Mktg exam 1 wolter - Study guides, Class notes & Summaries

MKTG Exam 1 Wolter Questions & Answers 2023/2024 What are the eras of diff. orientations in the history of american business? - ANSWER-simple trade, production era, sales era, marketing era are all companies now in the marketing era? - ANSWER-no, some companies are still in production era what are two characteristics that define a market? - ANSWER-desire AND ability to to buy a specific thing can you identify whether or not a group is in the market for a certain product using those...

Customers determine value! Who determines the value of a product? They offer product propositions- A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. Value propositions answer the customer's question: "Why should I buy your brand rather than a competitor's?" If companies don't determine value, what do they do? The customer's evaluation of the difference between all the benefits and all the costs of a m...