MKT 300 Eaton ASU Exam 1

What is Marketing? - Answer-An organizational function and a collection of processes designed to plan for, create, communicate and deliver value to custoemrs and build effective customer relationships in ways that benefit the organization and its stakeholders. Marketing is about: - Answer-Creating Exchanges Identity Connections Relationships Solving Customer Problems What are the 4 P's of Marketing - Answer-Product Price Promotion Place (Distribtuion) - A combination of factors that can be controlled by a company to influence consumers to purchase its products What are the Conditions for Exchange? - Answer-Two parties Something of value Communication and delivery Freedom to accept or reject Desire to deal with other parties What are Demographics? - Answer-Variables that allow us to group people together, an example would be age or gender. What are Psychographics? - Answer-They are what makes us different from one another, attitudes, aspirations, causes. What is the Marketing Concept? - Answer-A consumer oriented philosophy of fulfilling customer needs above all else. What are the key ideas of the Marketing Production Philosophy - Answer-Focus on efficiency of internal operations This technique is very old and outdated it was used by Henry Ford during his era. What are the key ideas of the Marketing Market Philosophy - Answer-Focus on satisfying customer needs and wants