MKTG 3340 Quiz 1 Questions with Complete Solutions Graded to Pass

Marketing - Delivery of customer satisfaction at a profit Goals of marketing - Attract new customers with value and keep current customers with satisfaction Requirements for Marketing - Two or more parties with unsatisfied needs Desire and ability to satisfy needs A way to communicate Something to exchange Target market - One or more specific groups of potential customers towards which an organization directs its marketing program Market segments - Behavioral Psychographic Geographical Demographic Marketing cycle - Markets Needs, wants and demands Products and services Values, satisfaction and quality Exchange, transactions and relationships Marketing mix - Product Price Promotion Place Marketing objective - Specific Measurable Attainable Relevant Time based Market penetration strategy - Current products and current markets Product development strategy - Current markets and new products Market development strategy - Current products and new markets