MKT 291 Miami University Exam 1 questions with correct answers

Marketing Answer The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Exchange Answer The trade of things of value between buyer and seller so that each is better off after the trade What is needed for marketing to occur? Answer (1) two or more parties (individuals or organizations) with unsatisfied needs, (2) a desire and ability on their part to have their needs satisfied, (3) a way for the parties to communicate, and (4) something to exchange Market Answer People with both the desire and the ability to buy a specific offering Target Market Answer One or more specific groups of potential consumers toward which an organization directs its marketing program What are the 4 P's of marketing? Answer product, price, promotion, place Product Answer A good, service, or idea to satisfy the consumer's needs Price Answer What is exchanged for the product