Mktg 301 - Study guides, Class notes & Summaries

State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-expression) correct answers Need Form that needs take as they are shaped by culture and individual personality correct answers Want Wants backed by buying power correct answers Demand Goal of any business. correct answers Stay in business/Maximize revenue/Market share Why is marketing extra important? correct answers Only major whose sole purpose/reason for being is revenue. Al...

Hershey and Mars (the maker of M&Ms) offer tasty chocolate at affordable prices. However, they also contribute to a national obesity epidemic that harms consumer health. This statement is indicative of an ABSENCE of a _____ philosophy in their operations. A. marketing concept B. product concept C. production concept D. societal marketing concept E. new-idea - Answers societal marketing concept The marketing concept: A. is the same as the production concept. B. includes generating profi...

Marketing correct answers The process by which companies create value for customers and build strong customer relationships in order to capture value for customers in return. Four P's of Marketing correct answers Price, Product, Place and Promotion The Marketing Concept correct answers Market, consumer needs, integrated marketing and profits through consumer satisfaction. Amazon obsessed over customers. Trying to anticipate customer needs before you even know it. Outward-focusing c...

MKTG 301

MKTG 301

Marketing correct answers the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return. What can marketers do to sell products easily? correct answers If the marketer engages consumers effectively, understands their needs, develops products that provide superior customer value, and prices, distributes, and promotes them well, these products will sell easily. Marketing Mix correct answers a...

marketing correct answers the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return needs correct answers states of felt deprivation wants correct answers the form human needs take as they are shaped by culture and individual personality demands correct answers human wants that are backed by buying power market offerings correct answers some combination of products, services, information, or ex...

Promotion correct answers Short term incentives to bring customers back or have them sign up for the first time (how you communicate to your customer about a product/service) • Ex: bounce back- Papa John's coupons on the pizza box (lead to higher loyalty) Promotion Mix: Goals correct answers • To persuasively communicate customer value and build customer relationships • To deliver a clear, consistent, and compelling message o Ex: Chipotle's integrity • Integrated Marketing Comm...

Hershey and Mars (the maker of M&Ms) offer tasty chocolate at affordable prices. However, they also contribute to a national obesity epidemic that harms consumer health. This statement is indicative of an ABSENCE of a _____ philosophy in their operations. A. marketing concept B. product concept C. production concept D. societal marketing concept E. new-idea correct answers societal marketing concept The marketing concept: A. is the same as the production concept. B. includes generating...

Marketing correct answers The process by which companies create VALUE for customers and build strong customer relationships in order to capture VALUE from customers in return 4 Ps of Marketing correct answers 1) What do potential customers need/want? PRODUCT 2) How much should we ask customers to pay? PRICE 3) How will we get it to the customers? PLACE 4) How will we communicate with the customers? PROMOTION The Marketing Concept correct answers market (starting) -> customer needs...