MKT-315 Midterm Chapters 1 - 4 QUESTIONS AND ANSWERS. LATEST 2023

MKT-315 Midterm Chapters 1 - 4 Chapter 1 Marketing: 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 Marketing Concept: the business orientation model that involves creating value and satisfying consumer needs Marketing Mix: consists of four elements: product, place, price, and promotion, also called the 4 Ps Marketing Plan: a tool used to set up various elements of a company's marketing strategies and develops an accompanying tactical plan Marketing Strategy: describes what the business wants to achieve in its marketing efforts SWOT Analysis a tool an organization uses to analyze its strengths, weaknesses, opportunities, and threats What is the process that de