4 ps of the marketing mix - Study guides, Class notes & Summaries

Marketing (1MA3) Midterm Study Guide with Certified Solutions What is Marketing? a set of business practices designed to plan for and present an organization's products or services in ways that build effective customer relationships Core Aspects of Marketing marketing is about creating value. it involves the product mix, entails an exchange, is about satisfying customer needs and wants, occurs in many settings, can be performed by anyone. Marketing Mix/4 P's Product, Price, Place, Promotion P...

McManus MARK3000 Final Exam Questions with correct Answers Marketing - Correct ️️ an organized function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders Marketing Mix (4 Ps) - Correct ️️ Product, Promotion, Place, Price Value - Correct ️️ Ratio of what is given up for what is obtained Product is: - Correct ️️ Creating value thro...

What is the industry term used to describe the sum of prices paid by a business's customers? - Answer-Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Answer-Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - Answer-Profit = Sales - Costs What is the name for the net value achieved by both parties in a business transaction? - AnswerProfit What element is not present in a barter economy? - Ans...

1. What does a company do to start the strategic planning process? -Define its overall purpose and mission 2. Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be __________. -Market oriented Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More 3. After defining its mission, the next step in strategic planning is to __________. - Set company objec...

UCF MAR 3023 Exam 1 Review Latest Update Graded A+ Marketing An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing Plan A 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, actio...

An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. - Answer-Marketing A 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 fi...

Elements necessary in order for marketing to occur - Answer--2+ parties w/ unsatisfied needs (in order to have a marketing exchange) -DESIRE & ABILITY to satisfy those needs ("whats your budget?" - A way for the parties to COMMUNICATE - Something to exchange (that both parties agree is valuable) societal marketing concept - Answer-calls upon marketers to balance 3 considerations in setting their marketing policies: - consumer wants & satisfaction -company profits -public interest (ex...

MARK3000 EXAM 1 Grantham Ch 1, 4,5,6,9 | Latest Update | 2024/2025 | Graded A+ What is the significance of brand equity in marketing? It represents the value a brand adds to a product or service through customer perception and loyalty. How does a marketing mix differ from a marketing strategy? The marketing mix consists of the 4 Ps (product, price, place, promotion), while the marketing strategy encompasses the overall plan to achieve marketing goals. What is the role of a cus...

MARK 3000 McManus Test 1 -solved Marketing - Correct ️️ organizational function and set of processes for... 1. CReating, CApturing, COmmunicating and DElivering value to customers 2. Managing customer relationships in ways that benefit the organization and stakeholders Anticipating (research) and determining the needs/wants of consumers (target market)... - Correct ️️ and satisfying those needs through the use of the 4P's to create long term exchanges of value Value - Correct ️...

According to your text, what is the most basic concept in marketing? correct answers determining the difference between consumer needs and wants All of the following are elements contained in the 4 Ps of the marketing mix EXCEPT? correct answers profit. Daphne used to work in the city where she would take public transportation to work. However, she just took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to get to and from her job. For Daph...