MKTG 301 Exam 1 (Roth) Updated
Questions And Answers With 100%
Correct Answers Graded A+
QUESTIONS AND ANSWERS
Marketing. ANSWER - The process by which companies create VALUE for customers
and build strong customer relationships in order to capture VALUE from customers in
return
4 Ps of Marketing. ANSWER - 1) What do potential customers need/want? PRODUCT
2) How much should we ask customers to pay?
PRICE
3) How will we get it to the customers?
PLACE
4) How will we communicate with the customers?
PROMOTION
The Marketing Concept. ANSWER - market (starting) -> customer needs (focus) ->
integrated marketing (means) -> profits through customer satisfaction (ends)
Products. ANSWER - physical objects, people, organizations, places, information, ideas
(how marketers create value)
The Selling Concept. ANSWER - Factory (starting point) -> Existing products (focus) ->
selling and promoting (means) -> profits through sales volumes (ends)
Societal Marketing Concept. ANSWER - Society (human welfare ) v consumers (want
satifaction) -> company (profits)
Marketing Mix. ANSWER - Product
Price
Place
, Promotion
CUSTOMER IS AT THE CENTER!
Customer Value Results In:. ANSWER - 1) Customer loyalty and retention
2) Customer refferals
3) More customers
4) Customer equity (lifetime value of customer x # of customers you have)
5) Higher profits
Profitability/Loyalty Chart. ANSWER - High profitablity, low loyalty: butterflies
High profitability, high loyalty: true friends *** What you want ***
Low profitablity, low loyalty: strangers
Low profitability, high loyalty: barnacles
Marketing Environment. ANSWER - the actors and forces outside marketing that affect
marketing management's ability to build and maintain successful RELATIONSHIPS with
target customers
Microenvironment. ANSWER - 1. The Company
2. Suppliers + Marketing Intermediaries
3. Competitors
4. Publics
5. Customers
(MICRO) The company. ANSWER - - all departments must think "consumer"
- cooperate interfunctionally to provide superior customer value and satisfaction
finance: finds the money to carry out the marketing plan
accounting: measures revenues/costs + keeps marketing on track
management: sets the mission and objectives
operations: produces and distributes the product
purchasing: obtains supplies and materials
R+D: designs the product
Questions And Answers With 100%
Correct Answers Graded A+
QUESTIONS AND ANSWERS
Marketing. ANSWER - The process by which companies create VALUE for customers
and build strong customer relationships in order to capture VALUE from customers in
return
4 Ps of Marketing. ANSWER - 1) What do potential customers need/want? PRODUCT
2) How much should we ask customers to pay?
PRICE
3) How will we get it to the customers?
PLACE
4) How will we communicate with the customers?
PROMOTION
The Marketing Concept. ANSWER - market (starting) -> customer needs (focus) ->
integrated marketing (means) -> profits through customer satisfaction (ends)
Products. ANSWER - physical objects, people, organizations, places, information, ideas
(how marketers create value)
The Selling Concept. ANSWER - Factory (starting point) -> Existing products (focus) ->
selling and promoting (means) -> profits through sales volumes (ends)
Societal Marketing Concept. ANSWER - Society (human welfare ) v consumers (want
satifaction) -> company (profits)
Marketing Mix. ANSWER - Product
Price
Place
, Promotion
CUSTOMER IS AT THE CENTER!
Customer Value Results In:. ANSWER - 1) Customer loyalty and retention
2) Customer refferals
3) More customers
4) Customer equity (lifetime value of customer x # of customers you have)
5) Higher profits
Profitability/Loyalty Chart. ANSWER - High profitablity, low loyalty: butterflies
High profitability, high loyalty: true friends *** What you want ***
Low profitablity, low loyalty: strangers
Low profitability, high loyalty: barnacles
Marketing Environment. ANSWER - the actors and forces outside marketing that affect
marketing management's ability to build and maintain successful RELATIONSHIPS with
target customers
Microenvironment. ANSWER - 1. The Company
2. Suppliers + Marketing Intermediaries
3. Competitors
4. Publics
5. Customers
(MICRO) The company. ANSWER - - all departments must think "consumer"
- cooperate interfunctionally to provide superior customer value and satisfaction
finance: finds the money to carry out the marketing plan
accounting: measures revenues/costs + keeps marketing on track
management: sets the mission and objectives
operations: produces and distributes the product
purchasing: obtains supplies and materials
R+D: designs the product
