Mkt 30 Study guides, Class notes & Summaries

MKT 300 - Exam 1 - UKY Hapke Complete Questions And Answers

Business Plan - Answer-is a written document that defines the operational and financial objectives of a business over a particular time, and defines how the business plans to accomplish those objectives Marketing Plan - Answer-is a document that includes an assessment of the marketing situation, marketing objectives, marketing strategy, and marketing initiatives Business Plan written for/includes - Answer-Written for: managers, investors, stakeholders Includes: Income statem...

3 internal pricing factors - Answer-1) Marketing Objectives- maximize profit, gain market share etc. 2) Marketing Mix strategy- price consistent with 3Ps 3) Costs 3 EXTERNAL pricing factors - Answer-1) demand for your product 2) competition (competitors prices, stregntgh of competition) 3) economy- cost of components, economic conditions inelastic demand - Answer-means that an increase or decrease in price will not significantly affect demand. products that do not have many substitutes...

What is Marketing? - Answer-An organizational function and a collection of processes designed to plan for, create, communicate and deliver value to custoemrs and build effective customer relationships in ways that benefit the organization and its stakeholders. Marketing is about: - Answer-Creating Exchanges Identity Connections Relationships Solving Customer Problems What are the 4 P's of Marketing - Answer-Product Price Promotion Place (Distribtuion) - A combination of factors ...

Chapter 11: Pricing Strategy, MKGT 351 chpt 20, Marketing 351: ch 21 Setting Prices, Chapter 20 Quiz Questions, MKT 300 Exam 3- Ch. 12, Chapter 19 Marketing Final, MKT321_CH20, Chap 19 Practice Questions, Foundations of Marketing Ch. 15, Mktg chapter....

Internal/External Factors of Price - Answer-Internal Factors of Price: 1. Marketing Objective 2. Marketing Mix Strategy 3. Cost External Factors of Price: 1. Demand for your product. 2. Competition 3. Economy Price Elasticity - Answer-Elastic - Consumers buy more or less of a product when the price changes Inelastic- An increase or decrease in price will not significantly affect demand What happens to price/revenue when the demand is elastic/inelastic - Answer-Demand is... Pr...

What is price? - Answer-- The value that you exchange for getting the goods/service - Could be money or something else Marketing Objectives - Answer-- maximize profits - gain market share - infer a level of quality - survive External Factors of Price - Answer-1. Demand for product 2. Competition - competitor prices - strength of competition 3. Economy - cost of components - Economic conditions Profit -Oriented - Answer-- profit maximization - satisfactory products - ret...

price - Answer-the value that you exchange for the benefits of having or using the product/service value = - Answer-benefits - costs internal factors on pricing decisions - Answer-marketing objectives, marketing mix strategy, costs marketing objectives - Answer-to maximize profit to gain market share to infer a level of quality to survive marketing mix strategy - Answer-Price needs to be consistent with other 3P's (needs to reflect advertising, etc.) costs - Answer-your costs ...

marketing - Answer-create, communicate, deliver VALUE -about consumers, creating value and connections -logo changes, name changes what can be marketed? - Answer-Goods Services Experiences Events Persons Places Properties Organizations Information Ideas What goes into customer value? - Answer-(segmenting, targeting, positioning) -> branding -> customer value strategy - Answer-consumer behavior, environment, market analysis tactics - Answer-Marketing mix: (product, pl...

What are the decisions marketing managers have to make? (4) - Answer-1. Desired objective 2. Kind of advertising 3. Media to reach target customers 4. What to say (the message) advertising allowance - Answer-price reductions to firms further along in the channel to encourage them to advertise or otherwise promote the firm's products locally Cooperative advertising - Answer-involves producers sharing in the cost of ads with wholesalers or retailers Types of Advertising - Answer-1. Produc...