MARK 3000 Cuppari EXAM 1 questions with answers

MARK 3000 Cuppari EXAM 1 questions with \| \| \| \| \| \| \|




answers

What is Marketing? - CORRECT ANSWERS ✔✔· Marketing is the
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activity, set of institutions, and processes for creating, capturing,
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communicating, delivering, and exchanging offerings that have \| \| \| \| \| \| \|


VALUE for customers, clients, partners, and society at large.
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· Everything you do each day, all of your transactions, what you
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buy, where you go, what you read = are all marketing
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engagements


How do you create Value? - CORRECT ANSWERS ✔✔Marketing
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teams use social media, tv, ads, magazines and such
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*Marketing does not equal Advertising \| \| \| \|




*Communicating of a message is Marketing - CORRECT \| \| \| \| \| \| \| \|


ANSWERS ✔✔ \|




Another definition of Marketing: - CORRECT ANSWERS
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✔✔Marketing Management is the art and science of choosing \| \| \| \| \| \| \| \| \|


target markets and getting, keeping, and growing customers
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through creating, delivering, and communicating superior
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customer value" \|




Advertising: - CORRECT ANSWERS ✔✔· Not being defining the
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strategy behind your product or service
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· Not focused on identifying the customer need/value proposition
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,· Advertising is the exercise of promoting a company and its
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product or service through paid, owned, and earned media
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channels
· Advertising is less about strategy
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· Advertising is a step within the overall marketing process
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5 aspects of Marketing - CORRECT ANSWERS ✔✔· 1. Marketing
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affects various stakeholders \| \|




· 2. Marketing is about satising customer needs and wants
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· 2. Marketing entails an exchange
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· 4. Marketing creates value through product, price, place, and
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promotion (4 Ps) \| \|




· 5. Marketing can be performed by BOTH individuals and
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organization


Marketing Entails an Exchange: - CORRECT ANSWERS\| \| \| \| \| \| \|


✔✔Communication and delivery -> Money and information \| \| \| \| \| \|




The Marketing Mix (The 4 Ps) - CORRECT ANSWERS ✔✔1.
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Product = Creating Value \| \| \|




2. Price = Capturing Value
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3. Place = Delivering Value
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4. Promotion = Communicating Value
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The Marketing Mix: - CORRECT ANSWERS ✔✔· The controllable
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set of decisions or activities that the firm uses to respond to the
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wants or its target markets
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,Product - CORRECT ANSWERS ✔✔Creating Value
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· The fundamental purpose of marketing is to create value by
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developing a variety of offerings to satisfy Goods, Services, and
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Ideas


Price - CORRECT ANSWERS ✔✔Capturing Value
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· Price is everything a buyer gives up in exchange for the
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product or service \| \|




· Markets must determine the price of the product carefully on
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the basis of the buyers belief about its value
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Place - CORRECT ANSWERS ✔✔Delivering the Value Proposition
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· Place represents all the marketing processes necessary to get
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the product to the right customer when that customer wants it
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· Place more commonly deals specifically with retailing and
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marketing channel management, also known as supply chain
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management


Promotion - CORRECT ANSWERS ✔✔Communicating the Value
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Proposition
· Even the best products and services will go unsold if marketers
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cannot communicate their value to customers
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· Promotion is communication by a marketer that informs,
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persuades, and reminds potential buyers about a product to
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influence their buying decisions \| \| \|




· Enhances a products value
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, Marketing Impacts Various Stakeholders: - CORRECT ANSWERS
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✔✔· Marketers affect many stakeholders. Customers represent
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one stakeholder group, but others include all those in the supply
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chain, employees, and society at large.
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· Supply chain partners include manufacturers, agents,
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wholesalers, retailers, and so on. \| \| \| \|




· Companies market to employees with employment marketing,
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also known as internal marketing, to recruit and retain the best
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employees


Types of Stakeholders: - CORRECT ANSWERS ✔✔· Customers
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· Supply chain partners
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· Employees
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· Industry
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· Society
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Marketing is about satisfying ____ and _____ - CORRECT
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ANSWERS ✔✔Marketing is about satisfying NEEDS and WANTS
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Marketing is about delivering ____ to the consumer. - CORRECT
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ANSWERS ✔✔Marketing is about delivering VALUE to the
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consumer.


Who can perform marketing? - CORRECT ANSWERS ✔✔Individuals
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and Organizations
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