UWM BUS 360 Exam 1
Study online at https://quizlet.com/_81tn6u
1. definition of mar- The exchange of value
keting
2. Marketing Mix (4 Product, Price, Place, Promotion
P's)
3. Product = Creating value
4. Price = Capturing Value
5. Place = Delivering Value
6. Promotion = Communicating Value
7. Production-Ori- Turn of the the Century - 1920
ented Era
All about the product. A good product will sell itself
8. Sales-Oriented 1920 - 1950
Era
Customers won't buy enough products if left alone. We need to persuade them to
buy more. Personal selling, mass advertising. "Selling"
9. Marketing-Orient- 1950 - 1990
ed Era
Too many sellers, not enough buyers. Customer became king. More choice, more
power. Marketers forced to pay attention to what customers actually want. Mar-
keters discover "marketing"
10. Value-Based mar- 1990 - Today
keting era
more to marketing than simply satisfying needs and wants. Have to provide more
value than competitors, in order to be successful
Ratio of benefits/costs = value
1/8
, UWM BUS 360 Exam 1
Study online at https://quizlet.com/_81tn6u
11. Marketing is Bringing about exchanges in the marketplace
about
12. AMA American Marketing Association
13. How do firms be- 1. sharing information,
come value dri-
ven? 2. balancing benefits with costs, (focus on what the customer values)
3. building relationships with customers. (Relational orientation, NOT transaction-
al) (considers lifetime profitability of customers, not a single transaction, Example
in class was starbucks)
4. Connecting with customers using social and mobile media
- Consumers needs and demands change very rapidly
- Can better help connect to customers and serve their needs
14. relational orien- a method of building a relationship with customers based on the philosophy that
tation buyers and sellers should develop a long-term relationship
15. transactional ori- "one and done" mentality, what happens before or after the transaction is of little
entation importance to the marketer
16. Marketing My- Management's failure to recognize the scope of its business
opia
defining a business in terms of goods and services rather than in terms of the
benefits customers seek
17. Marketing My- Read that shit again - multiple questions on the exam will be related to the article
opia Article
18. Four Macro 1. Customer Excellence
Strategies for 2. Operational Excellence
2/8
Study online at https://quizlet.com/_81tn6u
1. definition of mar- The exchange of value
keting
2. Marketing Mix (4 Product, Price, Place, Promotion
P's)
3. Product = Creating value
4. Price = Capturing Value
5. Place = Delivering Value
6. Promotion = Communicating Value
7. Production-Ori- Turn of the the Century - 1920
ented Era
All about the product. A good product will sell itself
8. Sales-Oriented 1920 - 1950
Era
Customers won't buy enough products if left alone. We need to persuade them to
buy more. Personal selling, mass advertising. "Selling"
9. Marketing-Orient- 1950 - 1990
ed Era
Too many sellers, not enough buyers. Customer became king. More choice, more
power. Marketers forced to pay attention to what customers actually want. Mar-
keters discover "marketing"
10. Value-Based mar- 1990 - Today
keting era
more to marketing than simply satisfying needs and wants. Have to provide more
value than competitors, in order to be successful
Ratio of benefits/costs = value
1/8
, UWM BUS 360 Exam 1
Study online at https://quizlet.com/_81tn6u
11. Marketing is Bringing about exchanges in the marketplace
about
12. AMA American Marketing Association
13. How do firms be- 1. sharing information,
come value dri-
ven? 2. balancing benefits with costs, (focus on what the customer values)
3. building relationships with customers. (Relational orientation, NOT transaction-
al) (considers lifetime profitability of customers, not a single transaction, Example
in class was starbucks)
4. Connecting with customers using social and mobile media
- Consumers needs and demands change very rapidly
- Can better help connect to customers and serve their needs
14. relational orien- a method of building a relationship with customers based on the philosophy that
tation buyers and sellers should develop a long-term relationship
15. transactional ori- "one and done" mentality, what happens before or after the transaction is of little
entation importance to the marketer
16. Marketing My- Management's failure to recognize the scope of its business
opia
defining a business in terms of goods and services rather than in terms of the
benefits customers seek
17. Marketing My- Read that shit again - multiple questions on the exam will be related to the article
opia Article
18. Four Macro 1. Customer Excellence
Strategies for 2. Operational Excellence
2/8
