MARK 3000 TEST 1 - GRANTHAM UGA UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. Marketing (By the books)
Answer:
An organizational function and a set of process for creating, capturing,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
Question:
2. Working definition of Marketing
Answer:
Anticipating and determining the needs/wants of consumers and satisfying those
need through the use of the 4P's to create long term exchanges of value.
Question:
3. Exchange
Answer:
The trade of things of value between the buyer and the seller so that each is
better off as a result
Question:
4. Value
Answer:
Reflects the relationship of benefits to costs, or what the consumer gets for what
they give.
Question:
5. Marketing Mix
Answer:
The controllable set of activates that a firm uses to respond to the wants of its
target.
Product, Price, Promotion, and Place.
, Question:
6. Product - Creating Value
Price - Capturing Value
Promotion - Communicating Value
Place - Delivering Value
Answer:
How does value apply to all of the 4P's?
Question:
7. Product -Creating Value
Answer:
Happens through a variety of offerings, including goods, services, and ideas.
Question:
8. Price - Capturing Value
Answer:
Everything a buyer gives up in exchange for the product.
Must be an amount customers are willing to pay and which gives a profit
Question:
9. Place - Delivering Value
Answer:
All activities needed to get the product to the right customer when the customer
wants it.
Question:
10. Promotion - Communicating Value
Answer:
Informs, persuades, and reminds potential buyers about a product or service.
To influence their opinions or elicit a response.
Question:
11. Goods
Answer:
Items that can be physically touched
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. Marketing (By the books)
Answer:
An organizational function and a set of process for creating, capturing,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
Question:
2. Working definition of Marketing
Answer:
Anticipating and determining the needs/wants of consumers and satisfying those
need through the use of the 4P's to create long term exchanges of value.
Question:
3. Exchange
Answer:
The trade of things of value between the buyer and the seller so that each is
better off as a result
Question:
4. Value
Answer:
Reflects the relationship of benefits to costs, or what the consumer gets for what
they give.
Question:
5. Marketing Mix
Answer:
The controllable set of activates that a firm uses to respond to the wants of its
target.
Product, Price, Promotion, and Place.
, Question:
6. Product - Creating Value
Price - Capturing Value
Promotion - Communicating Value
Place - Delivering Value
Answer:
How does value apply to all of the 4P's?
Question:
7. Product -Creating Value
Answer:
Happens through a variety of offerings, including goods, services, and ideas.
Question:
8. Price - Capturing Value
Answer:
Everything a buyer gives up in exchange for the product.
Must be an amount customers are willing to pay and which gives a profit
Question:
9. Place - Delivering Value
Answer:
All activities needed to get the product to the right customer when the customer
wants it.
Question:
10. Promotion - Communicating Value
Answer:
Informs, persuades, and reminds potential buyers about a product or service.
To influence their opinions or elicit a response.
Question:
11. Goods
Answer:
Items that can be physically touched
