BA 303 EXAM 1 LATEST
Some of the diverse areas of responsibility for marketing include the
following: - ANSWERS-Selling
Promotion
Product Management
Product Development
Pricing
Distribution
Advertising
Public Relations
THE DEFINITION OF MARKETING: - ANSWERS-The process of
planning and executing the conception, pricing, promotion and
distribution of ideas, goods and services in order to create mutually
beneficial exchanges that satisfy individual and organizational
objectives.
MARKETING MIX: - ANSWERS-The various ingredients that must be
planned, and then executed in order to accomplish an effective
marketing policy.
4 P's OF MARKETING - ANSWERS-PRODUCT
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PAGE
1
, BA 303 EXAM 1 LATEST
PLACE
PRICE
PROMOTION
PRODUCT - ANSWERS-Refers to what the business or non-profit
organization offers to it's prospective customers or clients.
PLACE - ANSWERS-Refers to how goods and services actually get to a
prospective customer for sales consideration and eventual consumption.
2 Major Considerations:
1. Channels of Distribution
2. Physical Distribution
PRICE - ANSWERS-Refers to the amount of consideration a buyer
must exchange in order to purchase a product. Price ultimately
determines whether the customer will purchase the product; and whether
there is enough revenue generated for the organization to achieve a
profit.
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PAGE
2
, BA 303 EXAM 1 LATEST
PROMOTION - ANSWERS-Refers to the need to communicate
information to potential customers about a marketer's product offerings,
in order to initially create awareness of...
and ultimately desire for a product.
Promotion can take various forms. Various tools can be used
individually or in combination:
1. Advertising
2. Publicity
3. Sales promotions
4. Personal Selling
5. Visual Presentations
The evolution of marketing - ANSWERS-The Production Era
The Sales Era
The Marketing Era
The Relationship Marketing Era
THE 3 PILLARS OF THE MARKETING CONCEPT: - ANSWERS-1.
Customer Orientation
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PAGE
3
, BA 303 EXAM 1 LATEST
-The customer (not the product) should be the focal point of the
planning process.
2. Integrated Marketing
-All marketing activities need to be planned and coordinated.
3. Customer Satisfaction
The end result of a marketing effort should be two-fold:
-Profit for the organization
-A satisfied customer
ENVIRONMENTAL FACTORS - ANSWERS-Environmental Factors
fall into two separate categories:
A.
External Factors - typically uncontrollable
Internal Factors - controllable to some extent
B.
Micro-environmental factors - directly effect organizations marketing
effort
Macro-environmental factors - indirectly effect organizations marketing
effort
END OF
PAGE
4
Some of the diverse areas of responsibility for marketing include the
following: - ANSWERS-Selling
Promotion
Product Management
Product Development
Pricing
Distribution
Advertising
Public Relations
THE DEFINITION OF MARKETING: - ANSWERS-The process of
planning and executing the conception, pricing, promotion and
distribution of ideas, goods and services in order to create mutually
beneficial exchanges that satisfy individual and organizational
objectives.
MARKETING MIX: - ANSWERS-The various ingredients that must be
planned, and then executed in order to accomplish an effective
marketing policy.
4 P's OF MARKETING - ANSWERS-PRODUCT
END OF
PAGE
1
, BA 303 EXAM 1 LATEST
PLACE
PRICE
PROMOTION
PRODUCT - ANSWERS-Refers to what the business or non-profit
organization offers to it's prospective customers or clients.
PLACE - ANSWERS-Refers to how goods and services actually get to a
prospective customer for sales consideration and eventual consumption.
2 Major Considerations:
1. Channels of Distribution
2. Physical Distribution
PRICE - ANSWERS-Refers to the amount of consideration a buyer
must exchange in order to purchase a product. Price ultimately
determines whether the customer will purchase the product; and whether
there is enough revenue generated for the organization to achieve a
profit.
END OF
PAGE
2
, BA 303 EXAM 1 LATEST
PROMOTION - ANSWERS-Refers to the need to communicate
information to potential customers about a marketer's product offerings,
in order to initially create awareness of...
and ultimately desire for a product.
Promotion can take various forms. Various tools can be used
individually or in combination:
1. Advertising
2. Publicity
3. Sales promotions
4. Personal Selling
5. Visual Presentations
The evolution of marketing - ANSWERS-The Production Era
The Sales Era
The Marketing Era
The Relationship Marketing Era
THE 3 PILLARS OF THE MARKETING CONCEPT: - ANSWERS-1.
Customer Orientation
END OF
PAGE
3
, BA 303 EXAM 1 LATEST
-The customer (not the product) should be the focal point of the
planning process.
2. Integrated Marketing
-All marketing activities need to be planned and coordinated.
3. Customer Satisfaction
The end result of a marketing effort should be two-fold:
-Profit for the organization
-A satisfied customer
ENVIRONMENTAL FACTORS - ANSWERS-Environmental Factors
fall into two separate categories:
A.
External Factors - typically uncontrollable
Internal Factors - controllable to some extent
B.
Micro-environmental factors - directly effect organizations marketing
effort
Macro-environmental factors - indirectly effect organizations marketing
effort
END OF
PAGE
4
