MKT 315 EXAM 1 COMPREHENSIVE REVIEW SHEET VERIFIED QUESTION BANK

MKT 315 EXAM 1 COMPREHENSIVE REVIEW
SHEET VERIFIED QUESTION BANK

●● What are the 4 P's?
Answer: Product, Price, Promotion, and Place


●● Core aspects of marketing
Answer: 1. Marketing Is about Satisfying Customer Needs and Wants
2. Marketing Entails an Exchange
3. Marketing Requires Product, Price, Place, and Promotion Decisions
4. Marketing can be performed by both individuals and organizations.
5. Marketing occurs in many settings.
6. Marketing helps create value.


●● Creating value equals what?
Answer: Product (goods, services, ideas)


●● Capturing value equals what?
Answer: Price (money, time, energy)


●● Communication value equals what?
Answer: Promotion

,●● Delivering value equals what?
Answer: Place (supply chain management)


●● B2B
Answer: Business-to-business (ex: manufacturer to the retailer)


●● B2C
Answer: Business-to-consumer (ex: Retailer to consumer A- JCPenney
or Walmart)


●● C2C
Answer: Consumer to Consumer (ex: ebay and craiglist)


●● Marketing Impacts Various Stakeholders
Answer: Society, Customers, Employees, and Supply Chain


●● Marketing Helps Create Value
Answer: Production, Sales, Marketing, Value-based marketing


●● Marketing Mix is what?
Answer: 4 P's

, ●● Production-oreinted era
Answer: Just worried about making quality products (ex: Henry Ford
and Apple)


●● Sales-oriented era
Answer: Sellers don't have what you want but, they are determined to
get you to buy something (ex: car salesmen)


●● Marketing-oriented era
Answer: what do you want? External outlook for the first time (ex:
customer is king)


●● Value-based marketing era
Answer: bang for you buck, individual is more important (ex: cookies)


●● Value co-creation
Answer: companies work with customers (ex: Nike- customize shoes;
M&M's- customize M&M's)


●● Lead user
Answer: watch to see what customer are doing