SI CHEN EXAM 1 MBA 706 QUESTIONS & ANSWERS(RATED A+)

SI CHEN EXAM 1 MBA 706 QUESTIONS
& ANSWERS(RATED A+)
What is Marketing? (list 6) - ANSWER- marketing helps create value
- marketing satisfies customer needs and wants
- marketing entails an exchange
- marketing requires decisions on the 4ps
- marketing can be performed by individuals & organizations
- marketing occurs in different settings

What is the AMA definition of marketing? - ANSWERMarketing is the activity, set of
institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large.

What is Professor Philip Kotler definition of marketing? - ANSWERMarketing is:
To create, to communicate, and to deliver value to a target market at a profit

CCDVTP Stands for - ANSWERThis is Professors Philip Kotler definition of
marketing
which stands for
Create, Communicate, and Deliver Value to a target market at a Profit

Create Value = product management
Communicate Value = Brand Management
Deliver Value = Customer Management

What is the traditionally Marketing Mix? (ORDER IS IMPOTANT ) - ANSWERThe
4Ps, with product being first and the most important
- Product
- Price
- Place
- Promotion

a set of marketing tools that the firm uses to pursue its marketing objectives in the
target - ANSWERMarketing mix

If we were to do a mix-and-match of the 4Ps with the 4 verbs from the AMA definition
we would get: - ANSWERProduct -->Create
Price --> Exchange
Place --> Deliver
Promotion -->Communicate

_______ are the tools that firms can use/manipulate to achieve their goals and are
the foundation of the marketing framework - ANSWERtraditional 4ps

The marketing mix is influenced by - ANSWERthe external environment(political,
environment, social and technological), consumers and competitors

, Competitors are influenced by - ANSWERconsumers and external environment

Define "open technology" or "open innovation" - ANSWERFrom Philip Kotler: Find
the best ideas, wherever they come from!

What's new about customer management? - ANSWERFrom Philp Kotler: We want to
know the customers--not just have them in a database. We want to co-create our
products and ads with our customers!

list some examples of additional 4ps - ANSWERpersonnel, personality of a
store/brand
people--> employees
physical evidence --> inside the store
Process Management --) shopping experience

Decisions on the 4Ps affect ___ buys from the firm and _____ they buy, and
ultimately the profitability of the firm. - ANSWERwho; how many

In a very simple economic model: a retailer's profits = - ANSWERsales revenue -
costs

What is the formula for sales revenue? - ANSWERPrice * Qty for 1 product

determined by consumers. They will consider price (budget), product itself (utilities),
place (physical energy required), promotion (budget), competitor's offerings, & other
factors. - ANSWERQuantity

Costs associated with selling goods - ANSWERcosts

What are the differences between customer needs and wants? - ANSWERNeeds--
necessities (water)
Wants -- desires (Ferrari)

Marketing entails an exchange of what? - ANSWERMoney, goods, information

what does the external environment influence ? - ANSWERconsumer behavior, firms
decisions on P4, and firm's performance and competitors profitability

What are the 5 stages of the management process? - ANSWER•Stage 1: strategic
and marketing analysis(where are we now?)
•Stage 2: strategic direction and strategy formulation(where do we want to be?)
•Stage 3: develop alternatives(how might we get there?)
•Stage 4: evaluation of alternatives(which way is best?)
•Stage 5: strategy implementation, monitoring, and control.(how can we ensure
arrival?)

What are the 3 aspects of a strategic choice? - ANSWER- Generation of strategic
options
- Evaluation of strategic options