MKT 201 Test Review questions and answers Graded A+

MKT 201 Test Review questions and answers Graded A+ What is Marketing? Marketing is the set of strategies and activities by which companies acquire and engage customers, build customer relationships, and create superior customer value in order to capture value from customers in return. In short marketing is an exchange process. The three fold goals of marketing are 1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering the promised value. 3. Help drive long-term company profitability by recapturing some of the delivered value from satisfied and loyal customers. Five core customer and marketplace concepts: 1. Needs, Wants, and Demands. 2. Market Offerings (Products, Services, and Experiences.) 3. Value and Satisfaction. 4. Exchanges and relationships.