MKT 390 MIDTERM 1 STUDY GUIDE
marketing - Answers - the activity, set of institutions, and process for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
exchange - Answers - the trade of things of value between the buyer and seller so that
each is better off as a result
marketing mix/ four p's - Answers - product, price, place and promotion
product - Answers - creating value
price - Answers - capturing value
place - Answers - delivering the value proposition
promotion - Answers - communicating the value proposition
production oriented era - Answers - around the turn of the 20th century, believed that
the product would sell itself
sales oriented era - Answers - 1920 to 1950, depended on heavy does of personal
selling and advertising
market oriented era - Answers - after world war 2, firms discovered marketing, more
products
value based marketing era - Answers - discovering and providing what consumers
wanted and need
value coreation - Answers - customers can act as collaborators to create the product or
service
marketing strategy - Answers - identifies a firms target markets, a related marketing mix,
and the basis on which the firm plans to build a sustainable competitive advantage
sustainable competitive advantage - Answers - an advantage over the competition that
is not easily copied and can be maintained over a long period of time
marketing plan - Answers - 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 p's, action programs, and projected or pro forma
income statements
marketing - Answers - the activity, set of institutions, and process for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
exchange - Answers - the trade of things of value between the buyer and seller so that
each is better off as a result
marketing mix/ four p's - Answers - product, price, place and promotion
product - Answers - creating value
price - Answers - capturing value
place - Answers - delivering the value proposition
promotion - Answers - communicating the value proposition
production oriented era - Answers - around the turn of the 20th century, believed that
the product would sell itself
sales oriented era - Answers - 1920 to 1950, depended on heavy does of personal
selling and advertising
market oriented era - Answers - after world war 2, firms discovered marketing, more
products
value based marketing era - Answers - discovering and providing what consumers
wanted and need
value coreation - Answers - customers can act as collaborators to create the product or
service
marketing strategy - Answers - identifies a firms target markets, a related marketing mix,
and the basis on which the firm plans to build a sustainable competitive advantage
sustainable competitive advantage - Answers - an advantage over the competition that
is not easily copied and can be maintained over a long period of time
marketing plan - Answers - 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 p's, action programs, and projected or pro forma
income statements
