MKT-300 exam 1 UA All Answers Correct
Marketing ️The process of creating, pricing, distributing, and promoting goods, services, and ideas to: -Facilitate satisfying relationships with customers. -Develop and maintain favorable relationships with stakeholders in a dynamic environment.
Customer...
MKT-300 exam 1 UA All Answers Correct
Marketing ✔️The process of creating, pricing, distributing, and promoting goods, services, and ideas to:
-Facilitate satisfying relationships with customers.
-Develop and maintain favorable relationships with stakeholders in a dynamic environment.
Customers: ✔️The purchasers of organizations' products.
-Focal point of all marketing activities.
Target market: ✔️A specific group of customers of whom an organization focuses on marketing to.
Marketing mix: ✔️Product, Pricing, Place (Distribution), Promotion.
-Developed and controlled by the firm.
-Objective is to meet the needs of customers within its target market product.
Product:
Goods:
Services:
Ideas: ✔️-A good, service, or idea.
-Tangible
-Intangible customer benefits.
-Concepts, philosophies, and issues. (Deals with researching customers' needs and wants and designing
a product that satisfies them).
, Product: ✔️Involves creating and modifying:
-Brand names
-Packaging
-Product itself
Distribution: ✔️Ensuring availability of products in desired quantities to maximum number of target-
market customers as possible.
Distribution aims to keep costs low for: ✔️-Inventory
-Transportation
-Storage
Distribution ensure availability of products: ✔️-At the right time
-At appropriate locations
Promotion: ✔️Activities used to inform and persuade to create a desired response.
Promotion purpose: ✔️-Increase public awareness of organization and its products.
-Educate customers about product features.
-Help sustain interest in established products.
-Urge people to take a stance on a political or social issue.
Price: ✔️Helps establish value.
Price is: ✔️-A critical component of the marketing mix.
-Used as a competitive tool to establish image.
The most flexible marketing-mix variable.
Price X Quantity sold =
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