MARK 3000 Final Exam Questions With Correct
Answers
Marketing |- |CORRECT |ANSWER✔✔-Is |an |organizational |function |and |a |set |of |processes |for |
creating, |capturing, |communicating, |and |delivering |value |to |customers |and |for |managing |
customer |relationships |in |ways |that |benefit |the |organization |and |its |stakeholders
Value |- |CORRECT |ANSWER✔✔-Ratio |what |is |given |up |for |what |is |obtained; |both |parties |must |
believe |they |are |getting |value |for |exchange |to |take |place
Marketing |mix: |4 |P's |- |CORRECT |ANSWER✔✔-1. |Product
2. |Price
3. |Promotion
4. |Place
Product |- |CORRECT |ANSWER✔✔-Creating |value
- |Through |a |variety |of |offerings, |including |goods, |services, |and |ideas |to |satisfy |customer |needs
Price |- |CORRECT |ANSWER✔✔-Capturing |value
- |Price |is |everything |a |buyer |gives |up |(money, |time, |energy)
- |Must |be |amount |customer |willing |to |pay |which |gives |a |profit
Promotion |- |CORRECT |ANSWER✔✔-Communicating |value
- |Communication |that |informs, |persuades, |and |reminds |potential |buyers |about |a |product |or |
service |to |influence |their |opinions |or |elicit |a |response
,Place |- |CORRECT |ANSWER✔✔-Delivering |the |value |proposition
- |Place, |or |supply |chain |management
- |All |activities |needed |to |get |the |product |to |the |right |customer |when |the |customer |wants |it
Corporate |orientations: |production |- |CORRECT |ANSWER✔✔-- |Focus |is |on |internal |capability |
and |technology
- |Key |question: |what |does |the |firm |do |best
Corporate |orientations: |sales |- |CORRECT |ANSWER✔✔-- |Focus |is |on |aggressive |sales |
techniques
- |Key |question: |how |can |we |sell |more |of |what |we |have?
Value |based |marketing |orientation |- |CORRECT |ANSWER✔✔-- |Purpose |of |the |organization |is |to |
satisfy |customer |needs/wants, |which |meeting |organizational |objects
- |Provide |more |value |than |competitors
- |Key |question: |what |does |the |customer |want?
Market |concept |- |CORRECT |ANSWER✔✔-Make |what |you |can |sell |rather |than |sell |what |you |
can |make
Societal |marketing |orientation |- |CORRECT |ANSWER✔✔-- |Focus |is |on |enhancing |benefits |to |
society
- |Key |question: |how |can |I |meet |consumer |needs |and |benefit |society?
Why |is |marketing |important? |- |CORRECT |ANSWER✔✔-Enriches |society, |entrepreneurial, |
expands |global |presence, |strengthens |channel |relationships, |etc.
Ethics |- |CORRECT |ANSWER✔✔-Moral |principles |and |values |that |govern |actions
, Laws |- |CORRECT |ANSWER✔✔-Society's |values |which |are |enforceable |in |court
Framework |for |ethical |decision |making |- |CORRECT |ANSWER✔✔-Step |1: |identify |issues
Step |2: |gather |information |and |identify |stakeholders
Step |3: |brainstorm |and |evaluate |alternative
Step |4: |choose |a |course |of |action
Societal |culture |norms |- |CORRECT |ANSWER✔✔-- |Basic |set |of |values |of |the |society
- |Ethical |decision |making |metric |(publicity |test/transparency |test, |moral |mentor/admired |
observer |test)
General |business |norms |- |CORRECT |ANSWER✔✔-- |Basic |business |values: |consumer |has |right |
to |safety, |to |be |informed, |to |choose, |and |to |be |heard; |no |longer |caveat |emptor
- |Industry |standards
American |Marketing |Association |Code |of |Ethics |- |CORRECT |ANSWER✔✔-- |Generally |accepted |
code |in |marketing
- |Flows |from |general |norms |of |conduct |to |specific |values
Moral |idealism |- |CORRECT |ANSWER✔✔-If |any |bad |occurs, |then |the |action |is |unethical
Utilitarianism |- |CORRECT |ANSWER✔✔-Balance |good |vs. |bad
To |whom |is |a |company |responsible? |- |CORRECT |ANSWER✔✔-Stockholders, |investors, |owners; |
