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MKTG 3701(Principles of Marketing) CHAPTERS 5-8 QUESTIONS AND ANSWERS (Latest Update 2024)
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...
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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...
MKTG 3701(Principles of Marketing) complete review
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...
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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...
MKTG 3701 Final Exam Study Guide
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...
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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...
Principles of Marketing 3701 Final Exam Study Guide
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...
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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...
Principles of Marketing (MKTG 3701) Final Exam
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: - ...
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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: - ...