Marketing 301 - Study guides, Class notes & Summaries

why do firms create new products? - Answer changing customer needs market saturation managing risk through diversity fashion cycles improving business relationships what is the diffusion of innovation - Answer the process by which innovation spreads time of adaptation of the innovation factors affecting product diffusion - Answer compatibility, observability, trial ability, relative advantage compatibility - Answer compatible with other products in the market, integrates ...

What is Marketing? - Answer A social and managerial process involving managing profitable customer relationships; the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The 4 P's of Marketing - Answer 1. What do potential customers need/want? PRODUCT 2. How much would we ask customers to pay? PRICE 3. How will we get it to the customers? PLACE/DISTRIBUTION 4. How will we communicate with the cus...

Marketing Concept - Answer achieving organizational goals depends on knowing the needs and wants of target markets Steps: Market Customer Needs Integrated marketing (4 P's) Profits through customer satisfaction Selling concept - Answer The idea that customers won't buy enough of the products unless firm undertakes a large-scale selling and promotion effect Steps: Factory Existing products Selling and promoting Profits through sales volume Production concept - Answer the idea ...

Marketing 3010 Chapter 1 Exam Questions and Answers

Value - Answer The benefit a customer receives from buying a good or service. Marketing - Answer The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Stakeholders - Answer Buyers, sellers, and investors in a company, community residents, and even citizens of the nations where goods and services are made or sold-in other words, any person or organizatio...

Marketing -Answer the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Marketing plan -Answer Written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other finan...

Marketing - Answer The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large Requirements for Marketing to Occur - Answer - Parties with unsatisfied needs - A desire and ability to be satisfied - A way for the parties to communicate - Something to exchange How Marketing Satisfies Consumer Needs - Answer 4 P's 4 P's - Answer - Product - Price - Place - Promotion Target Market - Answer C...

Marketing 3010 Exam 3 Questions and Answers

Marketing is defined as - Answer the process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return. The Four P's of Marketing - Answer Product, Price, Place, Promotion Product - Answer What do customers need & want? Price - Answer How much should we ask customers to pay? Place - Answer How will we get it to the customers? Promotion - Answer How will we communicate with the customers? Marketing Con...