MKTG 3340 Exam 1 (1,2,3,5,8) Questions with Correct Answers

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 - S M A R T. Specific. Measurable. Attainable. Relevant. Time based. Market penetration strategy - Current products and current markets Product development strategy - Current markets and new products