©THEBRIGHTSTARS 2024
MARK 3000 Test 1 - Grantham UGA
Questions With Revised Answers
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
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.
Exchange - answer✔✔The trade of things of value between the buyer and the seller so that each
is better off as a result
Value - answer✔✔Reflects the relationship of benefits to costs, or what the consumer gets for
what they give.
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.
Product - Creating Value
Price - Capturing Value
Promotion - Communicating Value
Place - Delivering Value - answer✔✔How does value apply to all of the 4P's?
Product -Creating Value - answer✔✔Happens through a variety of offerings, including goods,
services, and ideas.
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
Place - Delivering Value - answer✔✔All activities needed to get the product to the right
customer when the customer wants it.
, ©THEBRIGHTSTARS 2024
Promotion - Communicating Value - answer✔✔Informs, persuades, and reminds potential
buyers about a product or service.
To influence their opinions or elicit a response.
Goods - answer✔✔Items that can be physically touched
Services - answer✔✔Any intangible offering that involves a deed, performance, or effort that
cannot be physically possessed.
Intangible customer benefits that are produced by people or machines and cannot be separated
from the producer
Ideas - answer✔✔Intellectual concepts - thoughts, opinions, and philosophies.
B2C(Business to consumer) - answer✔✔The process in which businesses sell to consumers
B2B(Business to Business) - answer✔✔The process of selling merchandise or services from one
business to another
C2C(Consumer to Consumer) - answer✔✔The process in which consumers sell to other
consumers
Value Cocreation - answer✔✔Customers act as collaborations with a manufacturer or retailer to
create the product or service.
Production Orientation Era - answer✔✔Focus is on internal capability and technology.
Key question: What does the firm do best?
Sales Orientation Era - answer✔✔Focus is on aggressive sales techniques.
Worries more about transaction numbers
Key question: how can we sell more of what we have?
Value Based Marketing Orientation - answer✔✔Purpose of the organization is to satisfy
consumer needs/wants, while meeting organizational objectives.
Key question: What does the customer want?
Make what you can sell
Make what there is a demand for
Make what customers want - answer✔✔Marketing Concept
Societal Marketing Orientation - answer✔✔Focus is on enhancing the benefits to society
MARK 3000 Test 1 - Grantham UGA
Questions With Revised Answers
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
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.
Exchange - answer✔✔The trade of things of value between the buyer and the seller so that each
is better off as a result
Value - answer✔✔Reflects the relationship of benefits to costs, or what the consumer gets for
what they give.
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.
Product - Creating Value
Price - Capturing Value
Promotion - Communicating Value
Place - Delivering Value - answer✔✔How does value apply to all of the 4P's?
Product -Creating Value - answer✔✔Happens through a variety of offerings, including goods,
services, and ideas.
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
Place - Delivering Value - answer✔✔All activities needed to get the product to the right
customer when the customer wants it.
, ©THEBRIGHTSTARS 2024
Promotion - Communicating Value - answer✔✔Informs, persuades, and reminds potential
buyers about a product or service.
To influence their opinions or elicit a response.
Goods - answer✔✔Items that can be physically touched
Services - answer✔✔Any intangible offering that involves a deed, performance, or effort that
cannot be physically possessed.
Intangible customer benefits that are produced by people or machines and cannot be separated
from the producer
Ideas - answer✔✔Intellectual concepts - thoughts, opinions, and philosophies.
B2C(Business to consumer) - answer✔✔The process in which businesses sell to consumers
B2B(Business to Business) - answer✔✔The process of selling merchandise or services from one
business to another
C2C(Consumer to Consumer) - answer✔✔The process in which consumers sell to other
consumers
Value Cocreation - answer✔✔Customers act as collaborations with a manufacturer or retailer to
create the product or service.
Production Orientation Era - answer✔✔Focus is on internal capability and technology.
Key question: What does the firm do best?
Sales Orientation Era - answer✔✔Focus is on aggressive sales techniques.
Worries more about transaction numbers
Key question: how can we sell more of what we have?
Value Based Marketing Orientation - answer✔✔Purpose of the organization is to satisfy
consumer needs/wants, while meeting organizational objectives.
Key question: What does the customer want?
Make what you can sell
Make what there is a demand for
Make what customers want - answer✔✔Marketing Concept
Societal Marketing Orientation - answer✔✔Focus is on enhancing the benefits to society
