MARK 3000 Test 1 - Grantham UGA Exam
|126 Accurate Q’s and A’s
Marketing (By the books) - -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 - -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 - -The trade of things of value between the buyer and the seller
so that each is better off as a result
- Value - -Reflects the relationship of benefits to costs, or what the
consumer gets for what they give.
- Marketing Mix - -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 - -How does value apply to all of the 4P's?
- Product -Creating Value - -Happens through a variety of offerings,
including goods, services, and ideas.
- Price - Capturing Value - -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 - -All activities needed to get the product to the
right customer when the customer wants it.
- Promotion - Communicating Value - -Informs, persuades, and reminds
potential buyers about a product or service.
To influence their opinions or elicit a response.
- Goods - -Items that can be physically touched
, - Services - -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 - -Intellectual concepts - thoughts, opinions, and philosophies.
- B2C(Business to consumer) - -The process in which businesses sell to
consumers
- B2B(Business to Business) - -The process of selling merchandise or
services from one business to another
- C2C(Consumer to Consumer) - -The process in which consumers sell to
other consumers
- Value Cocreation - -Customers act as collaborations with a manufacturer
or retailer to create the product or service.
- Production Orientation Era - -Focus is on internal capability and
technology.
Key question: What does the firm do best?
- Sales Orientation Era - -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 - -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 - -Marketing Concept
- Societal Marketing Orientation - -Focus is on enhancing the benefits to
society
Key question: How can I meet consumer needs and benefit society?
- Enriches Society
Can be Entrepreneurial
Expands global presence
Strengthens channel relationships - -Why is marketing important?
|126 Accurate Q’s and A’s
Marketing (By the books) - -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 - -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 - -The trade of things of value between the buyer and the seller
so that each is better off as a result
- Value - -Reflects the relationship of benefits to costs, or what the
consumer gets for what they give.
- Marketing Mix - -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 - -How does value apply to all of the 4P's?
- Product -Creating Value - -Happens through a variety of offerings,
including goods, services, and ideas.
- Price - Capturing Value - -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 - -All activities needed to get the product to the
right customer when the customer wants it.
- Promotion - Communicating Value - -Informs, persuades, and reminds
potential buyers about a product or service.
To influence their opinions or elicit a response.
- Goods - -Items that can be physically touched
, - Services - -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 - -Intellectual concepts - thoughts, opinions, and philosophies.
- B2C(Business to consumer) - -The process in which businesses sell to
consumers
- B2B(Business to Business) - -The process of selling merchandise or
services from one business to another
- C2C(Consumer to Consumer) - -The process in which consumers sell to
other consumers
- Value Cocreation - -Customers act as collaborations with a manufacturer
or retailer to create the product or service.
- Production Orientation Era - -Focus is on internal capability and
technology.
Key question: What does the firm do best?
- Sales Orientation Era - -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 - -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 - -Marketing Concept
- Societal Marketing Orientation - -Focus is on enhancing the benefits to
society
Key question: How can I meet consumer needs and benefit society?
- Enriches Society
Can be Entrepreneurial
Expands global presence
Strengthens channel relationships - -Why is marketing important?
