MARK 3000 LOOMER EXAM 1 QUESTIONS WITH
COMPLETE SOLUTIONS
5 |core |aspects |of |marketing
1. |performed |by |individuals |and |organizations
2. |satisfies |customers |needs |and |wants
3. |entails |an |exchange |between |buyer |and |seller
4. |creates |value |through |price, |product, |place |and |promotion
5. |affects |multiple |stakeholder |groups
what |is |marketing?
-meeting |customers |needs |profitably
-the |act |of |satisfying |and |retaining |customers
-the |activity, |set |of |institutions |and |processes |for |creating, |capturing, |communicating, |
delivering |and |exchanging |offerings |that |have |values |for |customers, |clients, |partners |and |
society
does |marketing |happen |by |accident?
no
how |do |marketers |satisfy |customers |needs |and |wants?
generate |ideas |for |new |products |by |discovering |unment |consumer |needs |ex. |tile
,who |should |benefit |in |an |exchange |between |a |buyer |and |seller?
this |exchange |should |be |mutually |beneficial |for |both |sides
do |buyers |always |exchange |money?
exchange |of |money |is |common |practice |but |not |always |the |case
- |can |trade |services, |goods, |branding |etc
what |is |the |marketing |mix?
set |of |decisions |that |the |firm |uses |to |respond |to |the |wants |of |its |consumers
how |do |marketers |create |value |through |price, |product, |place |and |promotion |(4PS) |decisions?
the |marketing |mix
how |do |these |four |p's |affect |value?
product: |creates |value
price: |captures |value
place: |delivers |value
promotion: |communicates |value
how |does |a |product |create |value?
, marketers |create |value |by |developing |a |variety |of |goods, |services |and |ideas |to |satisfy |
customer |needs
how |does |price |capture |value?
price |is |everything |the |buyer |gives |up |including |money |in |exchange |for |the |product |or |service
how |does |a |place |deliver |value?
place |uses |marketing |processes |necessary |to |get |the |product |to |the |right |customer |at |the |
right |time
how |does |promotion |communicate |value?
promotions |use |communication |that |informs, |persuades |and |reminds |potential |buyers |about |a
|product |or |service |they |are |buying
how |does |marketing |create |value?
- |builds |relationships |with |partners |and |customers
- |gathers, |analyzes |and |shares |information |about |customers |and |competitors.
- |balances |the |benefits |and |costs |of |their |offerings |for |themselves, |their |customers |and |their |
communities
- |leverages |technology |to |deepen |customer |relationships
how |does |marketing |affect |multiple |stakeholder |groups?
COMPLETE SOLUTIONS
5 |core |aspects |of |marketing
1. |performed |by |individuals |and |organizations
2. |satisfies |customers |needs |and |wants
3. |entails |an |exchange |between |buyer |and |seller
4. |creates |value |through |price, |product, |place |and |promotion
5. |affects |multiple |stakeholder |groups
what |is |marketing?
-meeting |customers |needs |profitably
-the |act |of |satisfying |and |retaining |customers
-the |activity, |set |of |institutions |and |processes |for |creating, |capturing, |communicating, |
delivering |and |exchanging |offerings |that |have |values |for |customers, |clients, |partners |and |
society
does |marketing |happen |by |accident?
no
how |do |marketers |satisfy |customers |needs |and |wants?
generate |ideas |for |new |products |by |discovering |unment |consumer |needs |ex. |tile
,who |should |benefit |in |an |exchange |between |a |buyer |and |seller?
this |exchange |should |be |mutually |beneficial |for |both |sides
do |buyers |always |exchange |money?
exchange |of |money |is |common |practice |but |not |always |the |case
- |can |trade |services, |goods, |branding |etc
what |is |the |marketing |mix?
set |of |decisions |that |the |firm |uses |to |respond |to |the |wants |of |its |consumers
how |do |marketers |create |value |through |price, |product, |place |and |promotion |(4PS) |decisions?
the |marketing |mix
how |do |these |four |p's |affect |value?
product: |creates |value
price: |captures |value
place: |delivers |value
promotion: |communicates |value
how |does |a |product |create |value?
, marketers |create |value |by |developing |a |variety |of |goods, |services |and |ideas |to |satisfy |
customer |needs
how |does |price |capture |value?
price |is |everything |the |buyer |gives |up |including |money |in |exchange |for |the |product |or |service
how |does |a |place |deliver |value?
place |uses |marketing |processes |necessary |to |get |the |product |to |the |right |customer |at |the |
right |time
how |does |promotion |communicate |value?
promotions |use |communication |that |informs, |persuades |and |reminds |potential |buyers |about |a
|product |or |service |they |are |buying
how |does |marketing |create |value?
- |builds |relationships |with |partners |and |customers
- |gathers, |analyzes |and |shares |information |about |customers |and |competitors.
- |balances |the |benefits |and |costs |of |their |offerings |for |themselves, |their |customers |and |their |
communities
- |leverages |technology |to |deepen |customer |relationships
how |does |marketing |affect |multiple |stakeholder |groups?
