UWM BUS 360 Exam 1 Questions With All
Correct & Verified Answers
definition of marketing Correct answer-The exchange of value
Marketing Mix (4 P's) Correct answer-Product, Price, Place, Promotion
Product Correct answer-= Creating value
Price Correct answer-= Capturing Value
Place Correct answer-= Delivering Value
Promotion Correct answer-= Communicating Value
Production-Oriented Era Correct answer-Turn of the the Century - 1920
All about the product. A good product will sell itself
Sales-Oriented Era Correct answer-1920 - 1950
Customers won't buy enough products if left alone. We need to persuade them to buy more.
Personal selling, mass advertising. "Selling"
Marketing-Oriented Era Correct answer-1950 - 1990
Too many sellers, not enough buyers. Customer became king. More choice, more power. Marketers
forced to pay attention to what customers actually want. Marketers discover "marketing"
Value-Based marketing era Correct answer-1990 - Today
more to marketing than simply satisfying needs and wants. Have to provide more value than
competitors, in order to be successful
Ratio of benefits/costs = value
Marketing is about Correct answer-Bringing about exchanges in the marketplace
AMA Correct answer-American Marketing Association
How do firms become value driven? Correct answer-1. sharing information,
2. balancing benefits with costs, (focus on what the customer values)
3. building relationships with customers. (Relational orientation, NOT transactional) (considers
lifetime profitability of customers, not a single transaction, Example in class was starbucks)
4. Connecting with customers using social and mobile media
- Consumers needs and demands change very rapidly
- Can better help connect to customers and serve their needs
, relational orientation Correct answer-a method of building a relationship with customers based on
the philosophy that buyers and sellers should develop a long-term relationship
transactional orientation Correct answer-"one and done" mentality, what happens before or after
the transaction is of little importance to the marketer
Marketing Myopia Correct answer-Management's failure to recognize the scope of its business
defining a business in terms of goods and services rather than in terms of the benefits customers
seek
Marketing Myopia Article Correct answer-Read that shit again - multiple questions on the exam
will be related to the article
Four Macro Strategies for providing customer value Correct answer-1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
Customer Excellence Correct answer-- focuses on retaining loyal customers and excellent customer
service
- developing very special relationship with your customers, other companies can't easily copy these
Positioning Correct answer-carving a unique space for your brand in consumers' minds
-Example in lecture - Ace, the helpful place
operational excellence Correct answer-achieved through
-efficient operations and
- excellent supply chain and
- human resource management
product excellence Correct answer-- having products with high perceived value and
- effective branding and positioning
locational excellence Correct answer-having a good physical location and internet presence
What's a "marketing strategy"? Correct answer-• essentially a road-map that identifies:
-The firm's target market
-The marketing mix to be used by the firm, and
-A "sustainable competitive advantage"
5 steps of marketing plan Correct answer-Planning Phase
1. Business mission & objectives
2. situation analysis (SWOT)
Implementation Phase
3. Identify opportunities
4. Implement Marketing Mix
Correct & Verified Answers
definition of marketing Correct answer-The exchange of value
Marketing Mix (4 P's) Correct answer-Product, Price, Place, Promotion
Product Correct answer-= Creating value
Price Correct answer-= Capturing Value
Place Correct answer-= Delivering Value
Promotion Correct answer-= Communicating Value
Production-Oriented Era Correct answer-Turn of the the Century - 1920
All about the product. A good product will sell itself
Sales-Oriented Era Correct answer-1920 - 1950
Customers won't buy enough products if left alone. We need to persuade them to buy more.
Personal selling, mass advertising. "Selling"
Marketing-Oriented Era Correct answer-1950 - 1990
Too many sellers, not enough buyers. Customer became king. More choice, more power. Marketers
forced to pay attention to what customers actually want. Marketers discover "marketing"
Value-Based marketing era Correct answer-1990 - Today
more to marketing than simply satisfying needs and wants. Have to provide more value than
competitors, in order to be successful
Ratio of benefits/costs = value
Marketing is about Correct answer-Bringing about exchanges in the marketplace
AMA Correct answer-American Marketing Association
How do firms become value driven? Correct answer-1. sharing information,
2. balancing benefits with costs, (focus on what the customer values)
3. building relationships with customers. (Relational orientation, NOT transactional) (considers
lifetime profitability of customers, not a single transaction, Example in class was starbucks)
4. Connecting with customers using social and mobile media
- Consumers needs and demands change very rapidly
- Can better help connect to customers and serve their needs
, relational orientation Correct answer-a method of building a relationship with customers based on
the philosophy that buyers and sellers should develop a long-term relationship
transactional orientation Correct answer-"one and done" mentality, what happens before or after
the transaction is of little importance to the marketer
Marketing Myopia Correct answer-Management's failure to recognize the scope of its business
defining a business in terms of goods and services rather than in terms of the benefits customers
seek
Marketing Myopia Article Correct answer-Read that shit again - multiple questions on the exam
will be related to the article
Four Macro Strategies for providing customer value Correct answer-1. Customer Excellence
2. Operational Excellence
3. Product Excellence
4. Locational Excellence
Customer Excellence Correct answer-- focuses on retaining loyal customers and excellent customer
service
- developing very special relationship with your customers, other companies can't easily copy these
Positioning Correct answer-carving a unique space for your brand in consumers' minds
-Example in lecture - Ace, the helpful place
operational excellence Correct answer-achieved through
-efficient operations and
- excellent supply chain and
- human resource management
product excellence Correct answer-- having products with high perceived value and
- effective branding and positioning
locational excellence Correct answer-having a good physical location and internet presence
What's a "marketing strategy"? Correct answer-• essentially a road-map that identifies:
-The firm's target market
-The marketing mix to be used by the firm, and
-A "sustainable competitive advantage"
5 steps of marketing plan Correct answer-Planning Phase
1. Business mission & objectives
2. situation analysis (SWOT)
Implementation Phase
3. Identify opportunities
4. Implement Marketing Mix
