -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? - -Product, Price, Place, Promotion
- Product - -Creates value
goods, services, idea
- Price - -Captures Value
everything buyer gives up for product, not just money
- Place - -Delivering value proposition
all activities necessary to get product to the right customer when that
customer wants it
- Promotion - -communicating the value proposition
- Production Oriented Era - -Up until 1920
Era where "good product will sell itself"
Focuses on internal capability and technology
- Sales Oriented Era - -1920-1950
Overproduction resulted in heavy sales and advertising
- Marketing Oriented Era - -1980-90s
Consumers make purchasing decisions, companies focus on what customers
want and need
- Value-based marketing era - -products and services meet specific needs
and wants. Offered at a price considered a good value
- How do you become value Driven? - -1. Marketing Analytics
2. Balancing Benefits w/ Costs
3. Build Relationships w/ Customers
4. Social/Mobile Media
- Marketing Strategy - -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 - -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? - -1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
- Customer Excellence - -Retaining loyal customers and having excellent
customer service
- Operational Excellence - -Having efficient operations, excelling in supply
chain management and HR management
- Product Excellence - -Products w/ High perceived value and effective
branding/positioning
- Locational Excellence - -Having a good physical location and/or internet
presence
- Marketing Plan - -Written document on an analysis of the current
marketing situation, opportunities, and threats for the firm, marketing
objectives, and strategy specified in terms of the 4 Ps, action programs, and
projected or pro forma income statements
- What are the 5 Steps of the Marketing Plan? - -1. Business Mission and
Objectives
2. Situation Analysis - SWOT
3. Identify Opportunities - STP
4. Implement Marketing Mix - 4 Ps
5. Evaluate Performance using marketing metrics
- What is included in the planning phase of the marketing plan? - -Business
mission and objects and situation analysis
- What is included in the implementation phrase of the marketing plan? - -
Identifying opportunities and implementing the marketing mix
- What is included in the control phase of the marketing plan? - -Evaluating
performance using marketing metrics
- Mission Statement - -Broad description of firm's objectives and scope of
activities it plans to undertake
Questions and Answers
Marketing - -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? - -Product, Price, Place, Promotion
- Product - -Creates value
goods, services, idea
- Price - -Captures Value
everything buyer gives up for product, not just money
- Place - -Delivering value proposition
all activities necessary to get product to the right customer when that
customer wants it
- Promotion - -communicating the value proposition
- Production Oriented Era - -Up until 1920
Era where "good product will sell itself"
Focuses on internal capability and technology
- Sales Oriented Era - -1920-1950
Overproduction resulted in heavy sales and advertising
- Marketing Oriented Era - -1980-90s
Consumers make purchasing decisions, companies focus on what customers
want and need
- Value-based marketing era - -products and services meet specific needs
and wants. Offered at a price considered a good value
- How do you become value Driven? - -1. Marketing Analytics
2. Balancing Benefits w/ Costs
3. Build Relationships w/ Customers
4. Social/Mobile Media
- Marketing Strategy - -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 - -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? - -1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
- Customer Excellence - -Retaining loyal customers and having excellent
customer service
- Operational Excellence - -Having efficient operations, excelling in supply
chain management and HR management
- Product Excellence - -Products w/ High perceived value and effective
branding/positioning
- Locational Excellence - -Having a good physical location and/or internet
presence
- Marketing Plan - -Written document on an analysis of the current
marketing situation, opportunities, and threats for the firm, marketing
objectives, and strategy specified in terms of the 4 Ps, action programs, and
projected or pro forma income statements
- What are the 5 Steps of the Marketing Plan? - -1. Business Mission and
Objectives
2. Situation Analysis - SWOT
3. Identify Opportunities - STP
4. Implement Marketing Mix - 4 Ps
5. Evaluate Performance using marketing metrics
- What is included in the planning phase of the marketing plan? - -Business
mission and objects and situation analysis
- What is included in the implementation phrase of the marketing plan? - -
Identifying opportunities and implementing the marketing mix
- What is included in the control phase of the marketing plan? - -Evaluating
performance using marketing metrics
- Mission Statement - -Broad description of firm's objectives and scope of
activities it plans to undertake
