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Exam (elaborations)

NUSC 4272 Exam 1 Questions and Answers (100% Pass)

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  • NUSC 4272

Marketing overview Consists of individual & organizational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion, and pricing of goods, services, and ideas - American Marketing Association - Effic...

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  • October 12, 2024
  • 36
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • NUSC 4272
  • NUSC 4272
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MASTER01
1 | P a g e | © copyright 2024/2025 | Grade A+




NUSC 4272 Exam 1 Questions and
Answers (100% Pass)
Marketing overview


✓ Consists of individual & organizational activities that facilitate and

expedite satisfying exchange relationships in a dynamic environment

through the creation, distribution, promotion, and pricing of goods,

services, and ideas

✓ - American Marketing Association

✓ - Efficient and fair system which directs an economy's flow of goods

from producers to consumers and accomplishes the objectives of

society

✓ - Need to satisfy both the customer's needs and the company's

objectives

✓ - 40 - 60% of consumer $'s goes toward marketing activities




2 levels of marketing


✓ Macro-Marketing and Micro-Marketing

✓ - Macro looks at the economy's entire marketing system

✓ - Micro looks at individual company




Master01 | October, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

Macro-marketing


✓ Objective to create goods & services & make them available when &

where they are needed

✓ - Economy = Producers + Consumers

✓ - Producers: concerned with their income & production

✓ - Consumers: concerned with what you can buy with your $




Free market economy


✓ Market driven, "Capitalism", Price is a measure of value and fluctuates

so both producers & consumers are happy

✓ - Consumers decide what to purchase & therefore affect production

✓ - What is someone willing to pay?




Other economies?


✓ - Russia has mixed economy

✓ - China has a socialist market economy




Law of Diminishing Demand




Master01 | October, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ 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




Late 1800s/Industrial Revolution


✓ - Beginning of mass production & marketing

✓ - Products made more economically

✓ - Focus of distribution




1920s


✓ Advertising & Sales focus- differentiating products




1950s


✓ - Marketing dept.

✓ - Consumer research

✓ - Advise mgmt of how to design, price, distribute & promote




Marketing today



Master01 | October, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ - 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




Ethics of marketing


✓ - A Code of Ethics: Rules for standards of professional behavior, based

on relationships within businesses and professional organizations

✓ - Standards of Practice: Measure of what is expected to happen




Ethical Conduct


✓ - Priority of an organization

✓ - Through proper planning, organizing, staffing, leading, and controlling

ensure that ethical conduct is followed

✓ - Academy of Nutrition and Dietetics Code of Ethics (AND Code of

Ethics)

✓ - Sponsorship (Advertising and Sponsorship)




Different marketing concepts




Master01 | October, 2024/2025 | Latest update

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