BCOR 2201 Marketing Final Review Questions and Answers Already Passed

Marketing definition Marketing is the activity or creating, communication, delivering, and exchanging offerings that have utility (value) for customers, and these exchanges benefit the organization, its stakeholders, and society at large What is marketing? facilitates exchanges between buyers and sellers to create value by using tools provided in the 4 P's Controllable factors in the marketing mix (4 P's) Product: good or service that satisfies a need (an idea can also be marketed) Price: what is exchanged representing the value Place: means of getting the product to the consumer Promotion: means of communication between buyer and seller Uncontrollable factors social, economic, technological, competitive, regulatory, environmental