BUSI 107 Exam.
Marketing Definition & Use. What is marketed? - CORRECT ANSWER "the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large."
Value is marketed
The Marketing Concept - CORRECT ANSWER An organization should seek to make profit by serving the
needs of the customer group.
Customer Value Orientation - CORRECT ANSWER Value-Based Marketing: How do we provide value
through what we're doing?
Market-Orientation (want & needs)
Selling orientation (Personal selling & Adv)
Production Orientation (Product focused)
4 P's (product, place, price, promotion) - CORRECT ANSWER Promotion: Communicating value
Product: Creating value
Place: Delivering value
Price: Capturing value
Long-Term Value of Loyal Customers - CORRECT ANSWER Cost more to get new customers than to retain
old ones
Loyal customers buy more from you over time
The longer you keep a customer, the more profitable they become over time
, It costs less to service loyal customers than new ones
Loyal customers are excellent referrals for new business
Loyal customers are willing to pay more for the quality and value they desire
Strategic Planning - CORRECT ANSWER Reflect changing environments
Continuous improvement
Provide context for planning in each divisions departments
- Focus: Organizational mission
- Goals: Organizational objectives
- Direction: Organizational strategies
- Organizational portfolio plan
The Marketing Management Process - CORRECT ANSWER Process of planning, executing the
conceptions, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with
target groups that's satisfy customer and organizational objectives
Business mission statement → Objectives → Situation * SWOT Analysis → Marketing strategy: Target
market and marketing mix (product, promotions, distribution, and price) → implementation evaluation
control
SWOT (Strengths, Weaknesses, Opportunities, Threats) - CORRECT ANSWER Strength and Weaknesses
(Internal)
-Things the company does well
-Things they don't do well
Opportunities and Threats (External)
-O: Conditions in the external environment that favor strengths
Marketing Definition & Use. What is marketed? - CORRECT ANSWER "the activity, set of institutions, and
processes for creating, communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large."
Value is marketed
The Marketing Concept - CORRECT ANSWER An organization should seek to make profit by serving the
needs of the customer group.
Customer Value Orientation - CORRECT ANSWER Value-Based Marketing: How do we provide value
through what we're doing?
Market-Orientation (want & needs)
Selling orientation (Personal selling & Adv)
Production Orientation (Product focused)
4 P's (product, place, price, promotion) - CORRECT ANSWER Promotion: Communicating value
Product: Creating value
Place: Delivering value
Price: Capturing value
Long-Term Value of Loyal Customers - CORRECT ANSWER Cost more to get new customers than to retain
old ones
Loyal customers buy more from you over time
The longer you keep a customer, the more profitable they become over time
, It costs less to service loyal customers than new ones
Loyal customers are excellent referrals for new business
Loyal customers are willing to pay more for the quality and value they desire
Strategic Planning - CORRECT ANSWER Reflect changing environments
Continuous improvement
Provide context for planning in each divisions departments
- Focus: Organizational mission
- Goals: Organizational objectives
- Direction: Organizational strategies
- Organizational portfolio plan
The Marketing Management Process - CORRECT ANSWER Process of planning, executing the
conceptions, pricing, promotion, and distribution of goods, services, and ideas to create exchanges with
target groups that's satisfy customer and organizational objectives
Business mission statement → Objectives → Situation * SWOT Analysis → Marketing strategy: Target
market and marketing mix (product, promotions, distribution, and price) → implementation evaluation
control
SWOT (Strengths, Weaknesses, Opportunities, Threats) - CORRECT ANSWER Strength and Weaknesses
(Internal)
-Things the company does well
-Things they don't do well
Opportunities and Threats (External)
-O: Conditions in the external environment that favor strengths
