MARK3000 EXAM 1 Grantham Ch 1,4,5,6,9 Questions with correct Answers

Marketing - Correct ️️ An organizational function and set of process for creating, capturing, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders Marketing Plan - Correct ️️ A written document composed of an analysis of the current marketing situation, opportunities, and threats for the firm, marketing objectives and strategy specified in terms of four P's, action programs, and projected or pro forma income (and other financial) statements Exchange - Correct ️️ The trade of things of value between the buyer and the seller so that each is better off as a result Marketing Mix - Correct ️️ Product, price, place, and promotion-the controllable set of activities that a firm uses to respond to the wants of its target markets Product = Creating value Price = Capturing value Promotion = Communicating value Place = Delivering value