Mktg 3310 - Study guides, Class notes & Summaries

amount of money charged for a product or service correct answers price What differentiates price from other aspects of marketing? correct answers it is the only thing that generates revenue and can be adjusted quickly Should companies sell price or value? correct answers value What are potential consequences of price reduction? (2) correct answers 1. cut profits and initiate price wars 2. cheapen perceptions of brand quality no profits below this price correct answers price floor ...

what are the three elements to a product offering? correct answers 1) value-based prices 2) product features and quality 3) services mix and quality what is the difference between goods and services, on average, regarding quality? correct answers Service: -is intangible, they cannot try it out and test it before purchase. -requires some degree of interaction with the customer for it to be a service. -vary from day to day and even hour by hour as a function of the attitudes of the custo...

ways to create customer value correct answers price, product, promotion, place and buyer utility map marketing strategy correct answers the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships answers: what customers will we serve? how can we serve these customers best? marketing segmentation correct answers Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might re...

_______ is defined in marketing terms as the basic problem-solving benefits consumers are seeking. The perceived value Augmentation The core customer value Equity correct answers The core customer value Which of the following would NOT be a product? Goods Ideas All of these are products .Services correct answers All of these are products Brand name, features, design, quality level, and packaging are all considered _______ of actual products. augmentation attributes intangi...

________ is also known as ________. correct answers Cryptocurrency; digital currency The first step when planning pricing policies for a good or service is to develop _____. correct answers pricing objectives Once a marketer decides on the pricing objectives of a product, the next step is to ________. correct answers estimate demand Why is it important for organizations to accurately estimate the demand for a good or service? correct answers To plan production, marketing, and budgets ...

Conducting market research to understand which consumers are most likely to want, need, and buy a firm's products would take place during which step of designing and executing an advertising campaign? correct answers Identify the target audience In which stage of designing and executing an advertising campaign would a marketer develop an advertising plan? correct answers Set advertising objectives Determining what the company wants the target market to know about its product or service th...

Which of the following is a process of combining traditional marketing activities with activities on social media? correct answers Multichannel promotion strategy Which promotion element has relatively low cost, generally high credibility, and has a relatively difficult understanding of its effectiveness? correct answers Public relations During which step of developing the promotion mix do marketers try to create awareness and inform the market of a product and its benefits? correct answer...

MKTG-3310 Test 2 Gleim Latest Update Graded A+ Decision Support System A systematic approach to collecting information to help managers make decisions. (Good information used appropriately gives the company an advantage that allows more efficient use of the company resources to maximize profit and success.) Which of the following statements regarding decision support system characteristics is not true? The information can sometimes be collected non systematically 3 multiple choice op...

MKTG-3310 Test 2 Gleim Latest Update Graded A+ Decision Support System A systematic approach to collecting information to help managers make decisions. (Good information used appropriately gives the company an advantage that allows more efficient use of the company resources to maximize profit and success.) Which of the following statements regarding decision support system characteristics is not true? The information can sometimes be collected non systematically 3 multiple choice option...

This is a comprehensive and detailed study guide for Exam 2 in Mktg 3310 with focus on key chapters , chapters 6-9.