D174/ UNIT 2 || A+ Certified Answers.
Two key marketing concepts are correct answers value and exchange
Value represents correct answers all the benefits you get from a product
exchange is the correct answers process of giving up something to gain something.
A common misconception of marketing is that it is a correct answers cost center. It is seen as
an expense, not an investment.
One misconception is that marketing is all about correct answers selling. Personal selling is
just another method of marketing communication, which is part of promotion in the
marketing mix.
Effectively targeting high-value sources of growth correct answers This problem focuses on
the need for the customer-centric approach that today's digital marketplace provides with the
ability to have the right product at the right time to the right customer.
The role of marketing in the firm and the C-suite correct answers This problem takes a supply
side focus on the processes and workflows of the marketing function and the role and
influence of the chief marketing officer (CMO).
The digital transformation of the modern corporation correct answers This problem addresses
both supply and demand. It involves gathering data from the customer and turning it into
insights that can help the organization compete, engage, and track its interactions with
consumers and measure how well the marketing is performing.
Generating and using insight to shape marketing practices correct answers This problem is an
addition to the previous one and relates to the role of marketing analytics within the firm. It is
about having access to information, being able to form insights into the customer, and make
decisions based on these insights.
Dealing with an omnichannel world correct answers Organizations can communicate in
different ways with consumers. They need to find the right mix of customer interfaces to
coordinate across multiple communication channels. Some organizations use a multichannel
strategy. This means a consumer sources information from different sources rather than an
integrated source. Other organizations use an omnichannel strategy that focuses on the
consumer and links communication sources based on customer needs. Thus, communication
is convenient and seamless for the consumer because they do not need to access information
from multiple sources. For example, Eva is a customer at a bank and has an account there for
a small home-based business and a personal checking account. Eva is very busy, and she
prefers to use online banking. An omnichannel strategy would allow her to interface with
both her small business and personal accounts through one online log-in.
Competing in dynamic, global markets correct answers Companies need to determine how
they will compete in global markets and what their competition will be globally, regionally,
and locally. Marketers need to assess the global marketplace and its opportunities. This
problem is integrated into all the other problems, as global markets can be a high-value
, source of growth, change the organizational structure and roles, and create challenges in
gathering information for insights about the global consumer.
Balancing incremental and radical innovations correct answers innovations are about more
than the product and can include technologies, business models, partnerships, and customer
experiences. The key with balancing innovation is operating in the present and for the future.
For example, Netflix had a DVD operation that it needed to support, but it also looked at
radical innovations in technology like moving to an on-demand and streaming service to
remain relevant in the in-home movie viewing marketplace (Jaworski et al., 2016).
Sara bought a new designer purse for her birthday. She had never spent that much on a purse,
but she decided it was worth the money because it was elegant.
What describes Sara's perception of buying the purse? correct answers Value
Correct! Sara perceived a product value that was positive based on her benefit-to-cost ratio.
Marketing correct answers an exchange process in which a consumer gives up something of
value (money, time, convenience) for something else that they want or need. The core
concepts of marketing are exchange and value.
While there are many misconceptions about marketing that come from its high visibility and
use of buzz words, marketing is more than just advertising or selling. It is about correct
answers creating value for consumers, organizations, and society.
Marketing can be defined as a set of activities characterized by correct answers creating,
communicating, delivering, and exchanging value with consumers or society; these activities
are considered the marketing mix or the 4Ps of product, promotion, place, and price.
Many marketers acknowledge the importance of product features, production, and sales while
realizing that the broader focus described below will help them be most effective: correct
answers Continuously collect information about customers' needs and competitors'
capabilities.
Share that information across departments.
Use the information to create a competitive advantage by increasing value for customers.
The extended marketing mix consists of the 7Ps.
What are the three additional Ps that extend the traditional 4Ps? correct answers People
Processes
Physical evidence
What are the 4Ps of the marketing mix? correct answers Product, price, place, promotion
What is a key component of the relationship-oriented marketing approach? correct answers
Correct! CRM helps facilitate customer satisfaction and loyalty as a process of understanding
customers' behaviors, activities, and interactions.
As the evolution of marketing continues, there are five key areas of shifts that are impacting
the future of marketing. These are correct answers shift to product glut and customer shortage
shift in information power from the marketer to the customer
shift in generational values and preferences
shift to distinguishing Marketing (Big M) from marketing (little m)
Two key marketing concepts are correct answers value and exchange
Value represents correct answers all the benefits you get from a product
exchange is the correct answers process of giving up something to gain something.
