MKT 291

Protectionism Answer the practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas Tariff Answer a government tax on goods or services entering a country, primarily serving to raise prices on imports --> increase prices Quota Answer a restriction placed on the amount of a product allowed to enter or leave a country --> limit supply World Trade Organization Answer institution that sets rules governing trad...

Price Answer is the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service. Value Answer is the ratio of perceived benefits to price; or _________ = (Perceived benefits divided by Price). Profit Equation Answer total revenue - total cost (unit price * quantity sold) - (fixed cost + variable cost) Pricing objectives Answer specify the role of price in an organization's marketing and strategic plans Pricing c...

Skimming Pricing Answer -Firm introduces a new or innovative product and sets the highest initial price that customers who really desire the product are willing to pay. -Customers are not very price sensitive -Prices are lowered once they are satisfied to attract new customers Penetration Pricing Answer Set low initial price on new product for immediate appeal to the mass market Target Pricing Answer Manufacturer deliberately adjusts the features of a product to achieve this Pricing...

Marketing Answer The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Exchange Answer The trade of things of value between buyer and seller so that each is better off after the trade What is needed for marketing to occur? Answer (1) two or more parties (individuals or organizations) with unsatisfied needs, (2) a desire and ability on their part to have their...

marketing Answer the activity, set of institutions, & processes for creating, communication, delivering & exchanging offerings that have value for customers, clients, partners, & society at large *focuses on consumer wants & needs* 4 factors for marketing to occur Answer 1) 2+ parties with unsatisfied needs 2) a desire & ability on their part to be satisfied 3) a way for the parties to communicate 4) something to exchange 5 environmental forces of marketing Answer 1) social (what cus...