Mkt 300 exam 4 - Study guides, Class notes & Summaries

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...

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...

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 ...

MKT 300 exam 4 Moman Exam elaborations Questions and Answers Newly Updated

Mkt 300 test 4 - moman Exam elaborations Questions and Answers Newly Updated

MKT 300 Eaton ASU Exam 1 Guaranteed A+ What is Marketing? ️An organizational function and a collection of processes designed to plan for, create, communicate and deliver value to custoemrs and build effective customer relationships in ways that benefit the organization and its stakeholders. Marketing is about: ️Creating Exchanges Identity Connections Relationships Solving Customer Problems What are the 4 P's of Marketing ️Product Price Promotion Place (Distribtuion...

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 Exam 1 Verified Answers What is marketing? ️Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have VALUE for customers, clients, partners and society at large. Customer Orientation ️An organizational philosophy that focuses on satisfying consumer needs and wants. How does exchange impact customers? ️Exchange - process in which 2+ parties provide something of value to one another. Relationship Marketing - bui...