Marketing analytics JMU 482 Larsen
test 1
Marketing - answer the study and management of the exchange process
Exchange benefit - answer Post-exchange - Pre-exchange value
Maintaining revenues as prices fall - answer• Serve more customers, # of customers
increases faster than falling price
• Product differentiation, avoid competition by designing products for niche markets, can
charge higher prices
• Crony capitalism, government stops your competition (tariffs, licenses, regulations,
subsidies)
Consumer Welfare and Marketing Productivity - answer• Constantly falling prices is
helpful to consumer
• Needs of customer are exactly met, willing to pay the price
• Company doesn't win as much as they think, negative for society
how does competition affect real prices - answergo down
how does competition affect assortment of goods - answerIncreases, more product
variants created
how does competition affect Customer incidence - answergoes down, customers are
harder to find, differentiated products don't fit everyone
how does competition affect financial returns per transaction? - answergo down
because you're serving more people so there is less revenue
how does competition affect Marketing productivity? - answerGoes up, more customers
Marketer productivity - answer• Ratio of outputs (Product or service)
• Databases
Exchange benefit and wealth- - answer• Exchange creates value by increasing
subjective valuation of objects consumers own
• Optimized when every object is in the possession of the owner who values it most
Marketers challenge- - answerOptimize exchange at lowest possible cost
Mass marketing - answerserve more people faster than price falls
test 1
Marketing - answer the study and management of the exchange process
Exchange benefit - answer Post-exchange - Pre-exchange value
Maintaining revenues as prices fall - answer• Serve more customers, # of customers
increases faster than falling price
• Product differentiation, avoid competition by designing products for niche markets, can
charge higher prices
• Crony capitalism, government stops your competition (tariffs, licenses, regulations,
subsidies)
Consumer Welfare and Marketing Productivity - answer• Constantly falling prices is
helpful to consumer
• Needs of customer are exactly met, willing to pay the price
• Company doesn't win as much as they think, negative for society
how does competition affect real prices - answergo down
how does competition affect assortment of goods - answerIncreases, more product
variants created
how does competition affect Customer incidence - answergoes down, customers are
harder to find, differentiated products don't fit everyone
how does competition affect financial returns per transaction? - answergo down
because you're serving more people so there is less revenue
how does competition affect Marketing productivity? - answerGoes up, more customers
Marketer productivity - answer• Ratio of outputs (Product or service)
• Databases
Exchange benefit and wealth- - answer• Exchange creates value by increasing
subjective valuation of objects consumers own
• Optimized when every object is in the possession of the owner who values it most
Marketers challenge- - answerOptimize exchange at lowest possible cost
Mass marketing - answerserve more people faster than price falls
