BUSM 2010 – MIDTERM Questions With
Solutions
what are the four factors needed for marketing to occur? 1. two or more parties with
unsatisfied needs
2. desire and ability to satisfy these needs
3. a way for the parties to communicate
4. something to exchange
ex) of two or more parties wit...
what are the four factors needed for marketing to occur? 1. two or more parties with
unsatisfied needs
2. desire and ability to satisfy these needs
3. a way for the parties to communicate
4. something to exchange
ex) of two or more parties with unsatisfied needs you want domino's but you dont know it
exists in your area
the two parties are: you, desiring a meal. and dominos, needing someone to buy their pizza
ex) of desire and ability to satisfy these needs both you and dominos wants to satisfy
unmet needs
you have money
dominos has desire to sell and ability to make pizza easily
ex) a way for the parties to communicate the transaction wont occur unless you know
product exists and the location
, BUSM 2010 – MIDTERM Questions With
Solutions
dominos wont sell pizza unless potential buyers are nearby
ex) something to exchange transaction takes place and both buyer/seller exchange
something for value
money for pizza
both gained but also gave up something
both are better off bc they satisfied others unmet needs
consumer need occurs when a person feels deprived of basic necessities (food, shelter,
etc.)
consumer want a need that is shaped by a persons knowledge, culture and personality (you
buy sushi bc based on past experience it will satisfy your need)
define market people with both the desire and the ability to buy a specific offering
define target market people with both desire and the ability to buy a specific offering
, BUSM 2010 – MIDTERM Questions With
Solutions
what are the four P's 1. product
2. price
3. promotion
4. place
*elements of marketing mix*
define product a good, service, or idea to satisfy the consumers needs
define price what is exchanged for the product
define promotion a means of communication between the seller and buyer
define place a means of getting the product to the consumer
controllable factors 4 p's
that can be used by the . marketing manager to solve a marketing problem
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