MKT 305 Exam queries and answers
graded 100%
Marketing - ANS✅✅An organizational function and a set of processes for creating, communicating,
and delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders
4Ps of Marketing - ANS✅✅Product, Price, Place, Promotion
product - ANS✅✅creating value
Place - ANS✅✅delivering value
Promotion - ANS✅✅communicating value
Price - ANS✅✅capturing value
exchange and conditions - ANS✅✅1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
Consumer Value Equation - ANS✅✅benefits vs. sacrifices (costs)
CRM - ANS✅✅customer relationship management
-using systems, strategies, and programs to identify & build loyalty among the most valued
customers
CLV - ANS✅✅Customer Lifetime Value - prediction of the net profit attributed to the entire future
relationship with a customer.
, marketing strategy - ANS✅✅1. target market
2. related marketing mix (4ps)
3. the bases on which a firm plans to build a competitive advantage
4 strategies that develop sustainable competitive advantage - ANS✅✅1. customer excellence
2. operational excellence
3.product excellence
4.locational excellence
customer excellence - ANS✅✅focuses on retaining loyal customers and excellent customer service
operational excellence - ANS✅✅achieved through efficient operations and excellent supply chain
and human resource management
product excellence - ANS✅✅having products with high perceived value and effective branding and
positioning
locational excellence - ANS✅✅geographical, city, street, neighborhood, decor on the inside
Steps in Marketing Plan - ANS✅✅1. Business mission & objectives
2. situation analysis (SWOT)
3. Identify opportunities
4. Implement Marketing Mix
5. Evaluate performance using marketing metrics
business mission and objectives - ANS✅✅what are we planning on an what do we intend to be in
the future?
Situation Analysis (SWOT) - ANS✅✅strengths, weaknesses, opportunities, threats
opportunities - ANS✅✅Segmentation, Targeting, Positioning
graded 100%
Marketing - ANS✅✅An organizational function and a set of processes for creating, communicating,
and delivering value to customers and for managing customer relationships in ways that benefit the
organization and its stakeholders
4Ps of Marketing - ANS✅✅Product, Price, Place, Promotion
product - ANS✅✅creating value
Place - ANS✅✅delivering value
Promotion - ANS✅✅communicating value
Price - ANS✅✅capturing value
exchange and conditions - ANS✅✅1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
Consumer Value Equation - ANS✅✅benefits vs. sacrifices (costs)
CRM - ANS✅✅customer relationship management
-using systems, strategies, and programs to identify & build loyalty among the most valued
customers
CLV - ANS✅✅Customer Lifetime Value - prediction of the net profit attributed to the entire future
relationship with a customer.
, marketing strategy - ANS✅✅1. target market
2. related marketing mix (4ps)
3. the bases on which a firm plans to build a competitive advantage
4 strategies that develop sustainable competitive advantage - ANS✅✅1. customer excellence
2. operational excellence
3.product excellence
4.locational excellence
customer excellence - ANS✅✅focuses on retaining loyal customers and excellent customer service
operational excellence - ANS✅✅achieved through efficient operations and excellent supply chain
and human resource management
product excellence - ANS✅✅having products with high perceived value and effective branding and
positioning
locational excellence - ANS✅✅geographical, city, street, neighborhood, decor on the inside
Steps in Marketing Plan - ANS✅✅1. Business mission & objectives
2. situation analysis (SWOT)
3. Identify opportunities
4. Implement Marketing Mix
5. Evaluate performance using marketing metrics
business mission and objectives - ANS✅✅what are we planning on an what do we intend to be in
the future?
Situation Analysis (SWOT) - ANS✅✅strengths, weaknesses, opportunities, threats
opportunities - ANS✅✅Segmentation, Targeting, Positioning
