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NUSC 4272 Exam 2 with complete solutions 2024_2025.
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NUSC 4272 Exam 2 with complete solutions 2024_2025.
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NUSC 4272 Exam 1 with completesolutions 2024/2025
Marketing overview - ANSWER-Consists of individual & organizational activities
that facilitate and expedite satisfying exchange relationships in a dynamic
environment through the creation, distribution, promotion, and pricing of goods,
services, and ideas
- American Marketing Association
- Efficient and fair system which directs an economy's flow of goods from
producers to consumers and accomplishes the objectives of society
- Need to satisfy both the customer's needs and the company's objectives
- 40 - 60% of consumer $'s goes toward marketing activities
2 levels of marketing - ANSWER-Macro-Marketing and Micro-Marketing
- Macro looks at the economy's entire marketing system
- Micro looks at individual company
Macro-marketing - ANSWER-Objective to create goods & services & make them
available when & where they are needed
- Economy = Producers + Consumers
- Producers: concerned with their income & production
- Consumers: concerned with what you can buy with your $
Free market economy - ANSWER-Market driven, "Capitalism", Price is a measure
of value and fluctuates so both producers & consumers are happy
- Consumers decide what to purchase & therefore affect production
- What is someone willing to pay?
Other economies? - ANSWER-- Russia has mixed economy
- China has a socialist market economy
, Law of Diminishing Demand - ANSWER-Consumer
- if the price of a commodity is raised; a smaller quantity will be demanded
- if the price of a commodity is lowered; a greater quantity will be demanded
Late 1800s/Industrial Revolution - ANSWER-- Beginning of mass production &
marketing
- Products made more economically
- Focus of distribution
1920s - ANSWER-Advertising & Sales focus- differentiating products
1950s - ANSWER-- Marketing dept.
- Consumer research
- Advise mgmt of how to design, price, distribute & promote
Marketing today - ANSWER-- Customer satisfaction: customer's positive, neutral,
or negative feelings about the value received from a product
- Customer loyalty: refers to the frequency with which a customer consistently
purchases a specific brand
Ethics of marketing - ANSWER-- A Code of Ethics: Rules for standards of
professional behavior, based on relationships within businesses and
professional organizations
- Standards of Practice: Measure of what is expected to happen
Ethical Conduct - ANSWER-- Priority of an organization
- Through proper planning, organizing, staffing, leading, and controlling ensure
that ethical conduct is followed
- Academy of Nutrition and Dietetics Code of Ethics (AND Code of Ethics)
- Sponsorship (Advertising and Sponsorship)
Different marketing concepts - ANSWER-Management philosophy of how a
company views customers and the sale of their products (goods, services, ideas)
- Manufacturing/production concept: available & affordable; concentrate on
production & distribution efficiency
- Product concept: customers prefer existing product, should focus on
improvement (Kotler, Bowen, & Makens, 1999)
- Selling concept: need a large selling & promotion effort
- Societal marketing concept: organization determines needs and wants and co.
needs to deliver these to improve consumer's & society's well-being (social
marketing)
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