MKTG 3131 EXAM 1 - GEORGIA SOUTHERN QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
Marketing definition - (ANSWER)activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large.
Goal of marketing - (ANSWER)To meet customers' needs (goods and services you need) and wants
(goods and services you do not need but would like to have) with products that customers can and will
buy
4 criteria/conditions for marketing to occur - (ANSWER)1) Two plus parties with unsatisfied needs. Ex.
I'm hungry and domino's needs to sell pizza.
2) A desire and ability to be satisfied. Ex. if on diet, won't order if domino's goods (ability) to fill order.
3) A way for the parties to communicate.
4) Some to exchange. Ex. Pizza=$, or something of value.
Who engages in marketing and the 3 types of marketing (B2C, B2B, C2C) - (ANSWER)B2C- Business to
consumer
B2B- Business to business
C2C- Consumer to consumer
Controllable factors (aka marketing mix) - know and be able to describe the 4 P's - (ANSWER)Product,
price, place and promotion. Firm uses these to respond to wants of target markets.
Product - (ANSWER)Creates value through a good, service, idea or combination.
Price - (ANSWER)Captures value through in an exchange.
Place - (ANSWER)Represents all the activities necessary to get the product to the right customer when
they want it.
Promotion - (ANSWER)Marketers must communicate value to customers.
, MKTG 3131 EXAM 1 - GEORGIA SOUTHERN QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
Stakeholders that marketing impacts - (ANSWER)Supply chain partners, society at large. Wholesalers,
retailers, or other intermediaries.
target market - (ANSWER)a set of buyers sharing common needs or characteristics that the company
decides to serve
Market - (ANSWER)a group of buyers and sellers of a particular good or service
Goals - (ANSWER)Goals- specific to objective to be accomplished, usually s.m.a.r.t.
Strategies - (ANSWER)organizations long-term course of action designed to deliver a unique customer
experience while achieving its goals. No organization could exist without.
Tactics - (ANSWER)the methods and actions taken to accomplish strategies
Why strategy is needed - (ANSWER)Can't be all things to all people. Limited resources. Need to decide
where to focus.
What is included in strategy - (ANSWER)Firms target market, marketing mix, method of obtaining
sustainable competitive advantage.
Marketing metric - (ANSWER)a measure of the value or trend of a marketing activity or result
Sustainable Competitive advantage and types of strategies that help achieve it (we talked about 4 types
of excellence) - (ANSWER)Something firm can persistently do better than its competitors that can not be
easily replicated.
Longer term.
Ultimate goal to be successful.
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
Marketing definition - (ANSWER)activity, set of institutions, and processes for creating, capturing,
communicating, delivering, and exchanging offerings that have value for customers, clients, partners,
and society at large.
Goal of marketing - (ANSWER)To meet customers' needs (goods and services you need) and wants
(goods and services you do not need but would like to have) with products that customers can and will
buy
4 criteria/conditions for marketing to occur - (ANSWER)1) Two plus parties with unsatisfied needs. Ex.
I'm hungry and domino's needs to sell pizza.
2) A desire and ability to be satisfied. Ex. if on diet, won't order if domino's goods (ability) to fill order.
3) A way for the parties to communicate.
4) Some to exchange. Ex. Pizza=$, or something of value.
Who engages in marketing and the 3 types of marketing (B2C, B2B, C2C) - (ANSWER)B2C- Business to
consumer
B2B- Business to business
C2C- Consumer to consumer
Controllable factors (aka marketing mix) - know and be able to describe the 4 P's - (ANSWER)Product,
price, place and promotion. Firm uses these to respond to wants of target markets.
Product - (ANSWER)Creates value through a good, service, idea or combination.
Price - (ANSWER)Captures value through in an exchange.
Place - (ANSWER)Represents all the activities necessary to get the product to the right customer when
they want it.
Promotion - (ANSWER)Marketers must communicate value to customers.
, MKTG 3131 EXAM 1 - GEORGIA SOUTHERN QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+||BRAND NEW
Stakeholders that marketing impacts - (ANSWER)Supply chain partners, society at large. Wholesalers,
retailers, or other intermediaries.
target market - (ANSWER)a set of buyers sharing common needs or characteristics that the company
decides to serve
Market - (ANSWER)a group of buyers and sellers of a particular good or service
Goals - (ANSWER)Goals- specific to objective to be accomplished, usually s.m.a.r.t.
Strategies - (ANSWER)organizations long-term course of action designed to deliver a unique customer
experience while achieving its goals. No organization could exist without.
Tactics - (ANSWER)the methods and actions taken to accomplish strategies
Why strategy is needed - (ANSWER)Can't be all things to all people. Limited resources. Need to decide
where to focus.
What is included in strategy - (ANSWER)Firms target market, marketing mix, method of obtaining
sustainable competitive advantage.
Marketing metric - (ANSWER)a measure of the value or trend of a marketing activity or result
Sustainable Competitive advantage and types of strategies that help achieve it (we talked about 4 types
of excellence) - (ANSWER)Something firm can persistently do better than its competitors that can not be
easily replicated.
Longer term.
Ultimate goal to be successful.
