MARK 3000 Test 1 - Grantham UGA Exam Questions With Correct Answers

MARK 3000 Test 1 - Grantham UGA Exam
Questions With Correct Answers

Marketing |(By |the |books) |- |CORRECT |ANSWER✔✔-An |organizational |function |and |a |set |of |
process |for |creating, |capturing, |communicating, |and |delivering |value |to |customers |and |for |
managing |customer |relationships |in |ways |that |benefit |the |organization |and |its |stakeholders



Working |definition |of |Marketing |- |CORRECT |ANSWER✔✔-Anticipating |and |determining |the |
needs/wants |of |consumers |and |satisfying |those |need |through |the |use |of |the |4P's |to |create |
long |term |exchanges |of |value.



Exchange |- |CORRECT |ANSWER✔✔-The |trade |of |things |of |value |between |the |buyer |and |the |
seller |so |that |each |is |better |off |as |a |result



Value |- |CORRECT |ANSWER✔✔-Reflects |the |relationship |of |benefits |to |costs, |or |what |the |
consumer |gets |for |what |they |give.



Marketing |Mix |- |CORRECT |ANSWER✔✔-The |controllable |set |of |activates |that |a |firm |uses |to |
respond |to |the |wants |of |its |target. |

Product, |Price, |Promotion, |and |Place.



Product |- |Creating |Value

Price |- |Capturing |Value

Promotion |- |Communicating |Value

Place |- |Delivering |Value |- |CORRECT |ANSWER✔✔-How |does |value |apply |to |all |of |the |4P's?

,Product |-Creating |Value |- |CORRECT |ANSWER✔✔-Happens |through |a |variety |of |offerings, |
including |goods, |services, |and |ideas.



Price |- |Capturing |Value |- |CORRECT |ANSWER✔✔-Everything |a |buyer |gives |up |in |exchange |for |
the |product. |

Must |be |an |amount |customers |are |willing |to |pay |and |which |gives |a |profit



Place |- |Delivering |Value |- |CORRECT |ANSWER✔✔-All |activities |needed |to |get |the |product |to |
the |right |customer |when |the |customer |wants |it.



Promotion |- |Communicating |Value |- |CORRECT |ANSWER✔✔-Informs, |persuades, |and |reminds |
potential |buyers |about |a |product |or |service. |

To |influence |their |opinions |or |elicit |a |response.



Goods |- |CORRECT |ANSWER✔✔-Items |that |can |be |physically |touched



Services |- |CORRECT |ANSWER✔✔-Any |intangible |offering |that |involves |a |deed, |performance, |or
|effort |that |cannot |be |physically |possessed. |



Intangible |customer |benefits |that |are |produced |by |people |or |machines |and |cannot |be |
separated |from |the |producer



Ideas |- |CORRECT |ANSWER✔✔-Intellectual |concepts |- |thoughts, |opinions, |and |philosophies.



B2C(Business |to |consumer) |- |CORRECT |ANSWER✔✔-The |process |in |which |businesses |sell |to |
consumers



B2B(Business |to |Business) |- |CORRECT |ANSWER✔✔-The |process |of |selling |merchandise |or |
services |from |one |business |to |another

, C2C(Consumer |to |Consumer) |- |CORRECT |ANSWER✔✔-The |process |in |which |consumers |sell |to |
other |consumers



Value |Cocreation |- |CORRECT |ANSWER✔✔-Customers |act |as |collaborations |with |a |
manufacturer |or |retailer |to |create |the |product |or |service.



Production |Orientation |Era |- |CORRECT |ANSWER✔✔-Focus |is |on |internal |capability |and |
technology.

Key |question: |What |does |the |firm |do |best?



Sales |Orientation |Era |- |CORRECT |ANSWER✔✔-Focus |is |on |aggressive |sales |techniques.

Worries |more |about |transaction |numbers

Key |question: |how |can |we |sell |more |of |what |we |have?



Value |Based |Marketing |Orientation |- |CORRECT |ANSWER✔✔-Purpose |of |the |organization |is |to |
satisfy |consumer |needs/wants, |while |meeting |organizational |objectives.

Key |question: |What |does |the |customer |want?



Make |what |you |can |sell |

Make |what |there |is |a |demand |for |

Make |what |customers |want |- |CORRECT |ANSWER✔✔-Marketing |Concept



Societal |Marketing |Orientation |- |CORRECT |ANSWER✔✔-Focus |is |on |enhancing |the |benefits |to |
society |

Key |question: |How |can |I |meet |consumer |needs |and |benefit |society?



Enriches |Society

Can |be |Entrepreneurial