UNL Marketing 300 Exam 1 Study Guide
Questions & Answers (A+ Rated)
Marketing - -is 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 Requires 4 Ps - -Product,
Price, Place, and Promotion (know examples)
-Product - -Creates Value. The fundamental
purpose of Marketing is to create value by. developing 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)
in exchange for the product - what is the buyer willing to pay for a product?
-Place - -Delivering the Value Proposition
Place, or supply chain management, describes all
activities necessary to get the product to the right
customer when the customer wants it. Where would you find this
product in the store?
-Promotion - -Communicating value. Promotion is communication by a
marketer that informs, persuades, and reminds potential buyers about a product or service
to influence their opinions
or elicit a response
-Marketing Impacts Various
Stakeholders - -Society, customers, employees, supply chain
-Value Driven Companies - -Share information
across their
organization
Balance customer's
benefits and costs
Build relationships
, with customers
-Sustainable Competitive Advantage*** - -Customer excellence, product excellence,
locational excellence, operational excellence (know definition and examples)
-Customer Excellence - -Retaining loyal customers, customer service
-Operational Excellence - -Efficient operations, excellent supply chain management
-Step 1 of the Marketing Plan (planning phase)* - -Business Vision and Mission
-Step 2 of the Marketing Plan (planning phase) - -Situation analysis +SWOT
-Step 3 of the Marketing Plan (implementation phase) - -Identifying opportunities -
segmentation, targeting, positioning (Marketing strategy)
-Step 4 of the Marketing Plan (implementation phase) - -Implement marketing fix. 4 P's
(Marketing strategy)
-Step 5 of the Marketing Plan (control phase) - -Evaluate performance using marketing
metrics
-3 Phases of a Strategic Plan* - -Planning, Implementing, Controlling
-Marketing Penetration - -Targeting Existing Customers, marketing mix
-Product Development - -New Product, current market
-Diversification - -New product, new market
-A Marketing Analysis Framework - -Consumers company, competition, corporate
partners (immediate environment) culture, demographics. political/legal, social, economic,
technology (macro environment)
-Marketing Information System (MIS) - -Consists of people, equip and procedures that
gather, sort, analyze, evaluate, and distribute needed, timely and accurate information to
marketing decision makers..
-MIS - -Analysis of needs, cost benefit analysis Interacts with information users to assess
and Develops needed information from
internal and external sources -Helps users analyze-information for marketing decision-
Distributes the marketing information and
helps managers use it for decision making
-Internal data - -Internal data is gathered via customer databases,financial records, and
operations reports.
Questions & Answers (A+ Rated)
Marketing - -is 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 Requires 4 Ps - -Product,
Price, Place, and Promotion (know examples)
-Product - -Creates Value. The fundamental
purpose of Marketing is to create value by. developing 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)
in exchange for the product - what is the buyer willing to pay for a product?
-Place - -Delivering the Value Proposition
Place, or supply chain management, describes all
activities necessary to get the product to the right
customer when the customer wants it. Where would you find this
product in the store?
-Promotion - -Communicating value. Promotion is communication by a
marketer that informs, persuades, and reminds potential buyers about a product or service
to influence their opinions
or elicit a response
-Marketing Impacts Various
Stakeholders - -Society, customers, employees, supply chain
-Value Driven Companies - -Share information
across their
organization
Balance customer's
benefits and costs
Build relationships
, with customers
-Sustainable Competitive Advantage*** - -Customer excellence, product excellence,
locational excellence, operational excellence (know definition and examples)
-Customer Excellence - -Retaining loyal customers, customer service
-Operational Excellence - -Efficient operations, excellent supply chain management
-Step 1 of the Marketing Plan (planning phase)* - -Business Vision and Mission
-Step 2 of the Marketing Plan (planning phase) - -Situation analysis +SWOT
-Step 3 of the Marketing Plan (implementation phase) - -Identifying opportunities -
segmentation, targeting, positioning (Marketing strategy)
-Step 4 of the Marketing Plan (implementation phase) - -Implement marketing fix. 4 P's
(Marketing strategy)
-Step 5 of the Marketing Plan (control phase) - -Evaluate performance using marketing
metrics
-3 Phases of a Strategic Plan* - -Planning, Implementing, Controlling
-Marketing Penetration - -Targeting Existing Customers, marketing mix
-Product Development - -New Product, current market
-Diversification - -New product, new market
-A Marketing Analysis Framework - -Consumers company, competition, corporate
partners (immediate environment) culture, demographics. political/legal, social, economic,
technology (macro environment)
-Marketing Information System (MIS) - -Consists of people, equip and procedures that
gather, sort, analyze, evaluate, and distribute needed, timely and accurate information to
marketing decision makers..
-MIS - -Analysis of needs, cost benefit analysis Interacts with information users to assess
and Develops needed information from
internal and external sources -Helps users analyze-information for marketing decision-
Distributes the marketing information and
helps managers use it for decision making
-Internal data - -Internal data is gathered via customer databases,financial records, and
operations reports.
