UGA MARK 3000 Final Exam Loomer Questions
With Correct Answers
Product: |Creating |Value |- |CORRECT |ANSWER✔✔-Marketers |create |value |by |developing |a |
variety |of |offerings, |including |goods, |services, |and |ideas, |to |satisfy |customer |needs
Price: |Capturing |Value |- |CORRECT |ANSWER✔✔-Price |is |everything |a |buyer |gives |up, |including |
money, |in |exchange |for |the |product |or |service
Place: |Delivering |Value |- |CORRECT |ANSWER✔✔-Marketing |processes |necessary |to |get |the |
product |to |the |right |customer |at |the |right |time
Promotion: |Communicating |Value |- |CORRECT |ANSWER✔✔-Communication |that |informs, |
persuades, |and |reminds |potential |buyers |about |a |product |or |service |to |influence |their |buying
Customer |Excellence |- |CORRECT |ANSWER✔✔-Achieved |when |a |firm |develops |strategies |for |
retaining |loyal |customers |and |provides |outstanding |customer |service
Operational |Excellence |- |CORRECT |ANSWER✔✔-Achieved |through |efficient |operations, |
excellent |supply |chain |management, |and |strong |relationships |with |suppliers
Product |Excellence |- |CORRECT |ANSWER✔✔-Achieved |by |developing |products |with |high |
perceived |value |through |effective |branding |and |positioning
Locational |Excellence |- |CORRECT |ANSWER✔✔-Achieved |by |having |a |strong |physical |location |
and/or |Internet |presence; |especially |important |for |retailers |and |service |providers
, Situation |Analysis |(SWOT) |- |CORRECT |ANSWER✔✔-Strengths, |Weaknesses, |Opportunities, |and |
Threats
Company |Capabilities |- |CORRECT |ANSWER✔✔-A |defining |capability |or |advantage |that |
distinguishes |an |enterprise |from |its |competitors
Portfolio |Analysis |(BCG) |- |CORRECT |ANSWER✔✔-Stars, |Cash |Cows, |Question |Marks, |Dogs
Growth |Strategies |- |CORRECT |ANSWER✔✔-strategies |firms |use |to |grow |based |on |the |decision |
to |enter |new |markets |or |develop |new |products |and |services
Market |Penetration |Strategy |- |CORRECT |ANSWER✔✔-This |strategy |encourages |current |users |
to |consume |more |of |the |current |product |mix
Market |Development |Strategy |- |CORRECT |ANSWER✔✔-This |strategy |might |include |targeting |
different |consumers |in |the |home |market |or |seeking |global |expansion
Product |Development |Strategy |- |CORRECT |ANSWER✔✔-The |third |growth |strategy |option |
involves |innovative |product |and |service |offerings |to |meet |changing |needs |of |existing |
consumers
Diversification |Strategy |- |CORRECT |ANSWER✔✔-This |is |the |riskiest |of |all |growth |strategies, |
requires |extensive |research |into |emerging |markets |and |firm |capabilities
Consumer |Decision |Process |- |CORRECT |ANSWER✔✔-need |recognition, |information |search, |
alternative |evaluation, |purchase, |post |purchase
Need |Recognition |- |CORRECT |ANSWER✔✔-Functional |needs, |Psychological |needs
With Correct Answers
Product: |Creating |Value |- |CORRECT |ANSWER✔✔-Marketers |create |value |by |developing |a |
variety |of |offerings, |including |goods, |services, |and |ideas, |to |satisfy |customer |needs
Price: |Capturing |Value |- |CORRECT |ANSWER✔✔-Price |is |everything |a |buyer |gives |up, |including |
money, |in |exchange |for |the |product |or |service
Place: |Delivering |Value |- |CORRECT |ANSWER✔✔-Marketing |processes |necessary |to |get |the |
product |to |the |right |customer |at |the |right |time
Promotion: |Communicating |Value |- |CORRECT |ANSWER✔✔-Communication |that |informs, |
persuades, |and |reminds |potential |buyers |about |a |product |or |service |to |influence |their |buying
Customer |Excellence |- |CORRECT |ANSWER✔✔-Achieved |when |a |firm |develops |strategies |for |
retaining |loyal |customers |and |provides |outstanding |customer |service
Operational |Excellence |- |CORRECT |ANSWER✔✔-Achieved |through |efficient |operations, |
excellent |supply |chain |management, |and |strong |relationships |with |suppliers
Product |Excellence |- |CORRECT |ANSWER✔✔-Achieved |by |developing |products |with |high |
perceived |value |through |effective |branding |and |positioning
Locational |Excellence |- |CORRECT |ANSWER✔✔-Achieved |by |having |a |strong |physical |location |
and/or |Internet |presence; |especially |important |for |retailers |and |service |providers
, Situation |Analysis |(SWOT) |- |CORRECT |ANSWER✔✔-Strengths, |Weaknesses, |Opportunities, |and |
Threats
Company |Capabilities |- |CORRECT |ANSWER✔✔-A |defining |capability |or |advantage |that |
distinguishes |an |enterprise |from |its |competitors
Portfolio |Analysis |(BCG) |- |CORRECT |ANSWER✔✔-Stars, |Cash |Cows, |Question |Marks, |Dogs
Growth |Strategies |- |CORRECT |ANSWER✔✔-strategies |firms |use |to |grow |based |on |the |decision |
to |enter |new |markets |or |develop |new |products |and |services
Market |Penetration |Strategy |- |CORRECT |ANSWER✔✔-This |strategy |encourages |current |users |
to |consume |more |of |the |current |product |mix
Market |Development |Strategy |- |CORRECT |ANSWER✔✔-This |strategy |might |include |targeting |
different |consumers |in |the |home |market |or |seeking |global |expansion
Product |Development |Strategy |- |CORRECT |ANSWER✔✔-The |third |growth |strategy |option |
involves |innovative |product |and |service |offerings |to |meet |changing |needs |of |existing |
consumers
Diversification |Strategy |- |CORRECT |ANSWER✔✔-This |is |the |riskiest |of |all |growth |strategies, |
requires |extensive |research |into |emerging |markets |and |firm |capabilities
Consumer |Decision |Process |- |CORRECT |ANSWER✔✔-need |recognition, |information |search, |
alternative |evaluation, |purchase, |post |purchase
Need |Recognition |- |CORRECT |ANSWER✔✔-Functional |needs, |Psychological |needs
