Marketing 301 - Study guides, Class notes & Summaries

Marketing 3010 Exam 2 (Kenneth white GSU) Questions and Answers

Marketing correct answers Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Goals of Marketing correct answers 1. Attract new customers by promising superior value 2. Keep and Grow new customers by delivering satisfaction Needs correct answers States of felt deprivation. Wants correct answers The form human needs take as shaped by culture and individual personality. Demands correct answer...

State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-expression) correct answers Need Form that needs take as they are shaped by culture and individual personality correct answers Want Wants backed by buying power correct answers Demand Goal of any business. correct answers Stay in business/Maximize revenue/Market share Why is marketing extra important? correct answers Only major whose sole purpose/reason for being is revenue. Al...

Value - ANSWER The benefit a customer receives from buying a good or service. Marketing - ANSWER The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Stakeholders - ANSWER Buyers, sellers, and investors in a company, community residents, and even citizens of the nations where goods and services are made or sold-in other words, any person or organization that...

Chapter 1 How is marketing defined? What are the key elements/components of marketing? What conditions must be true for marketing to occur? What is a need? What types of needs exist? How is a need different from a want? How is value defined? What is a benefit? What is utility?

Marketing 3010 Exam 1 Questions and Answers

Marketing 301 Exam 1 Notes Ch 1-5 The Pennsylvania Marketing 301 Exam 1 Notes: Chapter 1: What is marketing?  Marketing - providing something of value to customers and societies through various techniques such as creating, communicating, delivering, and exchanging offerings Marketing = mixture of both science and art 5 Core Customer & Marketplace Needs:  Needs, Wants, & Demand  Market Offerings  Value & Satisfaction  Exchanges and relationships  Markets Need = State of...

geographic segmentation -Answer the grouping of consumers on the basis of where they live demographic segmentation -Answer the grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education psychographics -Answer used in segmentation; delves into how consumers describe themselves; allows people to describe themselves using those characteristics that help them choose how they occupy their time (behavior) and what underlyi...

Marketing 301 Final exam with complete solutions.

Systematic error (bias) - Answer An error of fixed amount that occurs consistently/regularly. Random error - Answer Factors that occur randomly and impact an observation/measurement. Valid - Answer No systematic or random errors Reliable - Answer When there are no random errors Marketing research - Answer Process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions Ways to obtain information - Answer -Survey...