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MGMT 322 Exam 1 with accurate detailed answers || || || || || || ||
Customer-Centric Marketing - ✔✔Customer --> || || || ||
Product, Price, Promotion, Channel -->
|| || || ||
Environment
Elements of Marketing Mix - ✔✔Product, Price, Promotion, Place (Channel)
|| || || || || || || || ||
Product - ✔✔A good, a service, or an idea *If you're doing a good job, they are always
|| || || || || || || || || || || || || || || || || ||
consistent. Services are much more difficult to maintain
|| || || || || || ||
Price - ✔✔The decisions and actions that determine product prices *customers are
|| || || || || || || || || || || ||
concerned about the value obtained in exchange
|| || || || || ||
Promotion - ✔✔Relates to activities used to market the organization and/or product to
|| || || || || || || || || || || || ||
individuals or groups. || ||
Place (Channel) - ✔✔Availability of products at the right time in convenient locations.
|| || || || || || || || || || || || ||
*keep total inventory, transportation, and storage costs as low as possible
|| || || || || || || || || ||
Target Market - ✔✔Is a specific group of customers on whom an organization focuses its
|| || || || || || || || || || || || || || ||
marketing efforts. *Reps best market || || || ||
Need - ✔✔it's essential and you can't live without it, you can control as marketers.
|| || || || || || || || || || || || || ||
Channels - ✔✔3 Ways Firms Get Product Through Customers:
|| || || || || || || ||
Direct, Through a retailer, Through a wholesaler and a retailer
|| || || || || || || || ||
, 2
Direct Channel - ✔✔Firm ships direct to customer
|| || || || || || ||
Through a Retailer - ✔✔Firm ships directly to a large retailer, who sells to customer
|| || || || || || || || || || || || || ||
Through a Wholesaler and Retailer - ✔✔Firm sells to a wholesaler → who sells to a retailer
|| || || || || || || || || || || || || || || || ||
→ who sales to a customer - the most 'complex' channel arrangement
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Value - ✔✔A customer's subjective assessment of benefits relative to costs in determining
|| || || || || || || || || || || || ||
the worth of a product
|| || || ||
Difference Between Feature and Benefit - ✔✔Something that will make you want it more.
|| || || || || || || || || || || || || ||
Benefit is usually followed by the feature
|| || || || || ||
|| Ex. Porch goes 0-60 in 2 seconds feature
|| || || || || || ||
Market Share - ✔✔The percentage of a market that actually buys a specific product from a
|| || || || || || || || || || || || || || || ||
particular company. *Product quality, orders of entry into the market, and market share
|| || || || || || || || || || || || ||
have been associated with strategic business unit (SBU) success.
|| || || || || || || ||
Market Share Calculation - ✔✔Calculated by: =your sales / total market sales. The higher
|| || || || || || || || || || || || || ||
your market share the better your company is. It can't be over 100%
|| || || || || || || || || || || ||
Stakeholders - ✔✔Constituents who have a "stake," or claim, in some aspect of a company's
|| || || || || || || || || || || || || || ||
products, operations, markets, industry, and outcomes *anyone directly affected
|| || || || || || || ||
Marketing Concept - ✔✔production orientation, sales orientation, marketing orientation.
|| || || || || || || || ||
*they found that the best way to make sales and profits is to satisfy customers
|| || || || || || || || || || || || || ||
MGMT 322 Exam 1 with accurate detailed answers || || || || || || ||
Customer-Centric Marketing - ✔✔Customer --> || || || ||
Product, Price, Promotion, Channel -->
|| || || ||
Environment
Elements of Marketing Mix - ✔✔Product, Price, Promotion, Place (Channel)
|| || || || || || || || ||
Product - ✔✔A good, a service, or an idea *If you're doing a good job, they are always
|| || || || || || || || || || || || || || || || || ||
consistent. Services are much more difficult to maintain
|| || || || || || ||
Price - ✔✔The decisions and actions that determine product prices *customers are
|| || || || || || || || || || || ||
concerned about the value obtained in exchange
|| || || || || ||
Promotion - ✔✔Relates to activities used to market the organization and/or product to
|| || || || || || || || || || || || ||
individuals or groups. || ||
Place (Channel) - ✔✔Availability of products at the right time in convenient locations.
|| || || || || || || || || || || || ||
*keep total inventory, transportation, and storage costs as low as possible
|| || || || || || || || || ||
Target Market - ✔✔Is a specific group of customers on whom an organization focuses its
|| || || || || || || || || || || || || || ||
marketing efforts. *Reps best market || || || ||
Need - ✔✔it's essential and you can't live without it, you can control as marketers.
|| || || || || || || || || || || || || ||
Channels - ✔✔3 Ways Firms Get Product Through Customers:
|| || || || || || || ||
Direct, Through a retailer, Through a wholesaler and a retailer
|| || || || || || || || ||
, 2
Direct Channel - ✔✔Firm ships direct to customer
|| || || || || || ||
Through a Retailer - ✔✔Firm ships directly to a large retailer, who sells to customer
|| || || || || || || || || || || || || ||
Through a Wholesaler and Retailer - ✔✔Firm sells to a wholesaler → who sells to a retailer
|| || || || || || || || || || || || || || || || ||
→ who sales to a customer - the most 'complex' channel arrangement
|| || || || || || || || || || ||
Value - ✔✔A customer's subjective assessment of benefits relative to costs in determining
|| || || || || || || || || || || || ||
the worth of a product
|| || || ||
Difference Between Feature and Benefit - ✔✔Something that will make you want it more.
|| || || || || || || || || || || || || ||
Benefit is usually followed by the feature
|| || || || || ||
|| Ex. Porch goes 0-60 in 2 seconds feature
|| || || || || || ||
Market Share - ✔✔The percentage of a market that actually buys a specific product from a
|| || || || || || || || || || || || || || || ||
particular company. *Product quality, orders of entry into the market, and market share
|| || || || || || || || || || || || ||
have been associated with strategic business unit (SBU) success.
|| || || || || || || ||
Market Share Calculation - ✔✔Calculated by: =your sales / total market sales. The higher
|| || || || || || || || || || || || || ||
your market share the better your company is. It can't be over 100%
|| || || || || || || || || || || ||
Stakeholders - ✔✔Constituents who have a "stake," or claim, in some aspect of a company's
|| || || || || || || || || || || || || || ||
products, operations, markets, industry, and outcomes *anyone directly affected
|| || || || || || || ||
Marketing Concept - ✔✔production orientation, sales orientation, marketing orientation.
|| || || || || || || || ||
*they found that the best way to make sales and profits is to satisfy customers
|| || || || || || || || || || || || || ||
