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Mizzou Marketing 3000 Exam 1 Questions And 100% Correct Answers Latest Update
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Mizzou Marketing 3000 Exam 1 Questions And 100% Correct Answers Latest Update...
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Mizzou Marketing 3000 Exam 1 Questions And 100%Correct Answers Latest Update
What is the definition of Marketing? - ANSWER The study of exchange
2 basic requirements for exchanges - ANSWER 2+ parties and Communication
The Marketing Concept - ANSWER Achieving organizational goals depends on knowing
the needs and wants of target markets and delivering the desired satisfactions better
than competitors do
When a new product is introduced and it fails because no one wants it, what do we know
wasn't practiced? - ANSWER The Marketing Concept
What is the first task in the Marketing Concept? - ANSWER Discovering consumers'
needs using information about those needs
What is the second task in the Marketing Concept? - ANSWER Satisfying consumer
needs
What are the 5 steps in the Marketing Concept's cycle? - ANSWER 1) Potential
consumers: the market. 2) Information about needs. 3) Discover consumer needs. 4)
Satisfy consumer needs using the right combo of the Marketing Mix. 5) Create goods,
services, and ideas.
Marketing Mix/4 P's - ANSWER A blend of Product, Place, Promotion, and Pricing
strategies
What is the most important of the 4 P's? - ANSWER Product
, When does Price matter? - ANSWER When goods are equal in quantity
What are the 4 benefits of a product? - ANSWER Functional, Social, Personal, and
Experiential
Examples of Functional Benefit - ANSWER A hammer, car, food, pen, calculator
Examples of Social Benefit - ANSWER Meeting friends, business partners: cellphones
Examples of Personal Benefit - ANSWER Feeling good about learning or excelling: gym,
hiking, non-profits
Examples of Experiential Benefit - ANSWER Having fun, joy of learning: Study-abroad,
football games
What are the 4 Costs of a product? - ANSWER Monetary, Temporal, Psychological, and
Behavioral
Examples of Monetary Cost - ANSWER Tuition + book fees, money
Examples of Temporal Cost - ANSWER Time spent in class/studying
Examples of Psychological Cost - ANSWER Stress studying for exams, listening to
instructors
Examples of Behavioral Cost - ANSWER Expending energy walking to class/getting sick
of lectures
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