Mark 3000/3001 Grantham Exam 1 – UGA
|Questions and Answers
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
- Marketing Plan - -A written document 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 Ps, action
programs and projected or pro forma income statements.
- Marketing Mix - -Product, price, place, and promotion - the controllable set
of activities that a firm uses to respond to the wants of its target markets
- Product: Creating Value - -Fundamental purpose of marketing is to create
value by developing a variety of offerings, including goods, services, and
ideas, to satisfy customer needs
- Goods - -Items that can be physically touched
- Services - -Any intangible offering that involves a deed, performance, or
effort that cannot be physically possessed; intangible customer benefits
produced by people or machines and cannot be separated from the producer
- Ideas - -Intellectual concepts - thoughts, opinions, and philosophies
- Product: Capturing Value - -Price is everything the buyer gives up - money,
time, and/or energy - in exchange for the product. Marketers must determine
the price of a product carefully on the basis of the potential buyer's belief
about its value. The key to determining prices is figuring out how much
customers are willing to pay so that they are satisfied with the purchase and
the seller achieves a reasonable profit
- Place: Delivering the Value Proposition - -All the activities necessary to get
the product to the right customer when that customer wants it
- Supply Chain Management - -Set of approaches and techniques that firms
employ to efficiently and effectively integrate their suppliers, manufacturers,
warehouses, stores, and other firms involved in the transaction 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 systemwide costs and satisfying the service levels required by
the customers
, - Promotion: Communicating the Value Proposition - -Communication by a
marketer that informs, persuades, and reminds potential buyers about a
product or service to influence their opinions and elicit a response. Promotion
generally can enhance a product's or service's value
- Business-To-Consumer Marketing - -The process in which businesses sell
to consumers
- Business-To-Business Marketing - -The 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 - -The process in which consumers sell
to other consumers
- Production-Oriented Era - -Around the turn of the 20th century, most firms
were production oriented and believed that a good product would sell itself.
Manufacturers were concerned with production innovation, not with
satisfying the needs of individual consumers, and retail stores typically were
considered places to hold the merchandise until a consumer wanted it
- Sales-Oriented Era - -1920-1950, production and distribution techniques
more sophisticated and Great Depression and World War II conditioned
customers to consume less or manufacture items themselves. Manufacturers
had the capacity to produce more than customers really wanted or were able
to buy. So, they depended on heavy doses of personal selling and
advertising
- Market-Oriented Era - -When consumers again had choices, they were able
to make purchasing decisions on the basis of factors such as quality,
convenience, and price. Manufacturers and retailers thus began to focus on
what consumers wanted and needed before they designed, made, or
attempted to sell their products and services
- Value-Based Marketing Era - -21st century, to compete successfully, they
would have to give their customers greater value than their competitors did
- Value - -Reflects the relationship of benefits to costs, or what the
consumer gets for what he/she gives
- Value Cocreation - -Customers act as collaborators with a manufacturer or
retailer to create the product or service
|Questions and Answers
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
- Marketing Plan - -A written document 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 Ps, action
programs and projected or pro forma income statements.
- Marketing Mix - -Product, price, place, and promotion - the controllable set
of activities that a firm uses to respond to the wants of its target markets
- Product: Creating Value - -Fundamental purpose of marketing is to create
value by developing a variety of offerings, including goods, services, and
ideas, to satisfy customer needs
- Goods - -Items that can be physically touched
- Services - -Any intangible offering that involves a deed, performance, or
effort that cannot be physically possessed; intangible customer benefits
produced by people or machines and cannot be separated from the producer
- Ideas - -Intellectual concepts - thoughts, opinions, and philosophies
- Product: Capturing Value - -Price is everything the buyer gives up - money,
time, and/or energy - in exchange for the product. Marketers must determine
the price of a product carefully on the basis of the potential buyer's belief
about its value. The key to determining prices is figuring out how much
customers are willing to pay so that they are satisfied with the purchase and
the seller achieves a reasonable profit
- Place: Delivering the Value Proposition - -All the activities necessary to get
the product to the right customer when that customer wants it
- Supply Chain Management - -Set of approaches and techniques that firms
employ to efficiently and effectively integrate their suppliers, manufacturers,
warehouses, stores, and other firms involved in the transaction 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 systemwide costs and satisfying the service levels required by
the customers
, - Promotion: Communicating the Value Proposition - -Communication by a
marketer that informs, persuades, and reminds potential buyers about a
product or service to influence their opinions and elicit a response. Promotion
generally can enhance a product's or service's value
- Business-To-Consumer Marketing - -The process in which businesses sell
to consumers
- Business-To-Business Marketing - -The 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 - -The process in which consumers sell
to other consumers
- Production-Oriented Era - -Around the turn of the 20th century, most firms
were production oriented and believed that a good product would sell itself.
Manufacturers were concerned with production innovation, not with
satisfying the needs of individual consumers, and retail stores typically were
considered places to hold the merchandise until a consumer wanted it
- Sales-Oriented Era - -1920-1950, production and distribution techniques
more sophisticated and Great Depression and World War II conditioned
customers to consume less or manufacture items themselves. Manufacturers
had the capacity to produce more than customers really wanted or were able
to buy. So, they depended on heavy doses of personal selling and
advertising
- Market-Oriented Era - -When consumers again had choices, they were able
to make purchasing decisions on the basis of factors such as quality,
convenience, and price. Manufacturers and retailers thus began to focus on
what consumers wanted and needed before they designed, made, or
attempted to sell their products and services
- Value-Based Marketing Era - -21st century, to compete successfully, they
would have to give their customers greater value than their competitors did
- Value - -Reflects the relationship of benefits to costs, or what the
consumer gets for what he/she gives
- Value Cocreation - -Customers act as collaborators with a manufacturer or
retailer to create the product or service
