MKT 3340 Exam 1 Questions with 100% Correct Answers, Graded A+

Formal definition of Marketing - process of planning and executing the conception, pricing, promotion, and distribution of stuff to create exchanges that satisfy people The goal of marketing is - exchange exchange - people giving up something to receive something they would rather have What is the 4 P's of marketing - price: exchanging value Place/ Distribution: Delivering value Promotion: communicating value Product: creating value Customer Value - the relationships between benefits and the sacrifice necessary to obtain those benefits How do marketers improve customer value? - 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 - 1. Production era- -1930 2. Sales era- 3. Marketing concept era- 1950- 4. Societal marketing concept era 1950- 4 Different Marketing Management Philosophies (orientations) - 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 - Big circle- marketing infrastructure 3 small circles- Research concerns, Communication Concerns, Product Concerns What's is in the promotional mix? - advertising, personal selling, publicity, sales promotion, packaging, PR, POP display, Brand name, -social media marketing, direct marketing Why study marketing? - important to society important to business good career opportunities 501(c)(3) - nonprofit organizations. don't pay income tax must provide a public benefit non-governmental organization - non-profits that focus help bring citizens' problems to the US Top 10 charities in the US - 1. United Way 2. Salvation Army 3. Feeding America 4. Task Force for Global Health 5. American National Red Cross 6. Food for the Poor 7. Goodwill 8. YMCA 9. American Cancer Society 10. St. Jude Children's Research Hospital Nonprofit partners - Methodist Childrens Home Humane Society TMTL Shepherds Heart Neighbor Works 10 Realities for Nonprofit Marketing - 1. Marketing is not a dirty word 2. There is no such thing as the general public 3. You need to build your own media empire 4. All generations- including seniors- are online 5. Nonprofit Communicators are transforming into community organizers 6. Personal and organizational personalities, or Brands, are bleeding 7. Good nonprofit marketing takes more time than money 8. You've already lost control of your message, stop pretending otherwise 9. Marketing is not fundraising, but it is essential to it 10. Old-fashioned basics still work best, even online