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MKT 6301 (Biswas) Exam 1.
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MKT 6301 (Biswas) Exam 1.
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MKT 6301 (Biswas) Exam 1Marketing Myths - CORRECT ANSWER-- 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 - CORRECT ANSWER-The activity, set of institutions, and processes
for creating, communicating, and delivering value to customers, clients, partners,
and society at large
Marketing Management - CORRECT ANSWER-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... - CORRECT ANSWER-- There are at least two
parties
- 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? - CORRECT ANSWER-- Goods
- Services
- Events & experiences
- Persons
- Places & properties
- Organizations
- Information
- Ideas
Simple Marketing System - CORRECT ANSWER-Market exchanges money and
information to industry for goods/services and communication
, Key Customer Markets - CORRECT ANSWER-- Consumer
- Global
- Business
- Nonprofit/Governmental
Company Orientations - CORRECT ANSWER-- Production
- Product
- Selling
- Marketing
- Societal Marketing
Four P's - CORRECT ANSWER-- Product
- Price
- Place
- Promotion
Four C's - CORRECT ANSWER-- Customer solution
- Cost
- Convenience
- Communication
Needs - CORRECT ANSWER-A state of felt deprivation in a person
Wants - CORRECT ANSWER-Shaped by culture and individual personality
Product - CORRECT ANSWER-Anything that can be offered to a market for
attention, acquisition, use, or consumption that might satisfy a want or need
Production Orientation - CORRECT ANSWER-- Focuses on improving
production and distribution efficiency
- One of the oldest orientations
- Works mainly when demand > supply
- Mass production, assembly lines, etc.
- Assumes consumers favor products that are easily available and affordable
Product Orientation - CORRECT ANSWER-- Focuses on improving product
features and quality
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