MAR4480 EXAM 1 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Commoditization-
Consequence of mature industries where slowing innovation, extensive product
assortment, excess supply, and frugal consumers force margins to the floor
Commodity-
Something you need that makes things easier for you; regular standard every day
problem
ex; #2 pencil, bottle of water
How do you prevent your product from becoming a commodity?
Using the 4 P's
With a commodity, the profit margin gets ________________
smaller and smaller
Today's economy is characterized by rapid ________________,
economic/financial _______________, and increasing ___________________
rapid technological change, economic/financial anxiety, and increasing consumer
skepticism
6 Challenges and Opportunities of Marketing in Today's Economy:
1. Power shift to customers
2. Massive increase in product selection
, 3. Audience and media fragmentation
4. Changing value propositions
5. Privacy, security, and ethical concerns
6. Unclear jurisdiction
Marketing (1995 AMA definition)-
Process of planning and executing the 4 p's to create exchanges that "satisfy individual
and organizational objectives"
Marketing (2005 AMA definition)-
organizational function and a set of processes for creating, communicating, and
"delivering value to customers" and for managing customer relationships in ways that
benefit the organization and its stakeholders
Marketing (2013 AMA definition)-
... activity, set of instructions, and processes for creating, communicating, delivering,
and exchanging offerings that have "value for customers, clients, partners, and society
at large"
Exchange-
Process of obtaining something of value by offering something in return
Conditions of exchange (5):
1. There must be at least 2 parties for the exchange
2. Each party should have something that the other party values
3. Each party must be capable of communication and delivery
4. Each party must be free to accept or reject exchange
5. Each party must believe it is desirable to exchange with the other party
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
Commoditization-
Consequence of mature industries where slowing innovation, extensive product
assortment, excess supply, and frugal consumers force margins to the floor
Commodity-
Something you need that makes things easier for you; regular standard every day
problem
ex; #2 pencil, bottle of water
How do you prevent your product from becoming a commodity?
Using the 4 P's
With a commodity, the profit margin gets ________________
smaller and smaller
Today's economy is characterized by rapid ________________,
economic/financial _______________, and increasing ___________________
rapid technological change, economic/financial anxiety, and increasing consumer
skepticism
6 Challenges and Opportunities of Marketing in Today's Economy:
1. Power shift to customers
2. Massive increase in product selection
, 3. Audience and media fragmentation
4. Changing value propositions
5. Privacy, security, and ethical concerns
6. Unclear jurisdiction
Marketing (1995 AMA definition)-
Process of planning and executing the 4 p's to create exchanges that "satisfy individual
and organizational objectives"
Marketing (2005 AMA definition)-
organizational function and a set of processes for creating, communicating, and
"delivering value to customers" and for managing customer relationships in ways that
benefit the organization and its stakeholders
Marketing (2013 AMA definition)-
... activity, set of instructions, and processes for creating, communicating, delivering,
and exchanging offerings that have "value for customers, clients, partners, and society
at large"
Exchange-
Process of obtaining something of value by offering something in return
Conditions of exchange (5):
1. There must be at least 2 parties for the exchange
2. Each party should have something that the other party values
3. Each party must be capable of communication and delivery
4. Each party must be free to accept or reject exchange
5. Each party must believe it is desirable to exchange with the other party
