MK 3301 EXAM 1 QUESTIONS
COMPLETE WITH 100% CORRECT
ANSWERS
\.marketing - ANSWERS✔-the activity, set of institutions, and processes
for creating, capturing, communicating, delivering, and exchanging
offerings that have value for customer, clients, partners, and society
\.marketing plan - ANSWERS✔-specifies the marketing activities for a
specific period
\.What does marketing do? - ANSWERS✔-affects stakeholders,
performed by people/groups, creates value with the 4p's, entails and
exchange, satisfying customer needs and wants
\.Meeting needs and wants - ANSWERS✔-fundamental to success, need
target audience then divide into specific groups (market segments) and
build strategy to target that audience
\.entails an exchange - ANSWERS✔-trading things of value that leave
both buyer and seller better off (buyer gives money and seller gives
product/service)
,\.4p's/marketing mix - ANSWERS✔-product, price, place, and
promotion, used to respond to wants of target market
\.product - ANSWERS✔-creates value using goods, services, and ideas
\.price - ANSWERS✔-captures value, everything that that buyer gives up
(not always money), based on belief of value
\.place - ANSWERS✔-delivers value, getting products to the right person
when needed, needs good supply chain management and marketing
channel management, ex: starbucks having many locations for caffeine
lovers
\.supply chain management - ANSWERS✔-apart of the place (4p's),
efficient integration of suppliers, producers, warehouses, to place
products into consumer's possession as they require
\.marketing channel management - ANSWERS✔-making and keeping
partners in supply chain
, \.promotion - ANSWERS✔-communicates value and enhances it by
informing, persuading, and reminding customers to sway opinions and
get responses
\.Who does marketing come from? - ANSWERS✔-Business to business
(B2B: Sysco), Business to Consumer (B2C: Target), Consumer to
Consumer (C2C: Etsy)
\.Marketing eras - ANSWERS✔-Production era (good products sell
themselves), sales era (great depression decreased consumption, used
personal selling and advertising), market era (customers had choices
and made decisions on quality, convenience, and price), value-based
(satisfy needs and wants, current)
\.value based marketing - ANSWERS✔-reflections relationship between
benefits and costs at a price that shows value
\.relational orientation - ANSWERS✔-develop relationships with
customers for long term
\.customer relationship management (CRM) - ANSWERS✔-strategies
and systems that identify and build loyalty among valued customers
COMPLETE WITH 100% CORRECT
ANSWERS
\.marketing - ANSWERS✔-the activity, set of institutions, and processes
for creating, capturing, communicating, delivering, and exchanging
offerings that have value for customer, clients, partners, and society
\.marketing plan - ANSWERS✔-specifies the marketing activities for a
specific period
\.What does marketing do? - ANSWERS✔-affects stakeholders,
performed by people/groups, creates value with the 4p's, entails and
exchange, satisfying customer needs and wants
\.Meeting needs and wants - ANSWERS✔-fundamental to success, need
target audience then divide into specific groups (market segments) and
build strategy to target that audience
\.entails an exchange - ANSWERS✔-trading things of value that leave
both buyer and seller better off (buyer gives money and seller gives
product/service)
,\.4p's/marketing mix - ANSWERS✔-product, price, place, and
promotion, used to respond to wants of target market
\.product - ANSWERS✔-creates value using goods, services, and ideas
\.price - ANSWERS✔-captures value, everything that that buyer gives up
(not always money), based on belief of value
\.place - ANSWERS✔-delivers value, getting products to the right person
when needed, needs good supply chain management and marketing
channel management, ex: starbucks having many locations for caffeine
lovers
\.supply chain management - ANSWERS✔-apart of the place (4p's),
efficient integration of suppliers, producers, warehouses, to place
products into consumer's possession as they require
\.marketing channel management - ANSWERS✔-making and keeping
partners in supply chain
, \.promotion - ANSWERS✔-communicates value and enhances it by
informing, persuading, and reminding customers to sway opinions and
get responses
\.Who does marketing come from? - ANSWERS✔-Business to business
(B2B: Sysco), Business to Consumer (B2C: Target), Consumer to
Consumer (C2C: Etsy)
\.Marketing eras - ANSWERS✔-Production era (good products sell
themselves), sales era (great depression decreased consumption, used
personal selling and advertising), market era (customers had choices
and made decisions on quality, convenience, and price), value-based
(satisfy needs and wants, current)
\.value based marketing - ANSWERS✔-reflections relationship between
benefits and costs at a price that shows value
\.relational orientation - ANSWERS✔-develop relationships with
customers for long term
\.customer relationship management (CRM) - ANSWERS✔-strategies
and systems that identify and build loyalty among valued customers
