MKT 3340 Exam 1 Questions and Answers (100% Verified.)

Formal definition of Marketing - ANSWER-process of planning and executing the conception, pricing, promotion, and distribution of stuff to create exchanges that satisfy people The goal of marketing is - ANSWER-exchange exchange - ANSWER-people giving up something to receive something they would rather have What is the 4 P's of marketing - ANSWER-price: exchanging value Place/ Distribution: Delivering value Promotion: communicating value Product: creating value Customer Value - ANSWER-the relationships between benefits and the sacrifice necessary to obtain those benefits How do marketers improve customer value? - ANSWER-1. explain how your product solves customers' problem or improve their situations 2. Tell the customer why they should buy from you and not your competition Evolution of Marketing - ANSWER-1. Production era- -1930 2. Sales era- 3. Marketing concept era- 1950- 4. Societal marketing concept era 1950- 4 Different Marketing Management Philosophies (orientations) - ANSWER-1. Production- what can we make best? 2. Sales- How can we sell more aggressively? 3. Market- what do customers need? 4. Societal- What do customers want and need, and how can we benefit society? Fortenberry's Core Marketing Concerns Model - ANSWER-Big circle- marketing infrastructure 3 small circles- Research concerns, Communication Concerns, Product Concerns What's is in the promotional mix? - ANSWER-advertising, personal selling, publicity, sales promotion, packaging, PR, POP display, Brand name, -social media marketing, direct marketing Why study marketing? - ANSWER-important to society important to business good career opportunities 501(c)(3) - ANSWER-nonprofit organizations. don't pa