Mkt 300 exam 1 - Study guides, Class notes & Summaries

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MKT 300 Exam 1 Study Guide Verified Answers Marketing ️Term: The process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment. Customers and Target Market ️What is the focus of marketing? (2 things) Customers ️Term: The purchasers of organizations' products. Are the focal point of all marketing activiti...

Product - The need-satisfying offering of a firm Customer Satisfaction - The extent to which a firm fulfills a consumers' needs, desires and expectations Innovation - The development and spread of new ideas, goods and services Economies of Scale - As a company produces larger numbers of a particular product, the cost of each unit of the product goes down Production Era - A time when a company focuses on production of a few specific products - perhaps because few of these products are ava...

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 s...

MKT 300 Exam 1 Guaranteed Success Product, Price, Place (distribution), Promotion ️4 P's of the Marketing Mix Price ️what is the most flexible, easy-to-change part of the marketing mix? value ️A customer's subjective assessment of benefits relative to costs in determining the worth of a product stakeholders ️all of the constituents who have a claim in some aspect of a company's products, operations, markets, industry, and outcomes satisfy customers ️companies define th...

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