Marketing 201 Exam 1 questions and
answers
Marketing - ANSWER 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 entails an... - ANSWER Exchange
4 P's of marketing - ANSWER Product
Price
Place
Promotion
Product - ANSWER Creates value be developing a variety of offerings including goods, services,
and ideas to satisfy customer needs.
Price - ANSWER Everything a buyer gives up(money, time, energy) in exchange for the product.
Place/ supply chain management - ANSWER All activities necessary to get the product to the
right customer when the customer wants it.
Promotion - ANSWER Communicated my a marketer that informs, persuades, and reminds
potential buyers about a product to service to influence their opinions or elicit a response.
Marketing Impacts... - ANSWER Consumers
Society
Employees
, Supply Chain
Firms become value driven by... - ANSWER 1.) Sharing info
2.) Balancing benefits with costs
3.) Building relationships with customers
4.)Connecting with customers using social/mobile media.
Social and Mobile Marketing - ANSWER -93% of marketers use social media for their business.
-4.2 billion people are linked to some social media site on their mobile devices.
Exchange - ANSWER Trade of things of value between the buyer and the seller so that each is
better off as a result.
Goods - ANSWER tangible items
Services - ANSWER intangible customer benefits that are produced by people or machines and
cannot be separated from the producer.
Ideas - ANSWER Thoughts, opinions, and philosophies, and intellectual concepts that can be
marketed.
Supply Chain - ANSWER A group of firms that make and deliver a given set of goods and
services.
Value - ANSWER Reflects the relationship between benefits and costs.
4 strategies of sustainable competitive advantage - ANSWER customer excellence
answers
Marketing - ANSWER 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 entails an... - ANSWER Exchange
4 P's of marketing - ANSWER Product
Price
Place
Promotion
Product - ANSWER Creates value be developing a variety of offerings including goods, services,
and ideas to satisfy customer needs.
Price - ANSWER Everything a buyer gives up(money, time, energy) in exchange for the product.
Place/ supply chain management - ANSWER All activities necessary to get the product to the
right customer when the customer wants it.
Promotion - ANSWER Communicated my a marketer that informs, persuades, and reminds
potential buyers about a product to service to influence their opinions or elicit a response.
Marketing Impacts... - ANSWER Consumers
Society
Employees
, Supply Chain
Firms become value driven by... - ANSWER 1.) Sharing info
2.) Balancing benefits with costs
3.) Building relationships with customers
4.)Connecting with customers using social/mobile media.
Social and Mobile Marketing - ANSWER -93% of marketers use social media for their business.
-4.2 billion people are linked to some social media site on their mobile devices.
Exchange - ANSWER Trade of things of value between the buyer and the seller so that each is
better off as a result.
Goods - ANSWER tangible items
Services - ANSWER intangible customer benefits that are produced by people or machines and
cannot be separated from the producer.
Ideas - ANSWER Thoughts, opinions, and philosophies, and intellectual concepts that can be
marketed.
Supply Chain - ANSWER A group of firms that make and deliver a given set of goods and
services.
Value - ANSWER Reflects the relationship between benefits and costs.
4 strategies of sustainable competitive advantage - ANSWER customer excellence
