Principles of Marketing Exam Notes
Principles of Marketing
Study Guide
Mid-term Exam Fall 2012
Chapter 1 1. What is Marketing? a. 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. It requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on society in general. 2. Marketing requires Product, Price, Place and Promotions decisions. b. The four Ps, or marketing mix, are the controllable set of activities that the firm uses to respond to the wants of its target markets.
3. What is value-based marketing? a. Value reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives. In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They want products or services that meet their specific needs or wants and that are offered at competitive prices. 4. Marketing Impacts Various Stakeholders c. Supply chain partners, whether they are manufacturers, wholesalers, retailers, or other intermediaries like transportation or warehousing companies, are involved in marketing to one another. Manufacturers sell merchandise to retailers, but the retailers often have to convince manufacturers to sell to them. 5. Marketing Enriches Society * Our people: Committed to excellence, passionate about achieving our goals, eagerly embracing new challenges. * Our strategy: Focused and consistent, delivers sustainable and dependable performance. * Our business model: Resilient and proven, relevant in all economies, drives long-term health of the company. * Our brands: Recognized and loved around the world, in strong categories, responsive to advertising and brand building.
Chapter 2 6. What is a Marketing Strategy? d. Identifies (1) a firm's target market(s), (2)
Study Guide
Mid-term Exam Fall 2012
Chapter 1 1. What is Marketing? a. 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. It requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on society in general. 2. Marketing requires Product, Price, Place and Promotions decisions. b. The four Ps, or marketing mix, are the controllable set of activities that the firm uses to respond to the wants of its target markets.
3. What is value-based marketing? a. Value reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives. In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They want products or services that meet their specific needs or wants and that are offered at competitive prices. 4. Marketing Impacts Various Stakeholders c. Supply chain partners, whether they are manufacturers, wholesalers, retailers, or other intermediaries like transportation or warehousing companies, are involved in marketing to one another. Manufacturers sell merchandise to retailers, but the retailers often have to convince manufacturers to sell to them. 5. Marketing Enriches Society * Our people: Committed to excellence, passionate about achieving our goals, eagerly embracing new challenges. * Our strategy: Focused and consistent, delivers sustainable and dependable performance. * Our business model: Resilient and proven, relevant in all economies, drives long-term health of the company. * Our brands: Recognized and loved around the world, in strong categories, responsive to advertising and brand building.
Chapter 2 6. What is a Marketing Strategy? d. Identifies (1) a firm's target market(s), (2)