MARK 3000 Cuppari EXAM 1 Questions With
Correct Answers
What |is |Marketing? |- |CORRECT |ANSWER✔✔-· |Marketing |is |the |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.
· |Everything |you |do |each |day, |all |of |your |transactions, |what |you |buy, |where |you |go, |what |you |
read |= |are |all |marketing |engagements
How |do |you |create |Value? |- |CORRECT |ANSWER✔✔-Marketing |teams |use |social |media, |tv, |ads,
|magazines |and |such
*Marketing |does |not |equal |Advertising
*Communicating |of |a |message |is |Marketing |- |CORRECT |ANSWER✔✔-
Another |definition |of |Marketing: |- |CORRECT |ANSWER✔✔-Marketing |Management |is |the |art |
and |science |of |choosing |target |markets |and |getting, |keeping, |and |growing |customers |through |
creating, |delivering, |and |communicating |superior |customer |value"
Advertising: |- |CORRECT |ANSWER✔✔-· |Not |being |defining |the |strategy |behind |your |product |or |
service
· |Not |focused |on |identifying |the |customer |need/value |proposition
· |Advertising |is |the |exercise |of |promoting |a |company |and |its |product |or |service |through |paid, |
owned, |and |earned |media |channels
· |Advertising |is |less |about |strategy
· |Advertising |is |a |step |within |the |overall |marketing |process
,5 |aspects |of |Marketing |- |CORRECT |ANSWER✔✔-· |1. |Marketing |affects |various |stakeholders
· |2. |Marketing |is |about |satising |customer |needs |and |wants
· |2. |Marketing |entails |an |exchange
· |4. |Marketing |creates |value |through |product, |price, |place, |and |promotion |(4 |Ps)
· |5. |Marketing |can |be |performed |by |BOTH |individuals |and |organization
Marketing |Entails |an |Exchange: |- |CORRECT |ANSWER✔✔-Communication |and |delivery |-> |
Money |and |information
The |Marketing |Mix |(The |4 |Ps) |- |CORRECT |ANSWER✔✔-1. |Product |= |Creating |Value
2. |Price |= |Capturing |Value
3. |Place |= |Delivering |Value
4. |Promotion |= |Communicating |Value
The |Marketing |Mix: |- |CORRECT |ANSWER✔✔-· |The |controllable |set |of |decisions |or |activities |
that |the |firm |uses |to |respond |to |the |wants |or |its |target |markets
Product |- |CORRECT |ANSWER✔✔-Creating |Value
· |The |fundamental |purpose |of |marketing |is |to |create |value |by |developing |a |variety |of |offerings
|to |satisfy |Goods, |Services, |and |Ideas
Price |- |CORRECT |ANSWER✔✔-Capturing |Value
· |Price |is |everything |a |buyer |gives |up |in |exchange |for |the |product |or |service
· |Markets |must |determine |the |price |of |the |product |carefully |on |the |basis |of |the |buyers |belief |
about |its |value
Place |- |CORRECT |ANSWER✔✔-Delivering |the |Value |Proposition
,· |Place |represents |all |the |marketing |processes |necessary |to |get |the |product |to |the |right |
customer |when |that |customer |wants |it
· |Place |more |commonly |deals |specifically |with |retailing |and |marketing |channel |management, |
also |known |as |supply |chain |management
Promotion |- |CORRECT |ANSWER✔✔-Communicating |the |Value |Proposition
· |Even |the |best |products |and |services |will |go |unsold |if |marketers |cannot |communicate |their |
value |to |customers
· |Promotion |is |communication |by |a |marketer |that |informs, |persuades, |and |reminds |potential |
buyers |about |a |product |to |influence |their |buying |decisions
· |Enhances |a |products |value
Marketing |Impacts |Various |Stakeholders: |- |CORRECT |ANSWER✔✔-· |Marketers |affect |many |
stakeholders. |Customers |represent |one |stakeholder |group, |but |others |include |all |those |in |the |
supply |chain, |employees, |and |society |at |large.
· |Supply |chain |partners |include |manufacturers, |agents, |wholesalers, |retailers, |and |so |on.
