marketing test 1 review.docx

marketing test 1 review.docx - Review for Test 1 50 MC...

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Review for Test 1: 50 MC, 10ish short answer, mc are similar to learn-smart Evolution of Marketing Eras o Production Sales Marketing Value-based Marketing o Production: Turn of the 20 th century, when most firms believed that a good product would sell itself. o Sales: production and distribution techniques improved and supply outpaced demand. The answer to overproduction was to focus on sales. o Market: the focus was on what customers wanted. o Value-based Marketing: Maintains the market orientation but also includes a focus on giving greater value than the competition Core aspects of marketing o Marketing helps create value o Marketing is about satisfying customer needs and wants o Marketing entails an exchange o Marketing requires decisions about the 4Ps o Marketing can be performed by both individuals and organizations o Marketing occurs in many settings Glossary terms (for short answer, I assume) o Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large o Exchange is the trade of things of value between the buyer and the seller so that each is better off as a result. o Goods are items that you can physically touch. o Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer. o Ideas include thoughts, opinions, and philosophies, and intellectual concepts which can be marketed. o A supply chain is the group of firms that make and deliver a given set of goods and services. o Value reflects the relationship of benefits to costs. o Social media refers to content distributed through social interactions. o Hits – total requests for a page. o Page views – the number of times any pages gets viewed by any visitor.
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