MKTG 6822 FINAL ACTUAL TEST
QUESTIONS AND ACCURATE ANSWERS
COMPLETE REVIEW SHEET
●● Customer Satisfaction
Answer: Marketing plays a vital role in satisfying customers needs and
enhancing customer experience
●● The Marketing Mix- 4 P's of Marketing
Answer: Product: goods and services at meet customer needs
Price: Value exchange and profitability
Place: distribution channels where a customer can purchase (delivering)
Promotion: Communicates product value and persuades through
campaigns
●● 2 Primary Goals of Marketing
Answer: 1. Discover the needs and wants of customers
2. Satisfy these needs and wants
●● How have companies marketing strategies changed overtime?
Answer: From production orientation (push) to selling orientation (pull)
,●● Product orientation
Answer: Companies focused on product innovation
- Industrial Revolution (focus on reducing production cost, "good
products would sell themselves"
●● Market Oriented
Answer: Companies compete on value (benefits buyers receive that meet
their needs)
- Ex. Amazon
●● What era are we in today?
Answer: - Value era: companies emphasize creating value for customers
(customer centric, similar to market oriented)
- One-to-one era: companies compete by building relationships with
customers one at a time and seek to serve each customer's needs
individually (personalization)
- Transformative era: Marketing is transforming complete companies
and products to serve customers more completely (all around services)
●● The new marketing construct- Evolution of the 4 P's
Answer: 4 core aspects of marketing within VALUE at the center
- Creating value= Product
- Communicating value = Promotion
- Delivering value = Place
,- Exchanging value= Price
Value= benefits buyers receive that meets their needs
●● Pt 2: New construct- Evolution of "product and services" to ...
Answer: Offerings: The entire bundle of a tangible good and price that
composes what a company offers to customers (ex. iphone comes with
apple care, warrenty, customer service)
●● Personal Value Equation
Answer: Value= Benefits received - (price + hassle)
Hassle: time and effort customer puts into shopping process
●● Strategic Planning Definition
Answer: Defining clear long-term marketing goals to guide
organizational efforts effectively
- Marketing initiatives are aligned with strategic goals
- Efficient use of resources ensures marketing strategies are sustainable
and deliver optimal results
, ●● Levels of Strategic Planning: Corporate, Business, Functional
Answer: Corporate Level (C-Suite): Define overall direction and scope
of the entire organizational to create long term value and growth
Business Level: Focuses on competitive positioning and how to gain
advantage within a specific market or industry
Functional Level: Details specific marketing, operational, tactical
actions to implement business strategy effectively
●● Steps Involved In Marketing Strategic Planning
Answer: Define mission
Conduct situational analysis (SWOT)
Set objectives (SMART)
Develop and implement strategies
●● SWOT analysis
Answer: Internal:
Strengths, Weaknesses
External
Opportunities, Threats
QUESTIONS AND ACCURATE ANSWERS
COMPLETE REVIEW SHEET
●● Customer Satisfaction
Answer: Marketing plays a vital role in satisfying customers needs and
enhancing customer experience
●● The Marketing Mix- 4 P's of Marketing
Answer: Product: goods and services at meet customer needs
Price: Value exchange and profitability
Place: distribution channels where a customer can purchase (delivering)
Promotion: Communicates product value and persuades through
campaigns
●● 2 Primary Goals of Marketing
Answer: 1. Discover the needs and wants of customers
2. Satisfy these needs and wants
●● How have companies marketing strategies changed overtime?
Answer: From production orientation (push) to selling orientation (pull)
,●● Product orientation
Answer: Companies focused on product innovation
- Industrial Revolution (focus on reducing production cost, "good
products would sell themselves"
●● Market Oriented
Answer: Companies compete on value (benefits buyers receive that meet
their needs)
- Ex. Amazon
●● What era are we in today?
Answer: - Value era: companies emphasize creating value for customers
(customer centric, similar to market oriented)
- One-to-one era: companies compete by building relationships with
customers one at a time and seek to serve each customer's needs
individually (personalization)
- Transformative era: Marketing is transforming complete companies
and products to serve customers more completely (all around services)
●● The new marketing construct- Evolution of the 4 P's
Answer: 4 core aspects of marketing within VALUE at the center
- Creating value= Product
- Communicating value = Promotion
- Delivering value = Place
,- Exchanging value= Price
Value= benefits buyers receive that meets their needs
●● Pt 2: New construct- Evolution of "product and services" to ...
Answer: Offerings: The entire bundle of a tangible good and price that
composes what a company offers to customers (ex. iphone comes with
apple care, warrenty, customer service)
●● Personal Value Equation
Answer: Value= Benefits received - (price + hassle)
Hassle: time and effort customer puts into shopping process
●● Strategic Planning Definition
Answer: Defining clear long-term marketing goals to guide
organizational efforts effectively
- Marketing initiatives are aligned with strategic goals
- Efficient use of resources ensures marketing strategies are sustainable
and deliver optimal results
, ●● Levels of Strategic Planning: Corporate, Business, Functional
Answer: Corporate Level (C-Suite): Define overall direction and scope
of the entire organizational to create long term value and growth
Business Level: Focuses on competitive positioning and how to gain
advantage within a specific market or industry
Functional Level: Details specific marketing, operational, tactical
actions to implement business strategy effectively
●● Steps Involved In Marketing Strategic Planning
Answer: Define mission
Conduct situational analysis (SWOT)
Set objectives (SMART)
Develop and implement strategies
●● SWOT analysis
Answer: Internal:
Strengths, Weaknesses
External
Opportunities, Threats
