UCF MAR 3023 Exam 1 Questions With Correct Solutions, Already Passed!!

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 (), Sales (), Marketing (), 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 A firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage. - Answer-Marketing Strategy Something the firm can persistently do better than its competitors. - Answer-Sustainable Competitive Advantage 4 Macro strategies for Developing Customer Value - Answer-Customer excellence, operational excellence, product excellence, locational excellence Involves a focus on retaining loyal customers and excellent customer service. - Answer-Customer Excellence Involves a firm's focus on efficient operations and excellent supply chain management. - AnswerOperational Excellence