Extended marketing mix Study guides, Revision notes & Summaries

Product Utility - How it Relates to Value - The products ability to satisfy both needs and wants. (Gives the product more value) Consumers - People who buy or use products or adopt ideas to satisfy needs and wants. Customers - Consumers who buy particular brands or patronize specific stores Prospects - Potential Customers who are likely to buy the product or brand Market Segmentation Process - Identify Groups of people or organizations based on shared characteristics, as well as needs and ...

MKTG 3310 Exam 1 Questions and Answers Rated A marketing creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its shareholders and society 2 objectives to serve buyers/sellers 1) discover needs and wants of prospective customers 2) satisfy them exchange trade of valuable things between buyer and seller so that each is better off after trade 4 factors needed for marketing to occur 1) 2+ parties with unsatisfied needs 2) their desire and ab...

DECA PERFORMANCE INDICATORS EXAM STUDY | QUESTIONS AND ANSWERS SCORE 100% | LATEST UPDATE 2023. Explain the nature of positive customer relations. - Customer relations involve finding customers and keeping them satisfied. It provides companies with the means to develop and nurture customer relationships, including lead generation, sales support, customer service, and other after-sales activities that generate a positive overall image of the company. Identify the impact of the product life ...

WGU C201 Chapter 12 Product - correct answer A bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants. Product strategy - correct answer The part of marketing that deals with product/service development. It also manages package design, trademarks and other product identification, warranties, product life cycle, and new-product development Classifying goods and services - correct answer Broad categories included business to consumer (B2C) and bus...

A-Grade AQA A-level Business Students Notes

WGU D373 Pre-Assessment What are elements of the marketing mix? - Answer-Product, Price, Place, Promotion What are the extended elements of the marketing mix? - Answer-People, Process, and Physical Evidence What is marketing segmentation? - Answer-The process of dividing the market into groups of customers with different needs, wants, or characteristics—who therefore might appreciate products or services geared especially for them. What are the target market segments? - Answer-Psychogra...

What is IMC? - Answer Integrated marketing communications is the process of integrating all elements of the marketing communications (promotional) mix to deliver a consistent message and therefore achieve greater impact What are the 5 core elements of IMC? - Answer 1. The message - rational or emotional 2. Tools - promotional mix 3. Media channels - print/broadcast/digital etc 4. People - target audience 5. Context - Sector and industry What are the 6 elements of the extended promo...

Rationale (Activity 1) - ANSWER-1) Discuss market information 2) Discuss the validity and reliability of your market research 3)Define what the marketing objectives are 4) PESTLE Analysis on business (External) 5) SWOT Analysis on business (Internal) 6) Justification and discuss initial ideas for the marketing plan 1) Discuss the market information - ANSWER-You could possibly use the 5C's Analysis. 5C's = Company, Customers, Competitors, Climate 5C's analysis ( more dept...

Certified Product Manager - Online Course and Exam - 280 Product Group / AIPMM Already Passed Characteristics of a service and example for each Inseparability - Bank visit Intangibility - University Course Variability - Customer Service Perishability - Airline flight What are Kotler's 4 Market Strategies? Product, place, price, promotion What are Porter's 5 forces? Bargaining power of suppliers Bargaining power of customers Threat of new entrants Threat of substitute products = Competitive ...

MKT 315 INTRODUCTION TO MARKETING Complete; MKT 315 Topic 4 Midterm Exam Questions and Answers Latest 2024 Verified Update A+ Graded. • 1 A combination of products and services offered to consumers or other businesses is called: • Business’s offering concept • 2 Although Desert Bottled Water has faced numerous lawsuits for manufacturing plant emissions that have polluted the ocean, it is currently promoting its bottle recycling campaign. This initiative is an ex...