MKTG 3701 Study guides, Class notes & Summaries

According to your text, what is the most basic concept in marketing?A. satisfying the needs of stakeholders B. streamlining production costs to generate maximum profits C. determining the difference between consumer needs and wants D. determining the best advertising outlet for a product E. getting all members of an organization to agree on a marketing plan correct answers determining the difference between consumer needs and wants All of the following are elements contained in the 4 P...

All of the following are characteristics of a good objective EXCEPT? Select one: a. profitable Correct b. realistic c. measurable d. time specific e. consistent correct answers A Coca Cola vending machines are found all over the world. The newest machines have an interactive screen that runs advertisements and allows users to obtain free photos of themselves and ringtones after they have bought a drink. Critics of these new vending machines are concerned that entertaining technology is ...

market research correct answers the process of planning, collecting, and analyzing data relevant to a marketing decision Marketing research process correct answers 1. define problem 2. plan design/primary data 3. specify sampling procedure 4. collect data 5. analyze data 6. prepare/present report 7. Follow up problem definition correct answers occurs when a business clearly identifies a problem and what is needed to solve it. -Series of questions addressing issue and examples ...

According to your text, what is the most basic concept in marketing? correct answers determining the difference between consumer needs and wants All of the following are elements contained in the 4 Ps of the marketing mix EXCEPT? correct answers profit. Daphne used to work in the city where she would take public transportation to work. However, she just took a new job in the suburbs and now not only has to find a place to live, but also has to buy a car to get to and from her job. For Daph...

Consumer Decision - Making Process - a five-step process used by consumers when buying goods or services Consumer Behavior - processes a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and product use. Need Recognition - result of an imbalance between actual and desired states Want - recognition of an unfulfilled need and a product that will satisfy it S...

According to your text, what is the most basic concept in marketing?A. satisfying the needs of stakeholders B. streamlining production costs to generate maximum profits C. determining the difference between consumer needs and wants D. determining the best advertising outlet for a product E. getting all members of an organization to agree on a marketing plan ANS: - determining the difference between consumer needs and wants All of the following are elements contained in the 4 Ps of t...

If Ford purchased the same number of brakes from NUCAP on a regular basis, it would be participating in a straight rebuy? ANS: - True Which of the following activities is most likely to be an example of routine decision making? ANS: - the purchase of toilet paper For a product to be called a business product, it must be used to manufacture other products, become part of another product, or facilitate the normal operations of a firm? ANS: - True Consumable items that do...

Exchange - People giving up something in order to receive something else they would rather have. Five Conditions of Exchange? - 1. Must be at least two parties 2. Each party has something of value 3. Each party is capable of communication and delivery 4. Each party is free to accept or reject the exchange offer 5. Each believes it is appropriate or desirable to deal with the other party Empowerment - Delegation of authority to solve customers' problems quickly...

During what stage in the evolution of marketing did firms believe that quality products would sell themselves? answer: - production orientation How often should firms undertake the task of strategic planning? answer: - on a continual basis as conditions change What is the premise behind the marketing concept? answer: - a focus on satisfying the needs of the customer What two elements are combined on the BCG matrix to produce its four unique product categories? answer: - ...

During what stage in the evolution of marketing did firms believe that quality products would sell themselves? - Correct Answer production orientation How often should firms undertake the task of strategic planning? - Correct Answer on a continual basis as conditions change What is the premise behind the marketing concept? - Correct Answer a focus on satisfying the needs of the customer What two elements are combined on the BCG matrix to produce its four unique product categories? - Cor...