COB 300 EXAM 1 MARKETING MCMILLEN
COMPLETE QUESTIONS WITH VERIFIED
ANSWERS
\.Definition of Marketing - ANSWERS✔-The process of creating, distributing,
promoting, and pricing goods, services,
and ideas to facilitate satisfying exchange relationships with customers and to
develop and
maintain favorable relationships with stakeholders in a dynamic environment
\.Target Market - ANSWERS✔-A specific group of customers on whom an
organization focuses its
marketing efforts
\.Marketing Mix - ANSWERS✔-Product, promotion, price, and distribution
\.Good - ANSWERS✔-physical entity you can touch
\.Service - ANSWERS✔-The application of human and mechanical efforts to people
or objects to
provide intangible benefits to customers
,\.Distribution Variable - ANSWERS✔-o satisfy customers, products must be
available at the right time and in appropriate locations
•
A marketing manager makes products available in the quantities desired to as
many target-market
customers as possible while minimizing these three costs:
•
Inventory
•
Transportation
•
Storage
•
A marketing manager also may:
•
Select and motivate intermediaries (wholesalers and retailers)
•
Establish and maintain inventory control procedures
•
Develop and manage transportation and storage systems
•
The advent of the internet and electronic commerce has dramatically influenced
the distribution
, variable
•
Companies now can make their products available throughout the world without
maintaining
facilities in each country
\.Promotion Variable - ANSWERS✔-Increase public awareness of the organization
and of new or existing products
•
Inform customers about product features
•
Urge people to take a particular stance on a political or social issue
•
Help to sustain interest in established products
\.Price Variable - ANSWERS✔-Price is a critical component of the marketing mix
because customers are concerned
about the value obtained in an exchange
•
Price is often used as a competitive tool
•
Intense price competition sometimes leads to price wars
COMPLETE QUESTIONS WITH VERIFIED
ANSWERS
\.Definition of Marketing - ANSWERS✔-The process of creating, distributing,
promoting, and pricing goods, services,
and ideas to facilitate satisfying exchange relationships with customers and to
develop and
maintain favorable relationships with stakeholders in a dynamic environment
\.Target Market - ANSWERS✔-A specific group of customers on whom an
organization focuses its
marketing efforts
\.Marketing Mix - ANSWERS✔-Product, promotion, price, and distribution
\.Good - ANSWERS✔-physical entity you can touch
\.Service - ANSWERS✔-The application of human and mechanical efforts to people
or objects to
provide intangible benefits to customers
,\.Distribution Variable - ANSWERS✔-o satisfy customers, products must be
available at the right time and in appropriate locations
•
A marketing manager makes products available in the quantities desired to as
many target-market
customers as possible while minimizing these three costs:
•
Inventory
•
Transportation
•
Storage
•
A marketing manager also may:
•
Select and motivate intermediaries (wholesalers and retailers)
•
Establish and maintain inventory control procedures
•
Develop and manage transportation and storage systems
•
The advent of the internet and electronic commerce has dramatically influenced
the distribution
, variable
•
Companies now can make their products available throughout the world without
maintaining
facilities in each country
\.Promotion Variable - ANSWERS✔-Increase public awareness of the organization
and of new or existing products
•
Inform customers about product features
•
Urge people to take a particular stance on a political or social issue
•
Help to sustain interest in established products
\.Price Variable - ANSWERS✔-Price is a critical component of the marketing mix
because customers are concerned
about the value obtained in an exchange
•
Price is often used as a competitive tool
•
Intense price competition sometimes leads to price wars
