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NUSC 4272 Exam 1 Questions with Correct Answers Graded A+
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NUSC 4272 Exam 1 Questions with Correct Answers Graded A+ Marketing overview - Answers Consists of individual & organizational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion, and pricing of goods, ser...

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  • May 7, 2025
  • 15
  • 2024/2025
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NUSC 4272 Exam 1 Questions with Correct Answers Graded A+

Marketing overview - Answers Consists of individual & organizational activities that facilitate and
expedite satisfying exchange relationships in a dynamic environment through the creation, distribution,
promotion, and pricing of goods, services, and ideas

- American Marketing Association

- Efficient and fair system which directs an economy's flow of goods from producers to consumers and
accomplishes the objectives of society

- Need to satisfy both the customer's needs and the company's objectives

- 40 - 60% of consumer $'s goes toward marketing activities

2 levels of marketing - Answers Macro-Marketing and Micro-Marketing

- Macro looks at the economy's entire marketing system

- Micro looks at individual company

Macro-marketing - Answers Objective to create goods & services & make them available when & where
they are needed

- Economy = Producers + Consumers

- Producers: concerned with their income & production

- Consumers: concerned with what you can buy with your $

Free market economy - Answers Market driven, "Capitalism", Price is a measure of value and fluctuates
so both producers & consumers are happy

- Consumers decide what to purchase & therefore affect production

- What is someone willing to pay?

Other economies? - Answers - Russia has mixed economy

- China has a socialist market economy

Law of Diminishing Demand - Answers Consumer

- if the price of a commodity is raised; a smaller quantity will be demanded

- if the price of a commodity is lowered; a greater quantity will be demanded

Late 1800s/Industrial Revolution - Answers - Beginning of mass production & marketing

, - Products made more economically

- Focus of distribution

1920s - Answers Advertising & Sales focus- differentiating products

1950s - Answers - Marketing dept.

- Consumer research

- Advise mgmt of how to design, price, distribute & promote

Marketing today - Answers - Customer satisfaction: customer's positive, neutral, or negative feelings
about the value received from a product

- Customer loyalty: refers to the frequency with which a customer consistently purchases a specific
brand

Ethics of marketing - Answers - A Code of Ethics: Rules for standards of professional behavior, based on
relationships within businesses and professional organizations

- Standards of Practice: Measure of what is expected to happen

Ethical Conduct - Answers - Priority of an organization

- Through proper planning, organizing, staffing, leading, and controlling ensure that ethical conduct is
followed

- Academy of Nutrition and Dietetics Code of Ethics (AND Code of Ethics)

- Sponsorship (Advertising and Sponsorship)

Different marketing concepts - Answers Management philosophy of how a company views customers
and the sale of their products (goods, services, ideas)

- Manufacturing/production concept: available & affordable; concentrate on production & distribution
efficiency

- Product concept: customers prefer existing product, should focus on improvement (Kotler, Bowen, &
Makens, 1999)

- Selling concept: need a large selling & promotion effort

- Societal marketing concept: organization determines needs and wants and co. needs to deliver these
to improve consumer's & society's well-being (social marketing)

Who's involved in marketing? - Answers - Producers

- Sellers

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