Clemson Marketing 3010 Final Exam questions and answers.

Marketing the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Marketing plan 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 Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:00 Full screen Exchange the trade of things of value between the buyer and the seller so that each is better off as a result goods items you can physically touch; ex: Nike shoes, iPhone service intangible customer benefits that are produced by people or machines and cannot be separated from the producer; Ex: Spa trips, going to a baseball game ideas concepts, opinions and philosophies; intellectual ideas such as these can be marketed; Ex: TedTalks B2C (business to consumer) the process in which businesses sell to customers B2B (business to business) where businesses sell to other businesses C2C (consumer to consumer) - when consumers sell to other consumers; ex: Ebay, Stubhub Marketing mix four Ps; product, price, place, and promotion; the controllable set of activities that a firm uses to respond toa the wants of its target markets Product (Four Ps) creating value; may include cooperation or collaboration with suppliers and customers Price (Four Ps) capturing value; determined on the bases of the buyer's belief of the value; anything a consumer gives up in an exchange Place (Four Ps) delivering value; deals with supply chain management Promotion (Four Ps) communicating value Value reflects the relationship of benefits to cost Value co-creation customers act as collaborators with a manufacturer or retailer to create the product or service Supply chain management the set of approaches and techniques that firms employ to efficiently integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain; the right quantities to the right locations at the right time Supply chain the group of firms that make and deliver a given set of goods and services Relational orientation a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long term relationship Profitable exchange formula value = benefits - price, price = cost +hassle; if the value is negative, it is a bad exchange Marketing concept the philosophy underlying everything marketers do; seek to satisfy customer wants and needs Transactional orientation regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the exchange is of little importance Marketing strategy outlines the specific actions a firm intends to implement to appeal to potential customers Sustainable competitive advantage an advantage over the competition that is not easily copied and thus can be maintained over a long period of time Customer excellence Focuses on retaining loyal customers and excellent customer service Operational excellence achieved through efficient operations and excellent supply chain and human resource management