duty: |maximize |profit |within |the |law
Answers
Marketing |- |CORRECT |ANSWER✔✔-Is |an |organizational |function |and |a |set |of |processes |for |
creating, |capturing, |communicating, |and |delivering |value |to |customers |and |for |managing |
customer |relationships |in |ways |that |benefit |the |organization |and |its |stakeholders
Value |- |CORRECT |ANSWER✔✔-Ratio |what |is |given |up |for |what |is |obtained; |both |parties |must |
believe |they |are |getting |value |for |exchange |to |take |place
Marketing |mix: |4 |P's |- |CORRECT |ANSWER✔✔-1. |Product
2. |Price
3. |Promotion
4. |Place
Product |- |CORRECT |ANSWER✔✔-Creating |value
- |Through |a |variety |of |offerings, |including |goods, |services, |and |ideas |to |satisfy |customer |needs
Price |- |CORRECT |ANSWER✔✔-Capturing |value
- |Price |is |everything |a |buyer |gives |up |(money, |time, |energy)
- |Must |be |amount |customer |willing |to |pay |which |gives |a |profit
Promotion |- |CORRECT |ANSWER✔✔-Communicating |value
- |Communication |that |informs, |persuades, |and |reminds |potential |buyers |about |a |product |or |
service |to |influence |their |opinions |or |elicit |a |response
,Place |- |CORRECT |ANSWER✔✔-Delivering |the |value |proposition
- |Place, |or |supply |chain |management
- |All |activities |needed |to |get |the |product |to |the |right |customer |when |the |customer |wants |it
Corporate |orientations: |production |- |CORRECT |ANSWER✔✔-- |Focus |is |on |internal |capability |
and |technology
- |Key |question: |what |does |the |firm |do |best
Corporate |orientations: |sales |- |CORRECT |ANSWER✔✔-- |Focus |is |on |aggressive |sales |
techniques
- |Key |question: |how |can |we |sell |more |of |what |we |have?
Value |based |marketing |orientation |- |CORRECT |ANSWER✔✔-- |Purpose |of |the |organization |is |to |
satisfy |customer |needs/wants, |which |meeting |organizational |objects
- |Provide |more |value |than |competitors
- |Key |question: |what |does |the |customer |want?
Market |concept |- |CORRECT |ANSWER✔✔-Make |what |you |can |sell |rather |than |sell |what |you |
can |make
Societal |marketing |orientation |- |CORRECT |ANSWER✔✔-- |Focus |is |on |enhancing |benefits |to |
society
- |Key |question: |how |can |I |meet |consumer |needs |and |benefit |society?
Why |is |marketing |important? |- |CORRECT |ANSWER✔✔-Enriches |society, |entrepreneurial, |
expands |global |presence, |strengthens |channel |relationships, |etc.
Ethics |- |CORRECT |ANSWER✔✔-Moral |principles |and |values |that |govern |actions
, Laws |- |CORRECT |ANSWER✔✔-Society's |values |which |are |enforceable |in |court
Framework |for |ethical |decision |making |- |CORRECT |ANSWER✔✔-Step |1: |identify |issues
Step |2: |gather |information |and |identify |stakeholders
Step |3: |brainstorm |and |evaluate |alternative
Step |4: |choose |a |course |of |action
Societal |culture |norms |- |CORRECT |ANSWER✔✔-- |Basic |set |of |values |of |the |society
- |Ethical |decision |making |metric |(publicity |test/transparency |test, |moral |mentor/admired |
observer |test)
General |business |norms |- |CORRECT |ANSWER✔✔-- |Basic |business |values: |consumer |has |right |
to |safety, |to |be |informed, |to |choose, |and |to |be |heard; |no |longer |caveat |emptor
- |Industry |standards
American |Marketing |Association |Code |of |Ethics |- |CORRECT |ANSWER✔✔-- |Generally |accepted |
code |in |marketing
- |Flows |from |general |norms |of |conduct |to |specific |values
Moral |idealism |- |CORRECT |ANSWER✔✔-If |any |bad |occurs, |then |the |action |is |unethical
Utilitarianism |- |CORRECT |ANSWER✔✔-Balance |good |vs. |bad
To |whom |is |a |company |responsible? |- |CORRECT |ANSWER✔✔-Stockholders, |investors, |owners; |
duty: |maximize |profit |within |the |law
