MARK 3000 Test 1 - Grantham UGA
Study online at https://quizlet.com/_i0r5bp
1. Marketing (By the books) An organizational function and a set of process for creating,
capturing, communicating, and delivering value to customers
and for managing customer relationships in ways that benefit the
organization and its stakeholders
2. Working definition of Mar- Anticipating and determining the needs/wants of consumers and
keting satisfying those need through the use of the 4P's to create long
term exchanges of value.
3. Exchange The trade of things of value between the buyer and the seller so
that each is better off as a result
4. Value Reflects the relationship of benefits to costs, or what the con-
sumer gets for what they give.
5. Marketing Mix The controllable set of activates that a firm uses to respond to the
wants of its target.
Product, Price, Promotion, and Place.
6. Product - Creating Value How does value apply to all of the 4P's?
Price - Capturing Value
Promotion - Communicating
Value
Place - Delivering Value
7. Product -Creating Value Happens through a variety of offerings, including goods, ser-
vices, and ideas.
8. Price - Capturing Value Everything a buyer gives up in exchange for the product.
Must be an amount customers are willing to pay and which gives
a profit
9. Place - Delivering Value
, MARK 3000 Test 1 - Grantham UGA
Study online at https://quizlet.com/_i0r5bp
All activities needed to get the product to the right customer when
the customer wants it.
10. Promotion - Communicating Informs, persuades, and reminds potential buyers about a prod-
Value uct or service.
To influence their opinions or elicit a response.
11. Goods Items that can be physically touched
12. Services Any intangible offering that involves a deed, performance, or
effort that cannot be physically possessed.
Intangible customer benefits that are produced by people or
machines and cannot be separated from the producer
13. Ideas Intellectual concepts - thoughts, opinions, and philosophies.
14. B2C(Business to consumer) The process in which businesses sell to consumers
15. B2B(Business to Business) The process of selling merchandise or services from one business
to another
16. C2C(Consumer to Con- The process in which consumers sell to other consumers
sumer)
17. Value Cocreation Customers act as collaborations with a manufacturer or retailer to
create the product or service.
18. Production Orientation Era Focus is on internal capability and technology.
Key question: What does the firm do best?
19. Sales Orientation Era Focus is on aggressive sales techniques.
Worries more about transaction numbers
Key question: how can we sell more of what we have?
Study online at https://quizlet.com/_i0r5bp
1. Marketing (By the books) An organizational function and a set of process for creating,
capturing, communicating, and delivering value to customers
and for managing customer relationships in ways that benefit the
organization and its stakeholders
2. Working definition of Mar- Anticipating and determining the needs/wants of consumers and
keting satisfying those need through the use of the 4P's to create long
term exchanges of value.
3. Exchange The trade of things of value between the buyer and the seller so
that each is better off as a result
4. Value Reflects the relationship of benefits to costs, or what the con-
sumer gets for what they give.
5. Marketing Mix The controllable set of activates that a firm uses to respond to the
wants of its target.
Product, Price, Promotion, and Place.
6. Product - Creating Value How does value apply to all of the 4P's?
Price - Capturing Value
Promotion - Communicating
Value
Place - Delivering Value
7. Product -Creating Value Happens through a variety of offerings, including goods, ser-
vices, and ideas.
8. Price - Capturing Value Everything a buyer gives up in exchange for the product.
Must be an amount customers are willing to pay and which gives
a profit
9. Place - Delivering Value
, MARK 3000 Test 1 - Grantham UGA
Study online at https://quizlet.com/_i0r5bp
All activities needed to get the product to the right customer when
the customer wants it.
10. Promotion - Communicating Informs, persuades, and reminds potential buyers about a prod-
Value uct or service.
To influence their opinions or elicit a response.
11. Goods Items that can be physically touched
12. Services Any intangible offering that involves a deed, performance, or
effort that cannot be physically possessed.
Intangible customer benefits that are produced by people or
machines and cannot be separated from the producer
13. Ideas Intellectual concepts - thoughts, opinions, and philosophies.
14. B2C(Business to consumer) The process in which businesses sell to consumers
15. B2B(Business to Business) The process of selling merchandise or services from one business
to another
16. C2C(Consumer to Con- The process in which consumers sell to other consumers
sumer)
17. Value Cocreation Customers act as collaborations with a manufacturer or retailer to
create the product or service.
18. Production Orientation Era Focus is on internal capability and technology.
Key question: What does the firm do best?
19. Sales Orientation Era Focus is on aggressive sales techniques.
Worries more about transaction numbers
Key question: how can we sell more of what we have?
