MKT 291 Miami University Exam 1 questions with correct answers

marketing Answer the activity, set of institutions, & processes for creating, communication, delivering & exchanging offerings that have value for customers, clients, partners, & society at large *focuses on consumer wants & needs* 4 factors for marketing to occur Answer 1) 2+ parties with unsatisfied needs 2) a desire & ability on their part to be satisfied 3) a way for the parties to communicate 4) something to exchange 5 environmental forces of marketing Answer 1) social (what customers want, income, age, family) 2) economic (state of the economy) 3) technological 4) competitive (market position, how your competitors are doing) 5) regulatory (expiration dates, government regulations etc.) marketing mix (4 P's) Answer 1) product 2) price 3) place 4) promotion