Mktg 301 Study guides, Class notes & Summaries

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...

7 C's of effective website design correct answers 1. Context - layout - design 2. Content - text - pictures - video 3. Customization - user can customize site 4. Communication - user-site communication 5. Community - user-user communication 6. Connection - site is linked to other sites 7. Commerce - site enables transaction An. ad that features a storyline with a problem-solution format is known as correct answers c. slice of life Peerless paper company charges $10 for fr...

Which of the following correctly lists the actors in a company's microenvironment? correct answers The company, suppliers, marketing intermediaries, customer markets, competitors, and publics Forces in a company's macroenvironment that shape opportunities and pose threats to the company include what? correct answers Demographic, economic, natural, technological, political/social, and cultural forces What is the single most important demographic trend in the U.S. today? correct answers Th...

marketing correct answers process of planning and executing the conception, price, promotion, and distributing of ideas, goods, and services in order to create mutually beneficial exchanges that satisfy individual and organizational objectives ares of marketing correct answers 1. selling 2. promotion product management 4. product development 5. pricing 6. distribution/advertising marketing mix correct answers various ingredients that must be planned and executed in order to accomplish...

Marketing correct answers 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 Value correct answers A customer's subjective assessment of benefits relative to costs in determining the worth of a product Core Aspects of Marketing correct answers 1) Marketing affects various stakeholders 2)Marketing is about satisfying customer needs and wants 3)...

Promotion Mix correct answers Specific blend of advertising, public relations, personal selling, sales promotion, and direct-marketing tools that company uses to communicate customer value 5 Tools of Promo Mix correct answers Advertising, PR, Personal Selling, Sales Promo, Direct Mktg Advertising correct answers Any paid form of non personal presentation and promotion of ideas, goods, or services by an identified sponsor Broadcasting correct answers Wide range target audience Narrowc...

personal selling correct answers -the interpersonal arm of the promotion mix -salespersons covers a wide range of positions from order takers to order getters -create sales and build and maintain relationships boundary setting correct answers educate customers- represent company bring information to the company- represent customers steps in the selling process correct answers 1. prospecting/qualifying 2. pre-approach 3. approach 4. presentation and demonstration 5. handling objectio...

Systematic error (bias) - Answer An error of fixed amount that occurs consistently/regularly. Random error - Answer Factors that occur randomly and impact an observation/measurement. Valid - Answer No systematic or random errors Reliable - Answer When there are no random errors Marketing research - Answer Process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions Ways to obtain information - Answer -Survey...

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 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...