CSU MKT 300 Exam 1 Complete Solutions
Marketing Defined ️the process of creating, pricing, distributing, and promoting goods, services, and
ideas to facilitate satisfying exchange relationships with customers in a dynamic environment
AMA 2004 definition ️Marketing is an organizational fun...
CSU MKT 300 Exam 1 Complete Solutions
Marketing Defined ✔️the process of creating, pricing, distributing, and promoting goods, services, and
ideas to facilitate satisfying exchange relationships with customers in a dynamic environment
AMA 2004 definition ✔️Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders
4 P's ✔️Product - Goods, services, or ideas that satisfy customer needs
Pricing - Decisions and actions that establish pricing objectives and policies and set product prices
Distribution - The ready, convenient, and timely availability of products
Promotion - Activities that inform customers about the organization and its products
Exchange ✔️The provision or transfer of goods, services, or ideas in return for something of value
Exchange Conditions ✔️Two or more participants have something of value that the other party desires.
Exchange provides mutual benefit/satisfaction.
Each party has confidence in the exchange value of the other party's offering.
Each party must meet the expectations of the exchange to become trusted by the other parties.
Stakeholder ✔️Someone who has influence on company or the company on them
Myopia ✔️nearsightedness, not seeing full picture of possible imagination
Ex. A railroad company only transferring goods instead of people too.
, Contact Points ✔️Successful marketing requires managing and coordinating marketing messages at
every contact point
(i.e. Market to the right demographic for your product)
Unplanned messages ✔️Ex. Dirty parking lot looks bad on company as a whole.
Both planned and unplanned messages are critical and influence customers
Core Competencies ✔️Things a firm does extremely well, which sometimes give it an advantage over its
competition
Market opportunity ✔️A combination of circumstances and timing that permits an organization to
reach a target market
Competitive advantage ✔️The result of a company's matching a core competency to opportunities in
the market place
SWOT analysis ✔️S.trengths
W.eaknesses
O.pportunities
T.hreats
Mission Statement ✔️A long-term view, or vision, of what the organization wants to become
Answers:
Who are our customers?
What is our core competency?
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