MAR 3023 Exam 1 Questions & Answers 2024/2025
What is the aim of marketing? - ANSWERS-To make selling unnecessary
-To know and understand customers so well the product or service fits them and sells itself
Hopkins view of marketing. - ANSWERS-Marketing is the answer to the question of why ...
What is the aim of marketing? - ANSWERS-To make selling unnecessary
-To know and understand customers so well the product or service fits them and sells itself
Hopkins view of marketing. - ANSWERS-Marketing is the answer to the question of why you buy a
product
-Marketing is the foundation of every business
What is the key foundation of marketing? - ANSWERSThe product
What are the 4 P's? - ANSWERS-Product
-Price
-Place
-Promotion
Great marketers... - ANSWERS1. Develop products that people want or need
2. Price them at a level that maximizes profits
3. Distribute them to where consumers are
"Game changer" products - ANSWERS-iPhone
-Tablet
-Kindle
-Spanx
-Red Box
Companies that do little, if any, advertising - ANSWERS-Siracha
, -LuLu Lemon
-Krispy Kreme
Most decorated mass produced light beer from the U.S.? - ANSWERSOld Milwaukee
Simple Trade Era - ANSWERS-(Pre-1860's)
-Products were made by hand, grown or traded in small quantities
-Lasted up until the Industrial Revolution
Production Era - ANSWERS-(Pre-1920's)
-"As long as it's black"
-Inward focus
-Technical development
-Seller's market (no competitors)
-Demand exceeded supply
Sales Era - ANSWERS-(1920's)
-Sell what we make
-"Changing their minds"
-Aggressive promotion (vacuum cleaners)
-Short term profit maximization
The Marketing Era - ANSWERS-(1940's-1990's)
-Customers became central focus of the organization
-Development of marketing departments
-Make what we sell
Relationship Marketing Era - ANSWERS-1990s-2010
-long-term relationships and customer retention
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