Fully respond to each question. Answers should be in your own words and should be at least one full page each. Be sure to use outside resources (cite them) and add your own thoughts. Read each question carefully to ensure that you understand what is being asked and can respond appropriately.
1. Exchange is the key concept in the definition of marketing. What is the concept of exchange? What are the five conditions of exchange that must be satisfied for an exchange to occur (describe in DETAIL)?
2. An essential part of marketing strategy is target market strategy. Selection of target markets drives marketing objectives and selection of the marketing mix (the 4 Ps). What are the three general strategies for selecting target markets? Describe in DETAIL.
3. Marketing managers create a marketing mix of product, place, promotion and price strategies aimed at a target market. While managers can control the mix, they cannot control the elements in the external environment that continually mold and reshape the target market. List and describe in DETAIL the six variables of the external environment that are not directly under the control of marketing managers.
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