MKT 350-Exam 1-Pham with Accurate
Solutions
Marketing - ANS-the process of creating, distributing, promoting, and pricing goods,
services and ideas to facilitate satisfying exhanges with customers and develop and
maintain favorable relationships with stakeholders in a dynamic environment
target market - ANS-A specific group of customers on whom an organization focuses its
marketing efforts
-Product, distribution, promotion, and pricing
customers - ANS-The purchasers of organizations' products; the focal point of all
marketing activities
marketing mix - ANS-Product, Price, Place, Promotion
the marketing mix - ANS-four marketing activities that a firm can control to meet needs
of customers within its target market
Product - ANS--a good, service, or idea
+develop new, modify existing, & eliminate obsolete products
example: brand names, packaging, labeling, warranties and repairs
Distribution - ANS--the Ready, Convenient, and Timely availability of products
product availability while minimizing costs
Oligopoly - ANS-A market structure in which a few large firms dominate a market-some
barriers
ex. general motors
monopolistic competition - ANS-a market structure in which many companies sell
products that are similar but not identical-few barriers
ex. levi strauss
pure competition - ANS-the market structure that exists when there are many small
businesses selling one standardized product-no barriers
ex. vegetables (sweet corn)
business cycle - ANS-pattern of economic fluctuations with four stages:
prosperity/boom, recession/downswing, depression/bust, recovery/upswing
, prosperity - ANS-Low unemployment and relatively high total income create high buying
power
recession - ANS-rising unemployment reduces total buying power, consumer and
businesses spending decline
depression - ANS-unemployment extremely high, wages and total disposable income
are very low, and there is a lack of consumer confidence
recovery - ANS-The economy moves from depression or recession to prosperity,
unemployment begins to decline
Buying Power - ANS-An economic force-resources, such as money, goods, services,
that can be traded in an exchange
Sources of Buying Power - ANS-Income
-Disposable (after tax income for needs) and
-Discretionary (income for spending after needs)
Wealth-accumulation of past income
Credit-spending future income now
willingness to spend - ANS-inclination to buy because of expected sanctification from a
product
influenced by:
- buying power, future employment, income levels, prices, family size, and economic
conditions
reasons for maintaining relations with politicians - ANS-- politicians enact laws that
regulate industries and businesses
- gov are potentially large customers
- politicians can assist in securing foreign markets
- corporate campaign contributions may influence politicians and committees
- lobbyists communicate businesses concerns
procompetitive legislation - ANS-preserve competition
prevent restraint of trade and monopolizing of markets
prevent illegal competitive trade practices
consumer legislation - ANS-consumer safety issues, labeling & information disclosure,
sale of hazardous products, health claims & packaging, invasion of personal privacy,
misuse of personal information by firms, consumer financing.
Legal and Regulatory Forces (external) - ANS--pro competitive legislation
-consumer protection legislation
-encouraging compliance with laws and regulations
-regulatory agencies
Solutions
Marketing - ANS-the process of creating, distributing, promoting, and pricing goods,
services and ideas to facilitate satisfying exhanges with customers and develop and
maintain favorable relationships with stakeholders in a dynamic environment
target market - ANS-A specific group of customers on whom an organization focuses its
marketing efforts
-Product, distribution, promotion, and pricing
customers - ANS-The purchasers of organizations' products; the focal point of all
marketing activities
marketing mix - ANS-Product, Price, Place, Promotion
the marketing mix - ANS-four marketing activities that a firm can control to meet needs
of customers within its target market
Product - ANS--a good, service, or idea
+develop new, modify existing, & eliminate obsolete products
example: brand names, packaging, labeling, warranties and repairs
Distribution - ANS--the Ready, Convenient, and Timely availability of products
product availability while minimizing costs
Oligopoly - ANS-A market structure in which a few large firms dominate a market-some
barriers
ex. general motors
monopolistic competition - ANS-a market structure in which many companies sell
products that are similar but not identical-few barriers
ex. levi strauss
pure competition - ANS-the market structure that exists when there are many small
businesses selling one standardized product-no barriers
ex. vegetables (sweet corn)
business cycle - ANS-pattern of economic fluctuations with four stages:
prosperity/boom, recession/downswing, depression/bust, recovery/upswing
, prosperity - ANS-Low unemployment and relatively high total income create high buying
power
recession - ANS-rising unemployment reduces total buying power, consumer and
businesses spending decline
depression - ANS-unemployment extremely high, wages and total disposable income
are very low, and there is a lack of consumer confidence
recovery - ANS-The economy moves from depression or recession to prosperity,
unemployment begins to decline
Buying Power - ANS-An economic force-resources, such as money, goods, services,
that can be traded in an exchange
Sources of Buying Power - ANS-Income
-Disposable (after tax income for needs) and
-Discretionary (income for spending after needs)
Wealth-accumulation of past income
Credit-spending future income now
willingness to spend - ANS-inclination to buy because of expected sanctification from a
product
influenced by:
- buying power, future employment, income levels, prices, family size, and economic
conditions
reasons for maintaining relations with politicians - ANS-- politicians enact laws that
regulate industries and businesses
- gov are potentially large customers
- politicians can assist in securing foreign markets
- corporate campaign contributions may influence politicians and committees
- lobbyists communicate businesses concerns
procompetitive legislation - ANS-preserve competition
prevent restraint of trade and monopolizing of markets
prevent illegal competitive trade practices
consumer legislation - ANS-consumer safety issues, labeling & information disclosure,
sale of hazardous products, health claims & packaging, invasion of personal privacy,
misuse of personal information by firms, consumer financing.
Legal and Regulatory Forces (external) - ANS--pro competitive legislation
-consumer protection legislation
-encouraging compliance with laws and regulations
-regulatory agencies