A common misconception of marketing is that it is a correct answers cost center. It is seen as
an expense, not an investment.
One misconception is that marketing is all about correct answers selling. Personal selling is
just another method of marketing communication, which is part of promotion in the
marketing mix.
Effectively targeting high-value sources of growth correct answers This problem focuses on
the need for the customer-centric approach that today's digital marketplace provides with the
ability to have the right product at the right time to the right customer.
The role of marketing in the firm and the C-suite correct answers This problem takes a supply
side focus on the processes and workflows of the marketing function and the role and
influence of the chief marketing officer (CMO).
The digital transformation of the modern corporation correct answers This problem addresses
both supply and demand. It involves gathering data from the customer and turning it into
insights that can help the organization compete, engage, and track its interactions with
consumers and measure how well the marketing is performing.
Generating and using insight to shape marketing practices correct answers This problem is an
addition to the previous one and relates to the role of marketing analytics within the firm. It is
about having access to information, being able to form insights into the customer, and make
decisions based on these insights.
Dealing with an omnichannel world correct answers Organizations can communicate in
different ways with consumers. They need to find the right mix of customer interfaces to
coordinate across multiple communication channels. Some organizations use a multichannel
strategy. This means a consumer sources information from different sources rather than an
integrated source. Other organizations use an omnichannel strategy that focuses on the
consumer and links communication sources based on customer needs. Thus, communication
is convenient and seamless for the consumer because they do not need to access information
from multiple sources. For example, Eva is a customer at a bank and has an account there for
a small home-based business and a personal checking account. Eva is very busy, and she
prefers to use online banking. An omnichannel strategy would allow her to interface with
both her small business and personal accounts through one online log-in.
Competing in dynamic, global markets correct answers Companies need to determine how
they will compete in global markets and what their competition will be globally, regionally,
and locally. Marketers need to assess the global marketplace and its opportunities. This
problem is integrated into all the other problems, as global markets can be a high-value
, source of growth, change the organizational structure and roles, and create challenges in
gathering information for insights about the global consumer.
Balancing incremental and radical innovations correct answers innovations are about more
than the product and can include technologies, business models, partnerships, and customer
experiences. The key with balancing innovation is operating in the present and for the future.
For example, Netflix had a DVD operation that it needed to support, but it also looked at
radical innovations in technology like moving to an on-demand and streaming service to
remain relevant in the in-home movie viewing marketplace (Jaworski et al., 2016).
Sara bought a new designer purse for her birthday. She had never spent that much on a purse,
but she decided it was worth the money because it was elegant.
What describes Sara's perception of buying the purse? correct answers Value
Correct! Sara perceived a product value that was positive based on her benefit-to-cost ratio.
Marketing correct answers an exchange process in which a consumer gives up something of
value (money, time, convenience) for something else that they want or need. The core
concepts of marketing are exchange and value.
While there are many misconceptions about marketing that come from its high visibility and
use of buzz words, marketing is more than just advertising or selling. It is about correct
answers creating value for consumers, organizations, and society.
Marketing can be defined as a set of activities characterized by correct answers creating,
communicating, delivering, and exchanging value with consumers or society; these activities
are considered the marketing mix or the 4Ps of product, promotion, place, and price.
Many marketers acknowledge the importance of product features, production, and sales while
realizing that the broader focus described below will help them be most effective: correct
answers Continuously collect information about customers' needs and competitors'
capabilities.
Share that information across departments.
Use the information to create a competitive advantage by increasing value for customers.
The extended marketing mix consists of the 7Ps.
What are the three additional Ps that extend the traditional 4Ps? correct answers People
Processes
Physical evidence
What are the 4Ps of the marketing mix? correct answers Product, price, place, promotion
What is a key component of the relationship-oriented marketing approach? correct answers
Correct! CRM helps facilitate customer satisfaction and loyalty as a process of understanding
customers' behaviors, activities, and interactions.
As the evolution of marketing continues, there are five key areas of shifts that are impacting
the future of marketing. These are correct answers shift to product glut and customer shortage
shift in information power from the marketer to the customer
shift in generational values and preferences
shift to distinguishing Marketing (Big M) from marketing (little m)
