Buad 332 exam - Study guides, Class notes & Summaries

price definition: narrowly - ️️the amount of money charged for a product or service price definition: broadly - ️️the sum of all the values that consumers exchange for the benefits of having or using the product or service internal factors affecting price decisions - ️️marketing objectives marketing mix strategies costs organizational considerations external factors affecting price decisions - ️️nature of the market and demand competition other environmental factors...

A "state of deprivation" is the definition of a: A. Want B. Value C. Need D. Demand E. Exchange - Answer- C. Need George has come into some money. He now has the financial resources to purchase a new set of skis he's been dreaming about. For George, those skis have suddenly gone from being a _______ to being ___________. A. Need; want B. Want; demand C. Demand; want D. None of the above - Answer- B. Want; demand Once marketing managers choose their marketing strategy, they ...

BUAD 332 EXAM 1 TEST BANK QUESTIONS WITH ALL CORRECT ANSWERS what is a macro environment? - Answer-- Larger societal forces that affect the microenvironment - to understand the changing market opportunities Who are actors in the microenvironment? - Answer-the company, suppliers, marketing intermediaries, customers, competitors, and publics who are market intermediaries? - Answer-help the company to promote, sell, and distribute its goods to final buyers What are the 5 types of market...

During the _____ step of the selling process, the salesperson tells the "product story" to the buyer, highlighting customer benefits. A. Prospecting B. Presentation C. Qualifying D. Follow-up - B. Presentation You see mcdonalds, subway, jiffy lube, and holiday inn everywhere. these stores are examples of contractual associations, aka: A. factory outlet stores B. wholesale clubs C. corporate chains D. franchises - D. franchises A & are best described as __ that sell products & serv...

Goal of Customer- Driven marketing strategy - Answer- to create VALUE for targeted customers Market Segmentation - Answer- Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. (taking heterogeneous customers and dividing them into more homogeneous groups) selecting customers to serve - Answer- - "Who is our customer?" -Selecting customers to serve using segmentation and targeting -We canno...

what is a narrow definition for price? - Answer- price is the *amount of money* charged for a product or service what is a more broad definition for price? aka price = ________. - Answer- price is the *sum* of all the *values that consumers exchange* for the *benefits of having or using the product* price = SACRIFICE there is a pair of boots sold on Amazon and at Dillard's for $88 with the same tax and no shipping. are they the same price? <-- what question are we really asking here?...

Kola, a leading soft drink manufacturer, has recently forayed into the Middle East markets. Based on its research that Middle East consumers prefer sweeter drinks, it is manufacturing soft drinks with extra sugar to meet local requirements. Kola is using the___ strategy to market its product A. communication adaptation B. product pioneering C. product adaptation D. product invention E. straight product extension - Answer-c. product adaptation which of the following is most likely true ab...

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Goal of Customer- Driven marketing strategy - ️️to create VALUE for targeted customers Market Segmentation - ️️Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. (taking heterogeneous customers and dividing them into more homogeneous groups) selecting customers to serve - ️️- "Who is our customer?" -Selecting customers to serve using segmentation and targeting -We cannot make...