MK 3301 Exam 1 Questions And Answers

MK 3301 Exam 1 Questions And Answers /.marketing - Answer-the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customer, clients, partners, and society /.marketing plan - Answer-specifies the marketing activities for a specific period /.What does marketing do? - Answer-affects stakeholders, performed by people/groups, creates value with the 4p's, entails and exchange, satisfying customer needs and wants /.Meeting needs and wants - Answer-fundamental to success, need target audience then divide into specific groups (market segments) and build strategy to target that audience /.entails an exchange - Answer-trading things of value that leave both buyer and seller better off (buyer gives money and seller gives product/service) /.4p's/marketing mix - Answer-product, price, place, and promotion, used to respond to wants of target market /.product - Answer-creates value using goods, services, and ideas /.price - Answer-captures value, everything that that buyer gives up (not always money), based on belief of value /.place - Answer-delivers value, getting products to the right person when needed, needs good supply chain management and marketing channel management, ex: starbucks having many locations for caffeine lovers /.supply chain management - Answer-apart of the place (4p's), efficient integration of suppliers, producers, warehouses, to place products into consumer's possession as they require /.marketing channel management - Answer-making and keeping partners in supply chain /.promotion - Answer-communicates value and enhances it by informing, persuading, and reminding customers to sway opinions and get responses /.Who does marketing come from? - Answer-Business to business (B2B: Sysco), Business to Consumer (B2C: Target), Consumer to Consumer (C2C: Etsy) /.Marketing eras - Answer-Production era (good products sell themselves), sales era (great depression decreased consumption, used personal selling and advertising), market era (customers had choices and made decisions on quality, convenience, and price), value-based (satisfy needs and wants, current) /.value based marketing - Answer-reflections relationship between benefits and costs at a price that shows value /.relational orientation - Answer-develop relationships with customers for long term /.customer relationship management (CRM) - Answer-strategies and systems that identify and build loyalty among valued customers /.value cocreation - Answer-customers act as collaborators with a manufacturer or retailer to create the product or services /.How does marketing create value, and how do firms become more value driven? - Answer-Adding value, marketing analytics, social and mobile marketing /.Adding value - Answer-central to marketing, measures benefits and costs of offerings /.marketing analytics - Answer-uses data to define approaches to customers and markets /.social and mobile marketing - Answer-new tech allows better customer connections, but not all can be reached with social media /.geotargeting - Answer-a group is segmented by their current and past locations and receives messages based on location /.Consumer Decisions process - Answer-need/problem recognition, search for information, evaluation of alternatives, purchase and consumption, and post purchase /.Need/problem recognition - Answer-recognize unsatisfied and try to get desired state, problem can increase, includes functional and psychological needs /.functional need - Answer-focus on performance, does it work as designed?, can't have psychological aspects