M370 ICORE MIDTERM STUDY GUIDE
Marketing - Answer --The activity, set of institutions, and processes for creating,
CAPTURING, communicating, delivering, and exchanging offerings that have values for
customers, clients, partners, and society at large.
-Good marketing should mean doing something for the world at large, while also
benefiting the firm and its customers.
Marketing Plan - Answer --Specifies the marketing activities for a specific period of
time.
-Broken down by how the product/service will be conceived or designed, how much it
should cost, where and how it will be promoted, and how it will get to the consumer.
Marketing Mix (The 4 Ps) - Answer --Four interrelated decisions and consequent
actions that marketing has been traditionally divided into.
-Controllable set of decisions or activities that the firm uses to respond to the wants of
its target markets
Creating Value: Product - Answer --Creating value is the fundamental purpose of
marketing
-Variety of bars example in the textbook (create value by offering something in particular
to the customer)
-Services (offer specific things)
-Marketing creates value by promoting ideas as well.
Capturing Value: Price - Answer --Determine how much customers are willing to pay so
they are satisfied with the purchase, while the seller still achieves a reasonable profit.
Delivering the Value Proposition: Place - Answer --Represents all the activities
necessary to get the product to the right customer when that customer wants it.
-Supply chain management: set of approaches and techniques firms employ to
efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores,
and other firms involved in the transaction (e.g., transportation companies) into a
seamless value chain in which merchandise is produced and distributed in the right
quantities, to the right locations, and at the right time, while minimizing system-wide
costs and satisfying the service levels required by the customers.
-Without a strong marketing channel system, merchandise isn't available when the
customers want it, causing sales and profits to suffer.
Communicating the Value Proposition: Promotion - Answer --Communication by a
marketer that informs, persuades, and reminds potential buyers about a product or
service to influence their opinions and elicit a response.
Business-to-Consumer Marketing (B2C) - Answer --Businesses sell to customers
, Business-to-Business (B2B) - Answer --Selling merchandise or services from one
business to another
Consumer-to-Consumer (C2C) - Answer --Customers sell to other customers
-Etsy, Ebay
Suspend marketing and advertising, who would charge the least? (Hulu, Buzzfeed,
NBC, Facebook) - Answer -Facebook because it can likely make up by charging users
an annual fee
Production-Oriented Era (1900-1920) - Answer --A good product will sell itself
-Henry Ford: "Customers can have any car they like so long as its black"
-Concerned with product innovation not satisfying the needs of individual customers
-Retail stores were considered places to hold the merchandise until a consumer wanted
it.
Sales-Oriented Era (1920-1950) - Answer --Production and distribution techniques
became more sophisticated
-Great Depression and WWII conditions customers to consumer less
-People manufactured items themselves
-Manufactures had the capacity to produce more than customers really wanted or were
able to buy
Market-Oriented Era (1950-1990) - Answer --Suburban communities sprout up with
cars in the garage
-Products once in limited supply became plentiful
-Customer became king
-Customer has purchasing decisions basing off quality, convenience, and price.
-THIS IS WHEN MANUFACTURERS AND RETAILERS BEGAN TO FOCUS ON WHAT
CONSUMERS WANTED AND NEEDED BEFORE THEY DESIGNED, MADE, or
ATTEMPTED TO SELL PRODUCTS/SERVICES
Value-Based Marketing Era (1990-Now) - Answer --Companies try to give customers
more value than their competitors did.
-Customers seek a fair return in goods and/or services that meet their specific needs or
wants AND are offered at a price that is seen as good value.
-What they get for what they give
Value Cocreation - Answer --Customers can act as collaborators to create a product or
service.
-Clients working with their investment advisors and Nike allowing customers to custom
design their sneakers.
Relational Orientation - Answer --Think about customers in terms of relationships rather
than transactions.
Marketing - Answer --The activity, set of institutions, and processes for creating,
CAPTURING, communicating, delivering, and exchanging offerings that have values for
customers, clients, partners, and society at large.
-Good marketing should mean doing something for the world at large, while also
benefiting the firm and its customers.
Marketing Plan - Answer --Specifies the marketing activities for a specific period of
time.
-Broken down by how the product/service will be conceived or designed, how much it
should cost, where and how it will be promoted, and how it will get to the consumer.
Marketing Mix (The 4 Ps) - Answer --Four interrelated decisions and consequent
actions that marketing has been traditionally divided into.
-Controllable set of decisions or activities that the firm uses to respond to the wants of
its target markets
Creating Value: Product - Answer --Creating value is the fundamental purpose of
marketing
-Variety of bars example in the textbook (create value by offering something in particular
to the customer)
-Services (offer specific things)
-Marketing creates value by promoting ideas as well.
Capturing Value: Price - Answer --Determine how much customers are willing to pay so
they are satisfied with the purchase, while the seller still achieves a reasonable profit.
Delivering the Value Proposition: Place - Answer --Represents all the activities
necessary to get the product to the right customer when that customer wants it.
-Supply chain management: set of approaches and techniques firms employ to
efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores,
and other firms involved in the transaction (e.g., transportation companies) into a
seamless value chain in which merchandise is produced and distributed in the right
quantities, to the right locations, and at the right time, while minimizing system-wide
costs and satisfying the service levels required by the customers.
-Without a strong marketing channel system, merchandise isn't available when the
customers want it, causing sales and profits to suffer.
Communicating the Value Proposition: Promotion - Answer --Communication by a
marketer that informs, persuades, and reminds potential buyers about a product or
service to influence their opinions and elicit a response.
Business-to-Consumer Marketing (B2C) - Answer --Businesses sell to customers
, Business-to-Business (B2B) - Answer --Selling merchandise or services from one
business to another
Consumer-to-Consumer (C2C) - Answer --Customers sell to other customers
-Etsy, Ebay
Suspend marketing and advertising, who would charge the least? (Hulu, Buzzfeed,
NBC, Facebook) - Answer -Facebook because it can likely make up by charging users
an annual fee
Production-Oriented Era (1900-1920) - Answer --A good product will sell itself
-Henry Ford: "Customers can have any car they like so long as its black"
-Concerned with product innovation not satisfying the needs of individual customers
-Retail stores were considered places to hold the merchandise until a consumer wanted
it.
Sales-Oriented Era (1920-1950) - Answer --Production and distribution techniques
became more sophisticated
-Great Depression and WWII conditions customers to consumer less
-People manufactured items themselves
-Manufactures had the capacity to produce more than customers really wanted or were
able to buy
Market-Oriented Era (1950-1990) - Answer --Suburban communities sprout up with
cars in the garage
-Products once in limited supply became plentiful
-Customer became king
-Customer has purchasing decisions basing off quality, convenience, and price.
-THIS IS WHEN MANUFACTURERS AND RETAILERS BEGAN TO FOCUS ON WHAT
CONSUMERS WANTED AND NEEDED BEFORE THEY DESIGNED, MADE, or
ATTEMPTED TO SELL PRODUCTS/SERVICES
Value-Based Marketing Era (1990-Now) - Answer --Companies try to give customers
more value than their competitors did.
-Customers seek a fair return in goods and/or services that meet their specific needs or
wants AND are offered at a price that is seen as good value.
-What they get for what they give
Value Cocreation - Answer --Customers can act as collaborators to create a product or
service.
-Clients working with their investment advisors and Nike allowing customers to custom
design their sneakers.
Relational Orientation - Answer --Think about customers in terms of relationships rather
than transactions.
