MKT 6301 (Biswas) Exam 1 Questions & Correct Answers/ Graded A+

Marketing Myths : - Marketing and selling are the same thing - A grocery store owner takes home at least $3 for every $10 bag of groceries sold - Products that are advertised a great deal cost more - Wholesalers make high profits which greatly increases consumers' prices - Marketing is the same thing as advertising Marketing : The activity, set of institutions, and processes for creating, communicating, and delivering value to customers, clients, partners, and society at large Marketing Management : The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value For an exchange to occur... : - There are at least two parties 2 - Each party has something that might be of value to the other party - Each party is capable of communication and delivery - Each party is free to reject the exchange offer - Each party believes it is appropriate or desirable to deal with the other party What is marketed? : - Goods - Services - Events & experiences - Persons - Places & properties - Organizations - Information - Ideas Simple Marketing Syste