Si Chen Exam 1 MBA 706 Questions and Answers (Graded A)
Question : What is Marketing? (list 6)
Correct answer: - marketing helps create value
marketing satisfies customer needs and wants
marketing entails an exchange
marketing requires decisions on the 4ps
marketing can be performed by individuals & organizations
marketing occurs in different settings
Question : What is the AMA definition of marketing?
Correct answer: Marketing is the activity, set of institutions,
and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, clients, partners, and society at large.
Question : What is Professor Philip Kotler definition of
marketing?Correct answer: Marketing is: To create, to communicate, and to deliver value to a target market at a profit
Question : CCDVTP Stands for
Correct answer: This is Professors Philip Kotler definition of
marketing which stands for Create, Communicate, and Deliver Value to a target market at a Profit Create Value = product management Communicate Value = Brand Management Deliver Value = Customer Management
Question : What is the traditionally Marketing Mix? (ORDER
IS IMPOTANT )
Correct answer: The 4Ps, with product being first and the
most important
Product
Price
Place
Promotion
Question : a set of marketing tools that the firm uses to pursue
its marketing objectives in the target
Correct answer: Marketing mix
Question : If we were to do a mix-and-match of the 4Ps with
the 4 verbs from the AMA definition we would get:
Correct answer: Product -->Create
Price --> Exchange Place --> Deliver Promotion -->Communicate
Question : _______ are the tools that firms can
use/manipulate to achieve their goals and are the foundation of the marketing framework
Correct answer: traditional 4ps
Question : list some examples of additional 4ps
Correct answer: personnel, personality of a store/brand
people--> employees physical evidence --> inside the store Process Management --) shopping experience
Question : Decisions on the 4Ps affect ___ buys from the firm
and _____ they buy, and ultimately the profitability of the firm.