Marketing Chapter 1 Questions

Marketing Chapter 1 Questions - a Value co-creation in...

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MKT 201 Chapter 1 – Important questions 1. What is the definition of marketing? a. Marketing is the activity, set of institutions, and processes for creating, capturing , communicating, delivering, and exchanging offerings that have value . 2. Marketing is about satisfying _____ and ______. a. Consumer needs and wants 3. What are the four components of the marketing mix? a. The four Ps: i. Product (creates value) ii. Price (captures value) iii. Place (delivers value proposition) iv. Promotion (communicates value proposition) 4. Who can perform marketing? a. Individuals and organizations 5. What are the various eras of marketing? a. Production oriented era – a good product will sell itself b. Sales oriented era – more goods than can be sold, thus a focus on personal selling and advertising c. Market oriented era – buyer’s market, consumers are king; focus on consumer wants d. Value-marketing oriented era – focus on consumer wants and providing more value than competition 6. What are two methods for increasing value?
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Unformatted text preview: a. Value co-creation, in which customers collaborate in creating the product or service b. By balancing benefits and costs 7. How can a firm become value driven a. By sharing information, balancing benefits with costs, and building relationships with customers 8. List five functions that illustrate the importance of marketing a. Marketing advises production about how much of the company’s product to make and then tells logistics when to ship it b. It creates long-lasting, mutually valuable relationships between the company and the firms from which it buys c. It identifies those elements that local customers value and makes it possible for the firm to expand globally d. Marketing makes life easier and provides employment opportunities e. Marketing enriches society 9. A firm doing the right thing emphasizes the importance of marketing to ___ a. Embrace societal needs and ethical business practices...
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Marketing Chapter 1 Questions - a Value co-creation in...

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