MKTG 3340 EXAM 1 Questions With Complete Solutions

Elements necessary in order for marketing to occur -2+ parties w/ unsatisfied needs (in order to have a marketing exchange) -DESIRE & ABILITY to satisfy those needs ("whats your budget?" - A way for the parties to COMMUNICATE - Something to exchange (that both parties agree is valuable) societal marketing concept calls upon marketers to balance 3 considerations in setting their marketing policies: - consumer wants & satisfaction -company profits -public interest (ex. toms, social conscience) Goals of Marketing - discover (assess) the needs & wants of prospective customers -Satisfy these needs & wants through EXCHANGES (things of value b/w buyer & seller so each is BETTER OFF after trade) (ex. volunteer & praise) 4 Ps Marketing Mix Product- what do potential customers need & want? Price- how much should we ask customers to pay? Place- How will we get it to the customers? Promotion- How will we communicate with the customers? Customer Value Proposition promise to the target consumer of the value your product/service will deliver. Clear, concise statement of what you uniquely have to offer vs. competition. Communicates: - the problem you solve - the benefits of your product/service - Why you are better than competition (30 sec elevator speech)