MKTG 3340 EXAM 1 QUESTIONS AND ANSWERS (GRADED A+)

what is marketing? - ANSWER-the management process involved in identifying, anticipating, and satisfying customer wants profitably what are the 2 goals of marketing? - ANSWER-1. discover (assess) the needs and wants of prospective customers 2. satisfy these needs & wants through EXCHANGE (each are better off after exchange) what are the 4 requirements for marketing to occur? - ANSWER-1. two or more parties with unsatisfied needs 2. desire and ability to satisfy those needs 3. a way for the parties to communicate 4. something to exchange what are the 4 P's/controllable factors in solving a marketing mix/program? - ANSWER-1. product 2. place 3. price 4. promotion customer is in center what are uncontrollable factors in solving a marketing program/mix? - ANSWER-competitive forces, regulatory forces, social forces, economic forces, technological forces what is customer value proposition? - ANSWER-what are we promising the customer? what is their benefit? what are key marketing issue? - ANSWER-- retain customer loyalty - manage customer relationships effectively - redefine the term "go shopping" - does this marketing action payout? - consumer engagement in an ever-changing digital world what is customer value? - ANSWER-benefits received by buyers that includes quality, convenience, on-time delivery, and both before-sale & after-sale service at a specific price how