Principles of Marketing Test with Solutions

Marketing - An organizational function and a set of processes for creating communicating and delivering value to customers and for managing customer relationship in ways that benefit the organization and its stakeholders What is the Ultimate Goal of marketing? - the passion to understand and satisfy the needs of customers in well-defined target markets What are the core marketing concepts? - 1.Needs 2. Wants 3. Demand 4. Marketing Offers 5. Value 6. Satisfaction 7. Exchange 8. Transaction 9. Market 10. Utility 4 Types of Utility - Form Time Place Ownership What are the six eras in the history of marketing? - Product Production Sales Marketing Society Relationship What is Marketing Myopia? - Managements failure to recognize the scope of its business What are the characteristics of not-for-profit marketing? - Focus is to generate revenue to support their causes and not on the bottom line. May market tangible goods and services Market to multiple audiences Often possesses some degree of monopoly power in a given geographic area Service users have less control over the firm's future What are the five types of non-traditional marketing? - Person Place Cause Event Organization What is Market Planning? - The implementing planning activities devoted to achieving marketing objectives What is planning? - anticipating future events and conditions and determining the best way to achieve organizational objectives Strategic Planning - determining an organizations primary objectives Tactical Planning - guides the implementation of activities specified in the strategic plan What are the steps in the marketing process - Mission and Objective Accessing organizational resources and evaluating environmental risks and opportunities. What are the elements of a market strategy? - The target market Marketing Mix Variables 4 elements of strategy to fit needs in a specific target market - Product Distribution Promotion Pricing