Time Sensitive: Today

What do we mean by value?

		the price a customer paid for a product
		the benefits buyers receive that meet their needs
		what it costs to produce a product
		the overall market value of the company

Your colleague has said several things to you about value. Which of those statements are true?

		Value is determined by the company without customer input
		Value varies from customer to customer based on each customers needs
		Value of a certain product should be the same for every customer
		Value is not really measurable, so it is hard to define

What is the marketing concept?

The four Ps, of course

Philosophy that requires that marketers seek to satisfy customer wants and needs

An ancient ritual that we have adapted to modern sales methods

Advertising cost + Sales = Gross revenue

A companies offering consists of:

		the physical product they are selling
		the entire bundle of the tangible good, the intangible service, and the price
		their value proposition
		the price along with the distribution strategy

The marketing concept applies to everyone working in the marketing department

		Is mostly meant to guide the behavior of salespeople
		Should influence the behavior of every employee in the company
		Was more applicable to doing business in the 1970s than it is today

Marketing communications:

		Should be limited, since they are very expensive
		Should mostly flow from the company to customers
		Should flow in two directions, inbound and outbound
		Should mostly flow from customers to the company

Which of the following is true about marketing

		Marketing can be done by nonprofits, but it doesnt work for them
		Marketing is really only done by companies that want to make a profit
		Marketing is never done by governments
		Marketing is done by for-profit companies, not-for-profit organizations, and by individuals

Which of the following statements is true?

		A B2B company sells to other companies
		A B2B company sells to individual Buyers (consumers)
		B2C businesses specialize in selling to Corporations
		A B2C company sells to other Companies

Which of the four Ps of marketing focuses on creating value?

		Promotion
		All of them
		Product
		Parsimony