Exam (elaborations)
NUSC 4272 Exam #1 Questions And Correct Answers
- Course
- Institution
NUSC 4272 Exam #1 Questions And Correct Answers ...
[Show more]
Content preview
NUSC 4272 Exam #1 Questions AndCorrect Answers
Difference between macro & micro-marketing - Answer Macro: looking at the economy's
entire marketing system
Micro: look at individual company
Different types of economies - Answer Russia-- centrally planned economy, globally
integrated market economy
China-- socialist market economy
Law of diminishing demand - Answer Consumer--
if the price of a commodity is raised; a smaller quantity will be demanded
if the price of a commodity is lowered; a greater quantity will be demanded
History of marketing - Answer Late 1800s Industrial Revolution:
>> beginning of mass production and marketing
>> products made more economically
>> focus of distribution
1920s:
>> advertising and sales focus
1950s:
>> marketing department
>> consumer research
>> advise management of how to design, price, distribute and promote
Today:
>> focusing on satisfying the customer
>> customer satisfaction-- customer's positive, neutral, or negative feelings about the
value received from a product
>> customer loyalty-- refers to the frequency with which a customer consistently
,purchases a specific brand
Marketing Concepts - Answer Management philosophy of how a company views
customers and the sale of their products (goods, services, ideas)
>> manufacturing/production concept-- available & affordable-- concentrate on
production & distribution efficiency
>> product concept-- customers prefer existing product, should focus on improvement
Selling concept-- need a large selling & promotion effort
Marketing concept-- determine needs & wants of target market and satisfy these needs
more than their competitors
Societal marketing concept-- organization determine needs and wants and company
needs to deliver these to improve consumer's and society's well-being (social
marketing)
Marketing strategy: target market - Answer Fairly homogeneous group of customers to
whom a company wishes to appeal
>> must have a clear focus
>> target (niche) vs. mass marketing
>> define characteristics and needs
>> age, income, ethnicity, religious background, education
Marketing strategy: marketing mix - Answer Controllable variables which the company
combines in order to satisfy the target group
Product
>> developing the right product for the customer
Price
>> market price
>> what is it worth to the consumer
Place
>> product available when and where the customer wants it
Promotion
>> can only stimulate demand- cannot create it
>> personal sales
, >> mass sales
>> displays
>> sales promotion
>> merchandising- ambiance
>> Gimmicks- Walmart 10 for $10
>> continually changing
>> social marketing
Marketing plans - Answer Duration:
>> Short range- 1 year
>> Med. range- 2-5 years
>> Long range- over 5 years (seldom developed)
Scope:
>> what will you concentrate on
Approaches to marketing plans - Answer Bottom-up-information from employees
>> realistic, good for employee morale
Top-down
>> developed by top management
Combination of the two is probably best
Integrated marketing plan - Answer A management concept that is designed to make all
aspects of marketing communication such as advertising, sales promotion, public
relations, and direct marketing work together as a unified force, rather than permitting
each to work in isolation
All of the various components are unified, consistent, and coordinated
Press-Ganey: patient satisfaction - Answer Irwin Press, Ph.D.
>> anthropologist and leading expert in patient satisfaction
Rodney F. Ganey, Ph.D.
>> accomplished research methodologist
Patient satisfaction survey: Press-Ganey-Survey
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 Flat. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now