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MIE 201 exam 3 Questions With Solutions 100% Solved

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  • MIE 201

MIE 201 exam 3 Questions With Solutions 100% Solved What are needs and wants - how is demand created? You're hungry and you don't want to be hungry. You NEED to eat. Needs create the motivation to buy products and are the core of any decision of marketing. Your wants are based on your needs ...

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  • October 7, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MIE 201
  • MIE 201
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MIE 201 exam 3 Questions With Solutions
100% Solved

What are needs and wants - how is demand created? You're hungry and you don't want to

be hungry. You NEED to eat. Needs create the motivation to buy products and are the core of any

decision of marketing. Your wants are based on your needs but are more specific. Producers try

to shape your wants by exposing you to attractive choices. For ex. when you need food you may

WANT a Snickers bar.




What are the four utilities (know examples of each)? Form utility- change raw materials

into into finished goods EX. when supermarkets provide fresh, ready-to-eat dishes as an

alternative to food ingredients

Time and Place utility- marketers try to make their products available when and where customers

want to buy them EX. overnight couriers such as FedEx and UPS creat time utility, whereas

coffee carts in office buildings and ATMs in shopping malls create place utility

Possession utility- the satisfaction that buyers get when they actually possess a product. EX.

mortgage companies create it by offering loans that allow ppl to buy homes they otherwise could

not afford.




Compare product, sales and marketing concept. Product- the bundle of value offered for

the purpose of satisfying a want of need in a marketing exchange.

Sales-

, MIE 201 exam 3 Questions With Solutions
100% Solved
Marketing concept- the idea that companies should respond to customers needs and want while

seeking long-term profitability and coordinating their own marketing efforts to achieve the comp

nays long-term goals




Define relationship marketing and what are the goals? A focus on developing and

maintaining long-term relationships w customers, suppliers, and distribution partners for mutual

benefit




The main goal is customer loyalty, the degree to which customers continue to buy from a

particular retailer.




What two sets of technologies foster communication between companies and


their customers? Define and give examples. Customer relationship management (CRM) -

a type of info system that captures, organizes, and capitalizes on all the interactions that a

company has w its customers EX marketing surveys

Social commerce- the creation and sharing of product-related info among customers and

potential customers EX social networks

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