GCU MKT-445 Exam 1 ch. 1-6 Questions & Answers 2024/2025

GCU MKT-445 Exam 1 ch. 1-6 Questions & Answers 2024/2025 Marketing - ANSWERSActivity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients partners and society at large Marketing Concept - ANSWERSPhilosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition marketing strategy - ANSWERSa plan of action designed to promote and sell a product or service Marketing Research - ANSWERSProcess of designing, gathering , analyzing and reporting information that may be used to solve specific marketing problems Market research - ANSWERSSystematic gathering, recording, and analyzing of with respect to a particular market where market refers to a specific group in a specific geographical area Basic research - ANSWERSaim to improve scientific theories for improved understanding or prediction of natural or other phenomina applied research - ANSWERSmethodology used to solve specific, practical problem of an individual or group. Marketing Information System - ANSWERSStructure consisting of people equipment and procedures to gather, sort, analyze, evaluate and distribute needed timely and accurate information to marketing decision makers Internal Reports System - ANSWERScompilation of financial and operational information that can be used and distributed to an entire organization to improve performance