UGA MARK 3000 TEST 1 – McManus Exam
-209 Q’s and A’s
marketing - -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
- What is the goal of marketing? - -anticipating and determining the
needs/wants of consumers and satisfying those needs through the 4Ps to
create long term exchanges of value
- marketing plan - -a written doc composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing
objectives and strategy specified in terms of the four P's, action programs,
and projected or pro forma income (and other financial) statements
- exchange - -the trade of things of value between the buyer and the seller
so that each is better off as a result
- marketing mix (4 P's) - -Product, Price, Place, and Promotion
-the controllable set of activities that a firm uses to respond to the wants of
its target market
- marketing mix (4 P's): product - -creating value
created through a variety of offerings, including goods, services, and ideas,
to satisfy customer needs.
- marketing mix (4 P's): price - -capturing value
made up of everything a buyer gives up (money, time, energy) in exchange
for the product.
must be amount customer willing to pay and which gives a profit
- marketing mix (4 P's): place - -delivering the value proposition
all activities needed to get the product to the right customer when the
customer wants it
supply chain management
- marketing mix (4 P's): promotion - -communicating value;
,communication that informs, persuades, and reminds potential buyers about
a product or service
- ideas - -intellectual concepts- thoughts, opinions, and philosophies
- supply chain management - -the set of approaches and techniques that
firms employ to efficiently and effectively integrate their suppliers,
manufacturers, warehouses, stores, and other firms involved in the
transacting into a seamless value chain in which merchandise is produced
and distributed in the right quantities, to the right locations, and at the right
time while minimizing system wide costs and satisfying the service levels
required by customers.
- business-to-consumer marketing (B2C) - -process in which businesses sell
to consumers
- business-to-business marketing (B2B) - -process of buying and selling
goods or services to be used in the production of other goods and services,
for consumption by the buying organization, or for resale by wholesalers and
retailers
- consumer-to-consumer marketing (C2C) - -process in which consumers
sell to other consumers
- value - -reflects the relationship of benefits to costs, or what the consumer
gets for what he or she gives
it is created through the marketing mix (4 Ps)
- value cocreation - -customers act as collaborators with a manufacturer or
retailer to create the product or service
- Corporate Orientation: Production - -What does the firm do best?
Focus on internal capability and technology
- Corporate Orientation: Sales - -How can we sell more of what we have?
Focus on sales techniques
- Corporate Orientation - Value-based Marketing - -What does the customer
want?
Satisfy consumer needs/wants while meeting organizational objective
- societal marketing orientation - -focus on enhancing benefits to society-
how do i meet customers needs and benefit society?
, - the marketing concept - -make what you can sell rather than selling what
you can make
- production oriented era - -"a good product will sell itself"
prior to 1920's
- sales oriented era - -1920-1950- consumers buy less and make mores
themselves- great depression WWII
- marketing oriented era - -after WWII- consumers became king and had
choices- producers are now thinking about consumer wants
- value based marketing era - -firms realized they have to deliver more
value than their competition
- relational orientation - -a method of building a relationship with customers
based on the philosophy that buyers and sellers should develop a long term
relationship
- customer relationship management (CRM) - -a business philosophy and
set of strategies, programs, and systems that focus on identifying and
building loyalty among the firm's most valued customers
- business ethics - -refers to a branch of ethical study that examines ethical
rules and principals within a commercial context, the various moral or ethical
problems that might arise in a business setting, and any special duties or
obligations that apply to persons engaged in commerce
- marketing ethics - -refers to those ethical problems that are specific to the
domain of marketing
- deceptive advertising - -a representation, omission, act, or practice in an
advertisement that is likely to mislead consumers acting reasonably under
the circumstances
- corporate social responsibility - -refers to the voluntary actions taken by a
company to address the ethical, social, and environmental impacts of its
business operations and the concerns of its stakeholders
- publicity test - -Would I want to see this action that I'm about to take
described on the front page of the local paper or in a national magazine?
- the moral mentor test - -Would the person I admire most engage in this
activity?
