Mkt 300 - Study guides, Class notes & Summaries

MKT 300 EXAM 1 MINDTAP Stakeholders ️Constituents who have a "stake," or claim, in some aspect of a company's products operations, markets, industry, and outcomes. Marketing Concept ️A managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals. Good ️A tangible physical entity. Exchange ️The provision or transfer of goods, services, or ideas in return for ...

MKT 300 [University of Michigan - Ross] Questions and answers latest update

Mkt 300 Final Exam Questions and answers latest update

Marketing Research - Answer the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization Marketing research is - Answer - the voice of the consumer - the secret weapon of business to make informed decisions - helps in product development/launch - higher customer satisfaction - proactive versus reactive decisions What is the purpose of marketing research? (3) - Answer - find opportunities - determine what...

What is price? - Answer-- The value that you exchange for getting the goods/service - Could be money or something else Marketing Objectives - Answer-- maximize profits - gain market share - infer a level of quality - survive External Factors of Price - Answer-1. Demand for product 2. Competition - competitor prices - strength of competition 3. Economy - cost of components - Economic conditions Profit -Oriented - Answer-- profit maximization - satisfactory products - ret...

MKT 300 Exam 1 Questions And Accurate Answers Graded A+...

MKT 300 Exam 1 Verified Solutions Production ️making goods or performing services Innovation ️the development and spread of new ideas, goods, and services Economies of scale ️cost of each unit of product goes down as production increase Takes advantage of mass production Production era ️a time when a company focuses on production of a few specific products Sales era ️a time when a company emphasizes selling because of increased competition Marketing department era ️a ti...

price - Answer-the value that you exchange for the benefits of having or using the product/service value = - Answer-benefits - costs internal factors on pricing decisions - Answer-marketing objectives, marketing mix strategy, costs marketing objectives - Answer-to maximize profit to gain market share to infer a level of quality to survive marketing mix strategy - Answer-Price needs to be consistent with other 3P's (needs to reflect advertising, etc.) costs - Answer-your costs ...

marketing - Answer-create, communicate, deliver VALUE -about consumers, creating value and connections -logo changes, name changes what can be marketed? - Answer-Goods Services Experiences Events Persons Places Properties Organizations Information Ideas What goes into customer value? - Answer-(segmenting, targeting, positioning) -> branding -> customer value strategy - Answer-consumer behavior, environment, market analysis tactics - Answer-Marketing mix: (product, pl...

Internal/External Factors of Price - Answer-Internal Factors of Price: 1. Marketing Objective 2. Marketing Mix Strategy 3. Cost External Factors of Price: 1. Demand for your product. 2. Competition 3. Economy Price Elasticity - Answer-Elastic - Consumers buy more or less of a product when the price changes Inelastic- An increase or decrease in price will not significantly affect demand What happens to price/revenue when the demand is elastic/inelastic - Answer-Demand is... Pr...