121. Over the four marketing eras, how did the emphasis on the four Ps change? List the four eras and describe which of the four Ps were emphasized during each era. During the production-oriented era, obviously the focus was on the product. During the sales-oriented era, the emphasis was on promotion, particularly selling and advertising. During the market-oriented era, the emphasis was producing and providing (place) what customers wanted. In the value-based marketing era, all four Ps are equally important to delivering customer value. AACSB: Analytic Blooms: Analyze Difficulty: 3 Hard Learning Objective: 01-01 Define the role of marketing in organizations. Topic: Marketing Helps Create Value 122. How does value cocreation provide additional value to customers? Value cocreation not only involves the customer; it also offers the opportunity to explain unmet needs the firm can address. Within the broader framework of value-based marketing, the customer will probably gain greater benefits from the product or service since it will meet more of the customer's needs. AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 01-01 Define the role of marketing in organizations. Topic: Marketing Helps Create Value 123. Suppose that your university creates a position of vice president for marketing and promotes your professor to the position. What activities will the new vice president of marketing probably be involved in? Be specific; this is a university. Answers will vary depending on the institution but should include the four Ps. AACSB: Analytic Blooms: Apply Difficulty: 3 Hard
121. Over the four marketing eras, how did the emphasis on the four Ps change? List the four eras and describe which of the four Ps were emphasized during each era. During the production-oriented era, obviously the focus was on the product. During the sales-oriented era, the emphasis was on promotion, particularly selling and advertising. During the market-oriented era, the emphasis was producing and providing (place) what customers wanted. In the value-based marketing era, all four Ps are equally important to delivering customer value. AACSB: Analytic Blooms: Analyze Difficulty: 3 Hard Learning Objective: 01-01 Define the role of marketing in organizations. Topic: Marketing Helps Create Value 122. How does value cocreation provide additional value to customers? Value cocreation not only involves the customer; it also offers the opportunity to explain unmet needs the firm can address. Within the broader framework of value-based marketing, the customer will probably gain greater benefits from the product or service since it will meet more of the customer's needs. AACSB: Analytic Blooms: Understand Difficulty: 2 Medium Learning Objective: 01-01 Define the role of marketing in organizations. Topic: Marketing Helps Create Value 123. Suppose that your university creates a position of vice president for marketing and promotes your professor to the position. What activities will the new vice president of marketing probably be involved in? Be specific; this is a university. Answers will vary depending on the institution but should include the four Ps. AACSB: Analytic Blooms: Apply Difficulty: 3 Hard
Grewal--Marketing%204e.docx