MARK 3000 Final Exam |133 Questions and
Answers (MARK 3000 Grantham - Cumulative study
guide)
Marketing - -Is an organizational function and a set of processes for creating,
capturing, communicating, and delivering value to customers and for
managing customer relationships in ways that benefit the organization and
its stakeholders
- Value - -Ratio what is given up for what is obtained; both parties must
believe they are getting value for exchange to take place
- Marketing mix: 4 P's - -1. Product
2. Price
3. Promotion
4. Place
- Product - -Creating value
- Through a variety of offerings, including goods, services, and ideas to
satisfy customer needs
- Price - -Capturing value
- Price is everything a buyer gives up (money, time, energy)
- Must be amount customer willing to pay which gives a profit
- Promotion - -Communicating value
- Communication that informs, persuades, and reminds potential buyers
about a product or service to influence their opinions or elicit a response
- Place - -Delivering the value proposition
- Place, or supply chain management
- All activities needed to get the product to the right customer when the
customer wants it
- Corporate orientations: production - -- Focus is on internal capability and
technology
- Key question: what does the firm do best
- Corporate orientations: sales - -- Focus is on aggressive sales techniques
- Key question: how can we sell more of what we have?
- Value based marketing orientation - -- Purpose of the organization is to
satisfy customer needs/wants, which meeting organizational objects
- Provide more value than competitors
- Key question: what does the customer want?
, - Market concept - -Make what you can sell rather than sell what you can
make
- Societal marketing orientation - -- Focus is on enhancing benefits to
society
- Key question: how can I meet consumer needs and benefit society?
- Why is marketing important? - -Enriches society, entrepreneurial, expands
global presence, strengthens channel relationships, etc.
- Ethics - -Moral principles and values that govern actions
- Laws - -Society's values which are enforceable in court
- Framework for ethical decision making - -Step 1: identify issues
Step 2: gather information and identify stakeholders
Step 3: brainstorm and evaluate alternative
Step 4: choose a course of action
- Societal culture norms - -- Basic set of values of the society
- Ethical decision making metric (publicity test/transparency test, moral
mentor/admired observer test)
- General business norms - -- Basic business values: consumer has right to
safety, to be informed, to choose, and to be heard; no longer caveat emptor
- Industry standards
- American Marketing Association Code of Ethics - -- Generally accepted
code in marketing
- Flows from general norms of conduct to specific values
- Moral idealism - -If any bad occurs, then the action is unethical
- Utilitarianism - -Balance good vs. bad
- To whom is a company responsible? - -Stockholders, investors, owners;
duty: maximize profit within the law
- Marketing environment - -Uncontrollable elements outside of any
organization that may affect its performance
- Environmental scanning - -Systematic analysis of those elements
- Immediate/corporate environment - -Company does have some control
Answers (MARK 3000 Grantham - Cumulative study
guide)
Marketing - -Is an organizational function and a set of processes for creating,
capturing, communicating, and delivering value to customers and for
managing customer relationships in ways that benefit the organization and
its stakeholders
- Value - -Ratio what is given up for what is obtained; both parties must
believe they are getting value for exchange to take place
- Marketing mix: 4 P's - -1. Product
2. Price
3. Promotion
4. Place
- Product - -Creating value
- Through a variety of offerings, including goods, services, and ideas to
satisfy customer needs
- Price - -Capturing value
- Price is everything a buyer gives up (money, time, energy)
- Must be amount customer willing to pay which gives a profit
- Promotion - -Communicating value
- Communication that informs, persuades, and reminds potential buyers
about a product or service to influence their opinions or elicit a response
- Place - -Delivering the value proposition
- Place, or supply chain management
- All activities needed to get the product to the right customer when the
customer wants it
- Corporate orientations: production - -- Focus is on internal capability and
technology
- Key question: what does the firm do best
- Corporate orientations: sales - -- Focus is on aggressive sales techniques
- Key question: how can we sell more of what we have?
- Value based marketing orientation - -- Purpose of the organization is to
satisfy customer needs/wants, which meeting organizational objects
- Provide more value than competitors
- Key question: what does the customer want?
, - Market concept - -Make what you can sell rather than sell what you can
make
- Societal marketing orientation - -- Focus is on enhancing benefits to
society
- Key question: how can I meet consumer needs and benefit society?
- Why is marketing important? - -Enriches society, entrepreneurial, expands
global presence, strengthens channel relationships, etc.
- Ethics - -Moral principles and values that govern actions
- Laws - -Society's values which are enforceable in court
- Framework for ethical decision making - -Step 1: identify issues
Step 2: gather information and identify stakeholders
Step 3: brainstorm and evaluate alternative
Step 4: choose a course of action
- Societal culture norms - -- Basic set of values of the society
- Ethical decision making metric (publicity test/transparency test, moral
mentor/admired observer test)
- General business norms - -- Basic business values: consumer has right to
safety, to be informed, to choose, and to be heard; no longer caveat emptor
- Industry standards
- American Marketing Association Code of Ethics - -- Generally accepted
code in marketing
- Flows from general norms of conduct to specific values
- Moral idealism - -If any bad occurs, then the action is unethical
- Utilitarianism - -Balance good vs. bad
- To whom is a company responsible? - -Stockholders, investors, owners;
duty: maximize profit within the law
- Marketing environment - -Uncontrollable elements outside of any
organization that may affect its performance
- Environmental scanning - -Systematic analysis of those elements
- Immediate/corporate environment - -Company does have some control
