UGA MARK 3001 - Exam 1 Study Guide (9 pages)

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Exam 1 Study Guide



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Exam 1 Study Guide

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This test will have: -40 multiple choice questions -2 short answer (definitions, drawings etc) -1 essay question Make sure to read the book since 20% of the questions will be from the book only. Good luck! :)


Pages:
9
Type:
Study Guide
School:
University of Georgia
Course:
Mark 3001 - Prin of Mkt
Prin of Mkt Documents

Unformatted text preview:

MARK 3000 1ST Edition Exam 1 Study Guide Lectures 1 7 Lecture 1 August 21 Introduction to Marketing 15 of the test What is marketing Marketing is everything that goes into creating capturing communicating and delivering value to customers in order to benefit the company and its stakeholders Basically it s anticipating the needs of your target market and then satisfying them through the marketing mix You re creating an immediate exchange but you want your customer to keep buying your product service Exchanges require value What is the definition of value and how is it created Value is what is given up versus what is gained Unless it s a crazy emergency situation like a hurricane both sides of the exchange have to think that they re getting value Value is created through the marketing mix Explain the marketing mix aka the 4 P s of marketing possible essay question Product is creating value by producing various offerings such as developing a restaurant menu designing clothes or coming up with political ideas Place aka supply chain management is delivering value by getting the merchandise to the right consumer at the right time Promotion is communicating value by informing persuading and reminding potential customers about your product service or message Price is capturing value by figuring out how much customers are okay with paying Marketing can be done by both individuals and organizations What are the three kinds of marketing 1 B2C marketing business to consumer 2 B2B marketing business to business 3 C2C consumer to consumer i e eBay and Etsy Define corporate orientation What are the 3 orientations and the eras they were used in Corporate orientations are the different philosophies that a company might have The first is the production philosophy 1800s early 1900s which focused on what the company could do best aka the Field of Dreams philosophy If I build it they will come Concerned with product innovation not customer needs The second is the sales philosophy 1920s



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