Complete BUNDLED MKTG 3340 - Final Exam Study Guide Questions and Answers Top-Rated 100%

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 communicate Somet...

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 leasin...

Alternative Growth Strategies: Marketing Penetration - increase of sales of current products in existing markets, focus on advertising, promotion, and price reductions Alternative Growth Strategies: Market Development - sell existing products to new markets (demographic segments or geographic...

Market Segmentation - Aggregating consumers into groups that have similar needs and will be react similarly to a marketing action Product Differentiation - Involves the firm using different marketing mix actions such as product features and advertising, to help consumers perceive the product as b...

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 -product...

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 communicate Somet...

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 activi...

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 whole ...

Possession Utility - e.g.) allowing several payment and credit options Depth of Product Line - the store carries a large assortment of each item e.g.) a shoe store that offers running shoes, dress shoes, and children's shoes Limited Service - the store provides some services, such as credi...