BAS 282: Exam 1 2023 with 100% correct answers

Which statement is true regarding the impact of competitive changes on marketing decisions? - correct answer NOT Marketers look for opportunities to innovate based on consumer reviews of their products, regardless of competitive changes. The combination of activities that represent everything a firm can do to influence demand for its good, service, or idea is called the - correct answer marketing mix. Marketers define customer value as - correct answer the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining it. Which marketing strategy would a firm be using if it decided to begin selling its products in another market, for example, region, state, or country, for the first time? - correct answer NOT market penetration The superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as a - correct answer competitive advantage. Mika is a marketer for a small social media firm. She is interested in learning which social issues college students care the most about. To find her answers, she reached out to a small community college and asked 20 students from each major a series of in-depth, open-ended questions. This type of research is called - correct answer qualitative research. Which statement best differentiates the place and promotion elements of the marketing mix? - correct answer Place includes the activities a firm undertakes to make its product available to potential customers; promotion refers to all the activities that communicate the value of a product and persuade customers to buy it. Mercedes was asked to develop a medium-term marketing objective for her department. She came up with the following: "The department needs to increase ad revenues by 8 percent over the next quarter and ca