UGA MARK 3000 FINAL EXAM LOOMER VERIFIED
ACCURATE STUDY GUIDE
Product: Creating Value - Answers - Marketers create value by developing a variety of
offerings, including goods, services, and ideas, to satisfy customer needs
Price: Capturing Value - Answers - Price is everything a buyer gives up, including
money, in exchange for the product or service
Place: Delivering Value - Answers - Marketing processes necessary to get the product
to the right customer at the right time
Promotion: Communicating Value - Answers - Communication that informs, persuades,
and reminds potential buyers about a product or service to influence their buying
Customer Excellence - Answers - Achieved when a firm develops strategies for
retaining loyal customers and provides outstanding customer service
Operational Excellence - Answers - Achieved through efficient operations, excellent
supply chain management, and strong relationships with suppliers
Product Excellence - Answers - Achieved by developing products with high perceived
value through effective branding and positioning
Locational Excellence - Answers - Achieved by having a strong physical location and/or
Internet presence; especially important for retailers and service providers
Situation Analysis (SWOT) - Answers - Strengths, Weaknesses, Opportunities, and
Threats
Internal - Answers - Strengths and Weaknesses (In companies control)
External - Answers - Opportunities and threats (outside of companies control)
Core competencies - Answers - Doing what you're good at, don't be someone you're
not. Point of differentiation in a business
Company Capabilities - Answers - A defining capability or advantage that distinguishes
an enterprise from its competitors
Portfolio Analysis (BCG) - Answers - Stars, Cash Cows, Question Marks, Dogs
Stars - Answers - High growth and high market share
, Question Marks - Answers - High growth and low market share
Cash Cows - Answers - Low growth and high market share
Dogs - Answers - Low growth and low market share
Growth Strategies - Answers - strategies firms use to grow based on the decision to
enter new markets or develop new products and services
Market Penetration Strategy - Answers - This strategy encourages current users to
consume more of the current product mix
Market Development Strategy - Answers - This strategy might include targeting different
consumers in the home market or seeking global expansion
Product Development Strategy - Answers - The third growth strategy option involves
innovative product and service offerings to meet changing needs of existing consumers
Diversification Strategy - Answers - This is the riskiest of all growth strategies, requires
extensive research into emerging markets and firm capabilities
Consumer Decision Process - Answers - need recognition, information search,
alternative evaluation, purchase, post purchase
Need Recognition - Answers - Functional needs, Psychological needs
Information Search - Answers - Consumer is motivated to search for more information
alternative evaluation - Answers - consumer uses information to evaluate alternative
brands in the choice set
purchase - Answers - to buy
post purchase - Answers - -customer satisfaction
-likelihood to repeat
-generate word of mouth
Performance Risk - Answers - Will this work?
Financial Risk - Answers - Can I afford this?
Social Risk - Answers - Are people gonna make fun of me for having this?
Physiological Risk - Answers - Will I fall and get hurt?
Psychological Risk - Answers - Will I be comfortable with this for myself?
ACCURATE STUDY GUIDE
Product: Creating Value - Answers - Marketers create value by developing a variety of
offerings, including goods, services, and ideas, to satisfy customer needs
Price: Capturing Value - Answers - Price is everything a buyer gives up, including
money, in exchange for the product or service
Place: Delivering Value - Answers - Marketing processes necessary to get the product
to the right customer at the right time
Promotion: Communicating Value - Answers - Communication that informs, persuades,
and reminds potential buyers about a product or service to influence their buying
Customer Excellence - Answers - Achieved when a firm develops strategies for
retaining loyal customers and provides outstanding customer service
Operational Excellence - Answers - Achieved through efficient operations, excellent
supply chain management, and strong relationships with suppliers
Product Excellence - Answers - Achieved by developing products with high perceived
value through effective branding and positioning
Locational Excellence - Answers - Achieved by having a strong physical location and/or
Internet presence; especially important for retailers and service providers
Situation Analysis (SWOT) - Answers - Strengths, Weaknesses, Opportunities, and
Threats
Internal - Answers - Strengths and Weaknesses (In companies control)
External - Answers - Opportunities and threats (outside of companies control)
Core competencies - Answers - Doing what you're good at, don't be someone you're
not. Point of differentiation in a business
Company Capabilities - Answers - A defining capability or advantage that distinguishes
an enterprise from its competitors
Portfolio Analysis (BCG) - Answers - Stars, Cash Cows, Question Marks, Dogs
Stars - Answers - High growth and high market share
, Question Marks - Answers - High growth and low market share
Cash Cows - Answers - Low growth and high market share
Dogs - Answers - Low growth and low market share
Growth Strategies - Answers - strategies firms use to grow based on the decision to
enter new markets or develop new products and services
Market Penetration Strategy - Answers - This strategy encourages current users to
consume more of the current product mix
Market Development Strategy - Answers - This strategy might include targeting different
consumers in the home market or seeking global expansion
Product Development Strategy - Answers - The third growth strategy option involves
innovative product and service offerings to meet changing needs of existing consumers
Diversification Strategy - Answers - This is the riskiest of all growth strategies, requires
extensive research into emerging markets and firm capabilities
Consumer Decision Process - Answers - need recognition, information search,
alternative evaluation, purchase, post purchase
Need Recognition - Answers - Functional needs, Psychological needs
Information Search - Answers - Consumer is motivated to search for more information
alternative evaluation - Answers - consumer uses information to evaluate alternative
brands in the choice set
purchase - Answers - to buy
post purchase - Answers - -customer satisfaction
-likelihood to repeat
-generate word of mouth
Performance Risk - Answers - Will this work?
Financial Risk - Answers - Can I afford this?
Social Risk - Answers - Are people gonna make fun of me for having this?
Physiological Risk - Answers - Will I fall and get hurt?
Psychological Risk - Answers - Will I be comfortable with this for myself?
