MARK 3000 McManus Test 1 -solved

MARK 3000 McManus Test 1 -solved Marketing - Correct ️️ organizational function and set of processes for... 1. CReating, CApturing, COmmunicating and DElivering value to customers 2. Managing customer relationships in ways that benefit the organization and stakeholders Anticipating (research) and determining the needs/wants of consumers (target market)... - Correct ️️ and satisfying those needs through the use of the 4P's to create long term exchanges of value Value - Correct ️️ ratio of what is given up for what is obtained Requirement for exchange to happen - Correct ️️ Both parties must believe they are getting value How is value created? - Correct ️️ Through the marketing mix !! ( aka 4 Ps) 4Ps - Correct ️️ Product Price Promotion Place Product - Correct ️️ Creating value -through goods, services and ideas -to satisfy customer needs Price - Correct ️️ Capturing Value -everything the buyer gives up in exchange for the product -amt customer is willing to pay and gives a profit Place - Correct ️️ Delivering the value proposition