MCS 1000 EXAM | 240 QUESTIONS AND ANSWERS |
WITH COMPLETE SOLUTION.
what is marketing Answer - a set of business practices designed to plan for and
present an organization's products or services in ways that build effective
customer relationships
what are needs Answer - basic necessities
what are wants Answer - things we would like to fulfill our needs
what are target markets Answer - customer segment to whom the firm is
interested in selling its product and services too
what is a marketing exchange Answer - an exchange between any 2 parties,
can be goods/services or an exchange of information
marketing mix (4p's) Answer - product, price, place, promotion
what is product Answer - it creates value, features of the product
what is price Answer - it transacts value, everything the buyer gives up to get
the product
,what is place Answer - it delivers value, all activities to get the product to the
right person, marketing channels
what is promotion Answer - it communicates value, used to inform, persuade,
and remind potential buyers
what kinds of stakeholders does marketing impact Answer - both profit and
not for profit entities, developing economies, entire industries
what are the 4 orientations of marketing Answer - product, sales, market,
value based
what is product orientation Answer - focus on developing and distributing
innovative products with little concern about whether the products best satisfy
customer needs
what is sales orientation Answer - view marketing as a selling function where
companies try to sell as many of their products possible, rather than focus on
making products customers really want
what is market orientation Answer - start out by focusing on what consumers
want and need before they design, make, or attempt to sell their products and
services
what is value based orientation Answer - firms focus on the triple bottom line;
People, Price and Planet
how do firms become more value driven Answer - -sharing info
-balancing benefits and costs
-building customer relationships
, -connecting with customers via social media
how do you balance benefits with costs Answer - -understand key benefits
-focus on key benefits
-eliminate cost of less strategic benefits
how do you build customer relationships Answer - -taking a long term view of
customer relationships
-use data to assist in maintaining the relationship
how does marketing expand firms global prescence Answer - -goods are
available to consumers from many countries
-can target segment by segment, or region by region`
marketing and channel members Answer - all members in the chain must focus
on creating value for their customer and the end user consumer
what does a marketing strategy identifiy Answer - -a firms target market
-a related marketing mix (4ps)
-the basis upon which the firm plans to build a sustainable advantage
what is a sustainable competitive advantage Answer - - strong brand
-innovative capabilities
-extensive distribution network
-loyal customers
WITH COMPLETE SOLUTION.
what is marketing Answer - a set of business practices designed to plan for and
present an organization's products or services in ways that build effective
customer relationships
what are needs Answer - basic necessities
what are wants Answer - things we would like to fulfill our needs
what are target markets Answer - customer segment to whom the firm is
interested in selling its product and services too
what is a marketing exchange Answer - an exchange between any 2 parties,
can be goods/services or an exchange of information
marketing mix (4p's) Answer - product, price, place, promotion
what is product Answer - it creates value, features of the product
what is price Answer - it transacts value, everything the buyer gives up to get
the product
,what is place Answer - it delivers value, all activities to get the product to the
right person, marketing channels
what is promotion Answer - it communicates value, used to inform, persuade,
and remind potential buyers
what kinds of stakeholders does marketing impact Answer - both profit and
not for profit entities, developing economies, entire industries
what are the 4 orientations of marketing Answer - product, sales, market,
value based
what is product orientation Answer - focus on developing and distributing
innovative products with little concern about whether the products best satisfy
customer needs
what is sales orientation Answer - view marketing as a selling function where
companies try to sell as many of their products possible, rather than focus on
making products customers really want
what is market orientation Answer - start out by focusing on what consumers
want and need before they design, make, or attempt to sell their products and
services
what is value based orientation Answer - firms focus on the triple bottom line;
People, Price and Planet
how do firms become more value driven Answer - -sharing info
-balancing benefits and costs
-building customer relationships
, -connecting with customers via social media
how do you balance benefits with costs Answer - -understand key benefits
-focus on key benefits
-eliminate cost of less strategic benefits
how do you build customer relationships Answer - -taking a long term view of
customer relationships
-use data to assist in maintaining the relationship
how does marketing expand firms global prescence Answer - -goods are
available to consumers from many countries
-can target segment by segment, or region by region`
marketing and channel members Answer - all members in the chain must focus
on creating value for their customer and the end user consumer
what does a marketing strategy identifiy Answer - -a firms target market
-a related marketing mix (4ps)
-the basis upon which the firm plans to build a sustainable advantage
what is a sustainable competitive advantage Answer - - strong brand
-innovative capabilities
-extensive distribution network
-loyal customers
