Exam (elaborations)
Exam 1 Marketing COB 300 Mcmillen Questions and Answers
- Course
- Institution
Exam 1 Marketing COB 300 Mcmillen Questions and Answers
[Show more]
Content preview
Exam 1 Marketing COB 300 McmillenQuestions and Answers
Definition of Marketing - Answers -The process of creating, distributing, promoting, and
pricing goods, services,
and ideas to facilitate satisfying exchange relationships with customers and to develop
and
maintain favorable relationships with stakeholders in a dynamic environment
Target Market - Answers -A specific group of customers on whom an organization
focuses its
marketing efforts
Marketing Mix - Answers -Product, promotion, price, and distribution
Good - Answers -physical entity you can touch
Service - Answers -The application of human and mechanical efforts to people or
objects to
provide intangible benefits to customers
Distribution Variable - Answers -o satisfy customers, products must be available at the
right time and in appropriate locations
•
A marketing manager makes products available in the quantities desired to as many
target-market
customers as possible while minimizing these three costs:
•
Inventory
•
Transportation
•
Storage
•
A marketing manager also may:
•
Select and motivate intermediaries (wholesalers and retailers)
•
Establish and maintain inventory control procedures
•
Develop and manage transportation and storage systems
, •
The advent of the internet and electronic commerce has dramatically influenced the
distribution
variable
•
Companies now can make their products available throughout the world without
maintaining
facilities in each country
Promotion Variable - Answers -Increase public awareness of the organization and of
new or existing products
•
Inform customers about product features
•
Urge people to take a particular stance on a political or social issue
•
Help to sustain interest in established products
Price Variable - Answers -Price is a critical component of the marketing mix because
customers are concerned
about the value obtained in an exchange
•
Price is often used as a competitive tool
•
Intense price competition sometimes leads to price wars
Value - Answers -A customer's subjective assessment of benefits relative to costs in
determining the
worth of a product
Conditions for Exchange to take place - Answers -Two or more individuals, groups, or
organizations must participate, and each must possess
something of value that the other party desires
•
The exchange should provide a benefit or satisfaction to both parties involved in the
transaction
•
Each party must have confidence in the promise of the "something of value" held by the
other
•
To build trust, the parties to the exchange must meet expectations
Maintain Exchange relationship - Answers -Buyers must be satisfied with the good,
service, or idea obtained
•
Sellers must be satisfied with the financial reward or something else of value received
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now