UCF_MAR_3023_EXAM_1_MASSIAH_COMPREHENSIVE_QUESTIONS_AND_SOLUTIONS.pdf

UCF MAR 3023 EXAM 1 MASSIAH
COMPREHENSIVE QUESTIONS AND
SOLUTIONS

◉ 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 and its stakeholders. Answer: Marketing


◉ 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 (and other
financial) statements. Answer: Marketing Plan


◉ The trade of things of value between the buyer and the seller so
that each is better off as a result. Answer: Exchange


◉ Core Aspects of Marketing ... Answer: Product, Price, Place,
Promotion (4 P's)


◉ Creating value Answer: Product

, ◉ Capturing value Answer: Price


◉ Delivering value Answer: Place


◉ Communicating value Answer: Promotion


◉ B2C Answer: Business-to-consumer marketing


◉ B2B Answer: Business-to-business marketing


◉ C2C Answer: Consumer-to-consumer marketing


◉ Evolution of marketing ... Answer: Production (1900-1920), Sales
(1920-1950), Marketing (1950-1990), Value-based marketing
(1990-Present)


◉ Importance of marketing ... Answer: Can be entrepreneurial,
expands global presence, pervasive across channel members,
enriches society


◉ The group of firms that make and deliver a given set of goods and
services. Answer: Supply Chain