MKTG 3340 EXAM 1 Correct Questions & Answers!!

Elements necessary in order for marketing to occur - ANSWER -2+ parties w/ unsatisfied needs (in order to have a marketing exchange) -DESIRE & ABILITY to satisfy those needs ("whats your budget?" - A way for the parties to COMMUNICATE - Something to exchange (that both parties agree is valuable) societal marketing concept - ANSWER calls upon marketers to balance 3 considerations in setting their marketing policies: - consumer wants & satisfaction -company profits -public interest (ex. toms, social conscience) Goals of Marketing - ANSWER - discover (assess) the needs & wants of prospective customers -Satisfy these needs & wants through EXCHANGES (things of value b/w buyer & seller so each is BETTER OFF after trade) (ex. volunteer & praise) 4 Ps - ANSWER Marketing Mix Product- what do potential customers need & want? Price- how much should we ask customers to pay? Place- How will we get it to the customers? Promotion- How will we communicate with the customers? Customer Value Proposition - ANSWER promise to the target consumer of the value your product/service will deliver. Clear, concise statement of what you uniquely have to offer vs. competition. Communicates: - the problem you solve - the benefits of your product/service - Why you are better than competition (30 sec elevator speech) (ex. target- "expect more, pay less"-everything & for a cheap price; Goldman Sachs,; Lyft) Evolution of Customer Relationship Era - ANSWER - 50s-80s, brands sought to understand their consumers using research principles borrowed from the social sciences - Data became less expensive & more accessible - the Internet of Things-- mobile & smart phone tech added to marketers toolkit (everything is AUTOMATED & CONNECTED; customer centric enviro) -Marketing Concept -Customer Relationship Marketing Concept (evolution of customer relationship era) - ANSWER assess & satisfy consumer wants & needs more EFFECTIVELY & EFFICIENTLY than competitors while also trying to achieve the organization's objectives 4 pillars: 1. Target market- one or more specific groups of potential consumers toward which a co. will direct its marketing program 2. Customer needs 3. Internal Marketing (hiring, training, motivating employees to serve well 4. Profitability "customers will buy a product or service that they perceive is of value to them" Customer Relationship (evolution of the customer relationship era) - ANSWER Firms seek to continuously SATISFY the high exp