-209 Q’s and A’s
marketing - -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
- What is the goal of marketing? - -anticipating and determining the
needs/wants of consumers and satisfying those needs through the 4Ps to
create long term exchanges of value
- marketing plan - -a written doc composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing
objectives and strategy specified in terms of the four P's, action programs,
and projected or pro forma income (and other financial) statements
- exchange - -the trade of things of value between the buyer and the seller
so that each is better off as a result
- marketing mix (4 P's) - -Product, Price, Place, and Promotion
-the controllable set of activities that a firm uses to respond to the wants of
its target market
- marketing mix (4 P's): product - -creating value
created through a variety of offerings, including goods, services, and ideas,
to satisfy customer needs.
- marketing mix (4 P's): price - -capturing value
made up of everything a buyer gives up (money, time, energy) in exchange
for the product.
must be amount customer willing to pay and which gives a profit
- marketing mix (4 P's): place - -delivering the value proposition
all activities needed to get the product to the right customer when the
customer wants it
supply chain management
- marketing mix (4 P's): promotion - -communicating value;
,communication that informs, persuades, and reminds potential buyers about
a product or service
- ideas - -intellectual concepts- thoughts, opinions, and philosophies
- supply chain management - -the set of approaches and techniques that
firms employ to efficiently and effectively integrate their suppliers,
manufacturers, warehouses, stores, and other firms involved in the
transacting into a seamless value chain in which merchandise is produced
and distributed in the right quantities, to the right locations, and at the right
time while minimizing system wide costs and satisfying the service levels
required by customers.
- business-to-consumer marketing (B2C) - -process in which businesses sell
to consumers
- business-to-business marketing (B2B) - -process of buying and selling
goods or services to be used in the production of other goods and services,
for consumption by the buying organization, or for resale by wholesalers and
retailers
- consumer-to-consumer marketing (C2C) - -process in which consumers
sell to other consumers
- value - -reflects the relationship of benefits to costs, or what the consumer
gets for what he or she gives
it is created through the marketing mix (4 Ps)
- value cocreation - -customers act as collaborators with a manufacturer or
retailer to create the product or service
- Corporate Orientation: Production - -What does the firm do best?
Focus on internal capability and technology
- Corporate Orientation: Sales - -How can we sell more of what we have?
Focus on sales techniques
- Corporate Orientation - Value-based Marketing - -What does the customer
want?
Satisfy consumer needs/wants while meeting organizational objective
- societal marketing orientation - -focus on enhancing benefits to society-
how do i meet customers needs and benefit society?
, - the marketing concept - -make what you can sell rather than selling what
you can make
- production oriented era - -"a good product will sell itself"
prior to 1920's
- sales oriented era - -1920-1950- consumers buy less and make mores
themselves- great depression WWII
- marketing oriented era - -after WWII- consumers became king and had
choices- producers are now thinking about consumer wants
- value based marketing era - -firms realized they have to deliver more
value than their competition
- relational orientation - -a method of building a relationship with customers
based on the philosophy that buyers and sellers should develop a long term
relationship
- customer relationship management (CRM) - -a business philosophy and
set of strategies, programs, and systems that focus on identifying and
building loyalty among the firm's most valued customers
- business ethics - -refers to a branch of ethical study that examines ethical
rules and principals within a commercial context, the various moral or ethical
problems that might arise in a business setting, and any special duties or
obligations that apply to persons engaged in commerce
- marketing ethics - -refers to those ethical problems that are specific to the
domain of marketing
- deceptive advertising - -a representation, omission, act, or practice in an
advertisement that is likely to mislead consumers acting reasonably under
the circumstances
- corporate social responsibility - -refers to the voluntary actions taken by a
company to address the ethical, social, and environmental impacts of its
business operations and the concerns of its stakeholders
- publicity test - -Would I want to see this action that I'm about to take
described on the front page of the local paper or in a national magazine?
- the moral mentor test - -Would the person I admire most engage in this
activity?
