Principles of Marketing Midterm Exam

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Principles of Marketing
Midterm Exam Part 2

1. What is the American Marketing Association’s (AMA) definition to marketing and what does marketing entail? Marketing is the process of planning and implementing the origin, pricing, promotion and distribution of ideas, goods and services to create exchanges that fulfill individual and organizational objectives. More informally, Marketing is said to be a business function dealing with customers and managing profitable customer relationships. This is, trying to get to the customer in the best and most efficient and effective way in order to create a perception of a product in the customers mind. For example, when you think of Nike the initial association that comes to mind is the Nike check. Furthermore, ASA College has associated itself with the color purple. In addition, the goal of marketing is delivering satisfaction, and drawing in new customers by promising better deals than that of competitors. 2. What is the difference between planning, strategic planning, and marketing planning? Planning is thinking about and organizing the activities required to achieve a desired goal. Planning involves the creation and maintenance of a plan. As such, planning is a fundamental property of intelligent behavior.
Strategic Planning is an extensive process that addresses a business, or a portion of the business such as marketing. Marketing strategies derive from strategic plans. To understand the relationship between the two, it's important to understand the purpose of strategic planning; the planning process; the difference between goals, objectives, strategies and tactics; and the important role of measurement in strategic planning.
Marketing Planning is the process of analyzing one or more potentially interesting marketplaces in order to determine how a business can optimally compete in them. The market planning…...

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