COMM 465 Midterm Lecture Notes Questions With Complete Solutions

What is marketing? correct answer: managing profitable customer relationships What are the goals of marketing? correct answer: attract new customers by promising superior value keep and grow current customer base by delivering satisfaction What % of product costs are from marketing correct answer: estimated at 50% 4Ps correct answer: Product, Price, Place, Promotion Product correct answer: an offering of value Price correct answer: money, time, energy How much are customers WTP (wiling to pay) and will that make a profit? Place correct answer: all the activities necessary to get the product to the right customer when the customer wants it Promotion correct answer: the communication by a marketer that informs, persuades, and reminds potential buyers about a product 4Cs correct answer: consumer value cost convenience communication 4Ps must sync to 4Cs correct answer: Product -> Consumer value Price -> Cost Place -> Convenience Promotion -> Communication Value correct answer: is different for everyone changes with culture think IKEA DIY model in North America in comparison with the catalogue model in Asia Eras of Marketing in North America correct answer: Production ? - 1930 Sales 1920s - 1960s Marketing Concept 1950s - 1990s