MCS*1000 (CHAPTER 1-3) QUESTIONS AND ANSWERS
(2026) WITH COMPLETE SOLUTION.
Marketing Answer - Is a set of business practices designed to plan for and
present an organizations products or services ways that build effective
customer relationships
Why do firms develop a marketing plan Answer - To specify their marketing
activities for a specific period of time.
What is in a marketing plan? Answer - How the product or service will be
conceived or designed
How much it will cost
Where and how it will be promoted
How it will get to the consumer
What is fundamental to marketing success Answer - Understanding consumer
needs and wants
Need Answer - Basic necessities of life (food, clothing)
Want Answer - A particular way in which persons choose to fulfill their need
(this is based on knowledge, culture and personality)
, Good marketers do what? Answer - Seek out potential customers who have
both an interest in the product and the means to buy (they do this through
market research)
What is marketing about? Answer - An exchange of a trade of things of value
between the buyer and the seller sonthat each is better off as a result
marketing mix (or 4 P's) Answer - Product, Price, Place, Promotion
Product (4 P's) Answer - Creating value through things like quality, packaging,
warranty, etc
Price (4 P's) Answer - what is exchanged for the product. Marketers must
create a price of a product based on the belief of its value. The key to figuring
out price is figuring out how much consumers are willing to pay so that they
are satisfied and so that a profit is being made
Place (4 P's) Answer - Place describes all the activities necessary to get the
product from the manufacterer or producers right to the customer when they
want it.
Supply Chain Management Answer - Is the set of approaches and techniques
that firms employ to intergrate their suppliers, manufacturers, warehouses,
stores and other firms involved in the transaction effectively
Promotion (4 P's) Answer - This is communication by the marketer that
informs, persuades and reminds potential buyers about a product or service to
influence their opinions of elicit a response (digital media, sales promotion,
etc)
(2026) WITH COMPLETE SOLUTION.
Marketing Answer - Is a set of business practices designed to plan for and
present an organizations products or services ways that build effective
customer relationships
Why do firms develop a marketing plan Answer - To specify their marketing
activities for a specific period of time.
What is in a marketing plan? Answer - How the product or service will be
conceived or designed
How much it will cost
Where and how it will be promoted
How it will get to the consumer
What is fundamental to marketing success Answer - Understanding consumer
needs and wants
Need Answer - Basic necessities of life (food, clothing)
Want Answer - A particular way in which persons choose to fulfill their need
(this is based on knowledge, culture and personality)
, Good marketers do what? Answer - Seek out potential customers who have
both an interest in the product and the means to buy (they do this through
market research)
What is marketing about? Answer - An exchange of a trade of things of value
between the buyer and the seller sonthat each is better off as a result
marketing mix (or 4 P's) Answer - Product, Price, Place, Promotion
Product (4 P's) Answer - Creating value through things like quality, packaging,
warranty, etc
Price (4 P's) Answer - what is exchanged for the product. Marketers must
create a price of a product based on the belief of its value. The key to figuring
out price is figuring out how much consumers are willing to pay so that they
are satisfied and so that a profit is being made
Place (4 P's) Answer - Place describes all the activities necessary to get the
product from the manufacterer or producers right to the customer when they
want it.
Supply Chain Management Answer - Is the set of approaches and techniques
that firms employ to intergrate their suppliers, manufacturers, warehouses,
stores and other firms involved in the transaction effectively
Promotion (4 P's) Answer - This is communication by the marketer that
informs, persuades and reminds potential buyers about a product or service to
influence their opinions of elicit a response (digital media, sales promotion,
etc)
