MKTG 3340 Exam Bundle

how does idea generation play a role in the new product development process? - new product development process: strong new product planning, systematic and customer driven for finding and growing new products STEPS: 1. idea generation 2. idea screening 3. concept development and testing 4....

How do intermediaries create value? - Transactional Function: buying/selling/risk taking Logistical Function: storing/assorting (mix of products)/sorting(lots of a single product)/bulk breaking(one large item broken down)/transporting Facilitating: financing/grading/marketing info and research ...

definition of marketing - two definitions: 1. process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products of value with others (Philip Kotler) 2. Marketing is so basic that it cannot be considered a separate function. It is the who...

4 basic business management practices - 1) strategy 2) execution 3) culture 4) structure sales response function - relates the expense of the marketing effort to the marketing results obtained. share points - percentage points of market share, as the common basis of comparison to a...

Marketing - A process by which companies create value for customers and build strong relationships in order to capture value from customers Needs - states of felt deprivation Wants - The form human needs take as shaped by culture and personality Demands - Human wants backed by b...

Marketing - Delivery of customer satisfaction at a profit Goals of marketing - Attract new customers with value and keep current customers with satisfaction Requirements for Marketing - Two or more parties with unsatisfied needs Desire and ability to satisfy needs A way to communica...

The Customer is... - everyone's responsibility. Goals of Marketing - (1) Discover (assess) the needs and wants of prospective customers. (2) Satisfy these needs and wants through EXCHANGES Requirements for Marketing to Occur - -Two + Parties with Unsatisfied Needs -A Desire and A...

possession utility - getting a product or service to consumers so they can own or use it depth of product line - -stores that carry a considerable assortment of a related line of items are limited-line stores -ex: Sports Authority carries a considerable amount of sports equipment from wei...

generate profitable Revenue - The purpose of marketing is to... B - Which statement is most likely true about idea generation in the new product development process? A. A company can either develop ideas through internal or external sources but not through both. B. Idea generation is usua...

services vs products - The differences of products and services are based on tangibility, perishability, heterogeneity, and variability. Products are often tangible but can be intangible and are put on the market for acquisition, attention and consumption. Services are only intangible and are act...

what is the role of marketing generate profitable revenue what are the five steps in the marketing process model 1. Understand the marketplace and customer needs and wants 2. Design a customer value driven marketing strategy 3. Construct an integrated marketing program 4. Engage customers,...

Fixed Costs - The sum of the expenses in a firm that are STABLE and DO NOT CHANGE WITH THE QUANTITY OF PRODUCT THAT IS PRODUCED AND SOLD Direct Channels - - producer and consumer deal directly with eachother - ex) Schwans Food Company - employed when buyers are large and well defined -p...

Six Steps in Setting Price Skimming Price Strategy strategy in which a new product is priced high to make optimum profit while there's little competition Penetration Price Strategy uses low pricing to help capture a large market share early Prestige Price Strategy setting a hig...

Possession Utility - The value of making an item easy to purchase through the provision of credit cards or financial arrangements Make the purchases easier The benefit customers get from a company's product once they have purchased Possession Utility - CarMax provides financing or ...