MKT 320 Exam #1 UNCG Questions and Answers with complete solution

Marketing - Activity, set of institutions and processes for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners at large. Bartering is Marketing: T/F? Why? - True! Because marketing is any 2 or more parties exchanging of value Old View of Marketing - Marking a sale "telling and selling" New View of Marketing - Satisfying customer needs Things that can be marketed: - -Goods -Services -People -Behaviors -Organizations -Information -Places Marketing Process - 1. Understand needs/wants of marketplace/ customer 2. Design a customer driven marketing strategy 3. Construct an integrated marketing program to deliver superior value 4. Build profitable relationships and create customer delight To succeed in marketing you need to be able to: - Analyze needsPredict wants Estimate demand Determine where Estimate price Decide promotion Estimate competition Provide service 4 P's are: - Price Product Place Promotion Production Era - "Can we make it?"