BUS 360 Test #1 (Ch. 1-4) ACTUAL UPDATED Questions and CORRECT Answers
Terms in this set (66)
Chapter 1 Overview of Marketing
Marketing -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
Marketing Plan -specify the marketing activities for a specific period of time
-a written document composed of an analysis of the current marketing situation,
opportunities and threats for the firm, marketing objectives and strategy specified
in terms of the four P's, action programs, and projected or pro-forma income (and
other financial) statements
-Planning Phase
-Implementation Phase
-Control Phase
Exchange -the trade of things of value between the buyer and the seller so that each is
better off as a result
Marketing Mix -four interrelated marketing decision and consequent actions also known as the
four P's
4 P's -Product
-Price
-Place
-Promotion
-comprise the controllable set of decisions/activities that the firm uses to respond
to the wants of its target markets
Product -to create value by developing a variety of offerings, including goods, services,
and ideas, to satisfy customer needs
Goods -items that you can physically touch.
-Ex: Nike shoes, Pepsi-Cola, etc.
Ideas -include concepts, opinions, and philosophies; intellectual concepts such as these
also can be marketed
Services -intangible customer benefits that are produced by people or machines and
cannot be separated from the producer
-Ex: tickets (whether for airline or sporting event, they are not paying of the ticket
stub, but for the experience), hotels, insurance agencies and spas
Price -everything that the buyer gives up (money, time, energy) in exchange for the
product
, Place -represents all the activities necessary to get the product to the right customer
when the customer wants it, i.e. supply chain
Promotion -communication by a marketer that informs, persuades, and reminds potential
buyers about a product or service to influence their opinions or elicit a response
B2C (business-to-consumer) -the process by which businesses sell to consumers
B2B (business-to-business) -selling merchandise or service from one business to another
C2C (consumer-to-consumer) -consumers sell to other consumers
Production-Oriented Era -believed that a good product would sell itself
Sales-Oriented Era -between 1920 and 1950, production and distribution techniques became more
sophisticated.
-manufactures had the capacity to produce more than customers really wanted or
were able to buy, so they started DEPENDING ON HAVEY DOESES OF
PERSONAL SELLING AND ADVERTISING
Market-Oriented Era -post WWII; the U.S. entered a buyers' market AKA the customer became king
-manufacturers and retailers thus began to focus on what consumers wanted and
needed before they designed, made, or attempted to sell their products and
services
Value -reflects the relationship of benefits to cost, or what you get for what you give
Value Cocreation -customers act as collaborators with a manufacturer or retailer to create the
product or service
Relational Orientation -a method of building a relationship with customers based on the philosophy that
buyers and sellers should develop a long-term relationship
Customer Relationship Management (CRM) -a business philosophy and set of strategies, programs, and systems that focus on
identifying and building loyalty among the firm's most valued customers
Entrepreneurs -people who organize, operate, and assume the risk of a business venture
-key to success is that they launch ventures that aim to satisfy unfilled needs
Chapter 2 Developing Marketing Strategies and A Marketing Plan
-Marketing Strategy -identifies:
1.) a firm's target market(s)
2.) a related marketing mix (its 4 P's)
3.) the bases on which the firm plans to build a sustainable competitive advantage
Terms in this set (66)
Chapter 1 Overview of Marketing
Marketing -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
Marketing Plan -specify the marketing activities for a specific period of time
-a written document composed of an analysis of the current marketing situation,
opportunities and threats for the firm, marketing objectives and strategy specified
in terms of the four P's, action programs, and projected or pro-forma income (and
other financial) statements
-Planning Phase
-Implementation Phase
-Control Phase
Exchange -the trade of things of value between the buyer and the seller so that each is
better off as a result
Marketing Mix -four interrelated marketing decision and consequent actions also known as the
four P's
4 P's -Product
-Price
-Place
-Promotion
-comprise the controllable set of decisions/activities that the firm uses to respond
to the wants of its target markets
Product -to create value by developing a variety of offerings, including goods, services,
and ideas, to satisfy customer needs
Goods -items that you can physically touch.
-Ex: Nike shoes, Pepsi-Cola, etc.
Ideas -include concepts, opinions, and philosophies; intellectual concepts such as these
also can be marketed
Services -intangible customer benefits that are produced by people or machines and
cannot be separated from the producer
-Ex: tickets (whether for airline or sporting event, they are not paying of the ticket
stub, but for the experience), hotels, insurance agencies and spas
Price -everything that the buyer gives up (money, time, energy) in exchange for the
product
, Place -represents all the activities necessary to get the product to the right customer
when the customer wants it, i.e. supply chain
Promotion -communication by a marketer that informs, persuades, and reminds potential
buyers about a product or service to influence their opinions or elicit a response
B2C (business-to-consumer) -the process by which businesses sell to consumers
B2B (business-to-business) -selling merchandise or service from one business to another
C2C (consumer-to-consumer) -consumers sell to other consumers
Production-Oriented Era -believed that a good product would sell itself
Sales-Oriented Era -between 1920 and 1950, production and distribution techniques became more
sophisticated.
-manufactures had the capacity to produce more than customers really wanted or
were able to buy, so they started DEPENDING ON HAVEY DOESES OF
PERSONAL SELLING AND ADVERTISING
Market-Oriented Era -post WWII; the U.S. entered a buyers' market AKA the customer became king
-manufacturers and retailers thus began to focus on what consumers wanted and
needed before they designed, made, or attempted to sell their products and
services
Value -reflects the relationship of benefits to cost, or what you get for what you give
Value Cocreation -customers act as collaborators with a manufacturer or retailer to create the
product or service
Relational Orientation -a method of building a relationship with customers based on the philosophy that
buyers and sellers should develop a long-term relationship
Customer Relationship Management (CRM) -a business philosophy and set of strategies, programs, and systems that focus on
identifying and building loyalty among the firm's most valued customers
Entrepreneurs -people who organize, operate, and assume the risk of a business venture
-key to success is that they launch ventures that aim to satisfy unfilled needs
Chapter 2 Developing Marketing Strategies and A Marketing Plan
-Marketing Strategy -identifies:
1.) a firm's target market(s)
2.) a related marketing mix (its 4 P's)
3.) the bases on which the firm plans to build a sustainable competitive advantage
