Marketing analytics JMU 482 Larsen test 1 questions with correct answers

Marketing analytics JMU 482 Larsen |\ |\ |\ |\ |\




test 1 questions with correct answers
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Marketing - CORRECT ANSWERS ✔✔the study and management
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of the exchange process
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Exchange benefit - CORRECT ANSWERS ✔✔Post-exchange - Pre-
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exchange value |\




Maintaining revenues as prices fall - CORRECT ANSWERS ✔✔• |\ |\ |\ |\ |\ |\ |\ |\ |\


Serve more customers, # of customers increases faster than
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falling price |\




• Product differentiation, avoid competition by designing products
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for niche markets, can charge higher prices
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• Crony capitalism, government stops your competition (tariffs,
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licenses, regulations, subsidies) |\ |\




Consumer Welfare and Marketing Productivity - CORRECT|\ |\ |\ |\ |\ |\ |\


ANSWERS ✔✔• Constantly falling prices is helpful to consumer
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• Needs of customer are exactly met, willing to pay the price
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• Company doesn't win as much as they think, negative for
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society


how does competition affect real prices - CORRECT ANSWERS
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✔✔go down |\

, how does competition affect assortment of goods - CORRECT
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ANSWERS ✔✔Increases, more product variants created
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how does competition affect Customer incidence - CORRECT
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ANSWERS ✔✔goes down, customers are harder to find,
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differentiated products don't fit everyone |\ |\ |\ |\




how does competition affect financial returns per transaction? -
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CORRECT ANSWERS ✔✔go down because you're serving more
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people so there is less revenue
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how does competition affect Marketing productivity? - CORRECT
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ANSWERS ✔✔Goes up, more customers
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Marketer productivity - CORRECT ANSWERS ✔✔• Ratio of outputs
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(Product or service)
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• Databases
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Exchange benefit and wealth- - CORRECT ANSWERS ✔✔•
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Exchange creates value by increasing subjective valuation of
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objects consumers own
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• Optimized when every object is in the possession of the owner
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who values it most
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Marketers challenge- - CORRECT ANSWERS ✔✔Optimize
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exchange at lowest possible cost
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