· |Companies |market |to |employees |with |employment |marketing, |also |known |as |internal |
marketing, |to |recruit |and |retain |the |best |employees
Types |of |Stakeholders: |- |CORRECT |ANSWER✔✔-· |Customers
· |Supply |chain |partners
· |Employees
· |Industry
· |Society
Marketing |is |about |satisfying |____ |and |_____ |- |CORRECT |ANSWER✔✔-Marketing |is |about |
satisfying |NEEDS |and |WANTS
, Marketing |is |about |delivering |____ |to |the |consumer. |- |CORRECT |ANSWER✔✔-Marketing |is |
about |delivering |VALUE |to |the |consumer.
Who |can |perform |marketing? |- |CORRECT |ANSWER✔✔-Individuals |and |Organizations
Marketing |Eras |- |CORRECT |ANSWER✔✔-Represent |the |changes |over |time |from |an |amphasis |
on |production |to |one |based |on |value-based |marketing
The |production-oriented |era |- |CORRECT |ANSWER✔✔-· |took |place |around |the |turn |of |the |20th
|century, |when |most |firms |believed |a |good |product |would |sell |itself.
The |sales-oriented |era |- |CORRECT |ANSWER✔✔-happened |when |production |and |distribution |
techniques |became |more |sophisticated |and |supply |outpaced |demand. |Firms |found |an |answer |
to |overproduction |by |focusing |on |sales.
In |the |market-oriented |era |- |CORRECT |ANSWER✔✔-the |focus |was |on |what |customers |wanted.
|It |was |during |this |period |that |firms |discovered |marketing.
Now, |we |are |in |the |value-based |era |- |CORRECT |ANSWER✔✔-· |which |maintains |the |market |
orientation |but |also |includes |a |focus |on |giving |greater |value |than |the |competition.
• |Value |reflects |the |relationship |of |benefits |to |costs
• |Value-based |marketing |means |implementing |a |marketing |strategy |according |to |what |
customers |value.
Value-Based |Marketing |Era: |- |CORRECT |ANSWER✔✔-In |a |marketing |context, |customers |see |
value |as |a |fair |return |in |goods |and/or |services |for |their |hard-earned |money |and |scarce |time. |A
|creative |way |to |provide |value |to |customers |is |to |engage |in |value |cocreation
Correct Answers
What |is |Marketing? |- |CORRECT |ANSWER✔✔-· |Marketing |is |the |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.
· |Everything |you |do |each |day, |all |of |your |transactions, |what |you |buy, |where |you |go, |what |you |
read |= |are |all |marketing |engagements
How |do |you |create |Value? |- |CORRECT |ANSWER✔✔-Marketing |teams |use |social |media, |tv, |ads,
|magazines |and |such
*Marketing |does |not |equal |Advertising
*Communicating |of |a |message |is |Marketing |- |CORRECT |ANSWER✔✔-
Another |definition |of |Marketing: |- |CORRECT |ANSWER✔✔-Marketing |Management |is |the |art |
and |science |of |choosing |target |markets |and |getting, |keeping, |and |growing |customers |through |
creating, |delivering, |and |communicating |superior |customer |value"
Advertising: |- |CORRECT |ANSWER✔✔-· |Not |being |defining |the |strategy |behind |your |product |or |
service
· |Not |focused |on |identifying |the |customer |need/value |proposition
· |Advertising |is |the |exercise |of |promoting |a |company |and |its |product |or |service |through |paid, |
owned, |and |earned |media |channels
· |Advertising |is |less |about |strategy
· |Advertising |is |a |step |within |the |overall |marketing |process
,5 |aspects |of |Marketing |- |CORRECT |ANSWER✔✔-· |1. |Marketing |affects |various |stakeholders
· |2. |Marketing |is |about |satising |customer |needs |and |wants
· |2. |Marketing |entails |an |exchange
· |4. |Marketing |creates |value |through |product, |price, |place, |and |promotion |(4 |Ps)
· |5. |Marketing |can |be |performed |by |BOTH |individuals |and |organization
Marketing |Entails |an |Exchange: |- |CORRECT |ANSWER✔✔-Communication |and |delivery |-> |
Money |and |information
The |Marketing |Mix |(The |4 |Ps) |- |CORRECT |ANSWER✔✔-1. |Product |= |Creating |Value
2. |Price |= |Capturing |Value
