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Exam (elaborations)

BUSM 2010 – MIDTERM Questions With Solutions

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BUSM 2010 – MIDTERM Questions With Solutions what are the four factors needed for marketing to occur? 1. two or more parties with unsatisfied needs 2. desire and ability to satisfy these needs 3. a way for the parties to communicate 4. something to exchange ex) of two or more parties wit...

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  • October 19, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSM
  • BUSM
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BUSM 2010 – MIDTERM Questions With
Solutions

what are the four factors needed for marketing to occur? 1. two or more parties with

unsatisfied needs

2. desire and ability to satisfy these needs

3. a way for the parties to communicate

4. something to exchange




ex) of two or more parties with unsatisfied needs you want domino's but you dont know it

exists in your area

the two parties are: you, desiring a meal. and dominos, needing someone to buy their pizza




ex) of desire and ability to satisfy these needs both you and dominos wants to satisfy

unmet needs

you have money

dominos has desire to sell and ability to make pizza easily




ex) a way for the parties to communicate the transaction wont occur unless you know

product exists and the location

, BUSM 2010 – MIDTERM Questions With
Solutions
dominos wont sell pizza unless potential buyers are nearby




ex) something to exchange transaction takes place and both buyer/seller exchange

something for value

money for pizza

both gained but also gave up something

both are better off bc they satisfied others unmet needs




consumer need occurs when a person feels deprived of basic necessities (food, shelter,

etc.)




consumer want a need that is shaped by a persons knowledge, culture and personality (you

buy sushi bc based on past experience it will satisfy your need)




define market people with both the desire and the ability to buy a specific offering




define target market people with both desire and the ability to buy a specific offering

, BUSM 2010 – MIDTERM Questions With
Solutions
what are the four P's 1. product


2. price

3. promotion

4. place

*elements of marketing mix*




define product a good, service, or idea to satisfy the consumers needs




define price what is exchanged for the product




define promotion a means of communication between the seller and buyer




define place a means of getting the product to the consumer




controllable factors 4 p's


that can be used by the . marketing manager to solve a marketing problem

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