COMM 465 Midterm Lecture Notes Exam Questions
With Accurate Answers
What is marketing? - ANSWER managing profitable customer relationships
What are the goals of marketing? - ANSWER attract new customers by promising
superior value
keep and grow current customer base by delivering satisfaction
What % of product costs are from marketing - ANSWER estimated at 50%
4Ps - ANSWER Product, Price, Place, Promotion
Product - ANSWER an offering of value
Price - ANSWER money, time, energy
How much are customers WTP (wiling to pay) and will that make a profit?
Place - ANSWER all the activities necessary to get the product to the right customer
when the customer wants it
Promotion - ANSWER the communication by a marketer that informs, persuades, and
, reminds potential buyers about a product
4Cs - ANSWER consumer value
cost
convenience
communication
4Ps must sync to 4Cs - ANSWER Product -> Consumer value
Price -> Cost
Place -> Convenience
Promotion -> Communication
Value - ANSWER is different for everyone
changes with culture
think IKEA DIY model in North America in comparison with the catalogue model in Asia
Eras of Marketing in North America - ANSWER Production ? - 1930
Sales 1920s - 1960s
Marketing Concept 1950s - 1990s
Market Orientation 1990s - now
Customer Experience Management 2000s - now
With Accurate Answers
What is marketing? - ANSWER managing profitable customer relationships
What are the goals of marketing? - ANSWER attract new customers by promising
superior value
keep and grow current customer base by delivering satisfaction
What % of product costs are from marketing - ANSWER estimated at 50%
4Ps - ANSWER Product, Price, Place, Promotion
Product - ANSWER an offering of value
Price - ANSWER money, time, energy
How much are customers WTP (wiling to pay) and will that make a profit?
Place - ANSWER all the activities necessary to get the product to the right customer
when the customer wants it
Promotion - ANSWER the communication by a marketer that informs, persuades, and
, reminds potential buyers about a product
4Cs - ANSWER consumer value
cost
convenience
communication
4Ps must sync to 4Cs - ANSWER Product -> Consumer value
Price -> Cost
Place -> Convenience
Promotion -> Communication
Value - ANSWER is different for everyone
changes with culture
think IKEA DIY model in North America in comparison with the catalogue model in Asia
Eras of Marketing in North America - ANSWER Production ? - 1930
Sales 1920s - 1960s
Marketing Concept 1950s - 1990s
Market Orientation 1990s - now
Customer Experience Management 2000s - now