3. |Place |= |Delivering |Value
4. |Promotion |= |Communicating |Value
The |Marketing |Mix: |- |CORRECT |ANSWER✔✔-· |The |controllable |set |of |decisions |or |activities |
that |the |firm |uses |to |respond |to |the |wants |or |its |target |markets
Product |- |CORRECT |ANSWER✔✔-Creating |Value
· |The |fundamental |purpose |of |marketing |is |to |create |value |by |developing |a |variety |of |offerings
|to |satisfy |Goods, |Services, |and |Ideas
Price |- |CORRECT |ANSWER✔✔-Capturing |Value
· |Price |is |everything |a |buyer |gives |up |in |exchange |for |the |product |or |service
· |Markets |must |determine |the |price |of |the |product |carefully |on |the |basis |of |the |buyers |belief |
about |its |value
Place |- |CORRECT |ANSWER✔✔-Delivering |the |Value |Proposition
,· |Place |represents |all |the |marketing |processes |necessary |to |get |the |product |to |the |right |
customer |when |that |customer |wants |it
· |Place |more |commonly |deals |specifically |with |retailing |and |marketing |channel |management, |
also |known |as |supply |chain |management
Promotion |- |CORRECT |ANSWER✔✔-Communicating |the |Value |Proposition
· |Even |the |best |products |and |services |will |go |unsold |if |marketers |cannot |communicate |their |
value |to |customers
· |Promotion |is |communication |by |a |marketer |that |informs, |persuades, |and |reminds |potential |
buyers |about |a |product |to |influence |their |buying |decisions
· |Enhances |a |products |value
Marketing |Impacts |Various |Stakeholders: |- |CORRECT |ANSWER✔✔-· |Marketers |affect |many |
stakeholders. |Customers |represent |one |stakeholder |group, |but |others |include |all |those |in |the |
supply |chain, |employees, |and |society |at |large.
· |Supply |chain |partners |include |manufacturers, |agents, |wholesalers, |retailers, |and |so |on.
· |Companies |market |to |employees |with |employment |marketing, |also |known |as |internal |
marketing, |to |recruit |and |retain |the |best |employees
Types |of |Stakeholders: |- |CORRECT |ANSWER✔✔-· |Customers
· |Supply |chain |partners
· |Employees
· |Industry
· |Society
Marketing |is |about |satisfying |____ |and |_____ |- |CORRECT |ANSWER✔✔-Marketing |is |about |
satisfying |NEEDS |and |WANTS
, Marketing |is |about |delivering |____ |to |the |consumer. |- |CORRECT |ANSWER✔✔-Marketing |is |
about |delivering |VALUE |to |the |consumer.
Who |can |perform |marketing? |- |CORRECT |ANSWER✔✔-Individuals |and |Organizations
Marketing |Eras |- |CORRECT |ANSWER✔✔-Represent |the |changes |over |time |from |an |amphasis |
on |production |to |one |based |on |value-based |marketing
The |production-oriented |era |- |CORRECT |ANSWER✔✔-· |took |place |around |the |turn |of |the |20th
|century, |when |most |firms |believed |a |good |product |would |sell |itself.
The |sales-oriented |era |- |CORRECT |ANSWER✔✔-happened |when |production |and |distribution |
techniques |became |more |sophisticated |and |supply |outpaced |demand. |Firms |found |an |answer |
to |overproduction |by |focusing |on |sales.
In |the |market-oriented |era |- |CORRECT |ANSWER✔✔-the |focus |was |on |what |customers |wanted.
|It |was |during |this |period |that |firms |discovered |marketing.
Now, |we |are |in |the |value-based |era |- |CORRECT |ANSWER✔✔-· |which |maintains |the |market |
orientation |but |also |includes |a |focus |on |giving |greater |value |than |the |competition.
• |Value |reflects |the |relationship |of |benefits |to |costs
• |Value-based |marketing |means |implementing |a |marketing |strategy |according |to |what |
customers |value.
Value-Based |Marketing |Era: |- |CORRECT |ANSWER✔✔-In |a |marketing |context, |customers |see |
value |as |a |fair |return |in |goods |and/or |services |for |their |hard-earned |money |and |scarce |time. |A
|creative |way |to |provide |value |to |customers |is |to |engage |in |value |cocreation
