Principles of marketing essay questions and answers

Introduction to marketing exam questions and answers

Cities, states, regions, and even entire nations compete to attract tourists, new residents, conventions, and company offices and factories. Relationships between needs, wants, demands — is the process by which companies determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. Thus, motivation researchers use a variety of probing techniques to uncover underlying emotions and attitudes toward brands and buying situations. Page 38 8. But as production moves up to 1, units per day, average cost falls. Product and service classifications 2. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix. Most producers use intermediaries to bring their products to market. Be careful as most multiple-choice questions will have at least two choices that look feasible. Pricing is handled differently in each case. Four more are major communication functions—encoding, decoding, response, and feedback. Target market — Involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments. To communicate effectively, marketers need to understand how communication works. Finally, the communicator must collect feedback by watching how much of the market becomes aware, tries the product, and is satisfied in the process. Intensive distribution — Marketing strategy under which a firm sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go: supermarkets, drug stores, gas stations, etc.

Page 38 8. Brand — is a name, sign, symbol, slogan or anything that is used to identify and distinguish a specific product, service, or business.

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Name the four major factors that influence consumer buyer behavior Text book Quest. Under this concept, as illustrated in Figure Learning occurs through the interplay of drives, stimuli, cues, responses, and reinforcement. Thus, sellers in these markets do not spend much time on marketing strategy.

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Chapter 2 1. Market segmentation — Market segmentation is a strategy that involves dividing a larger market into subsets of consumers who have common needs and applications for the goods and services offered in the market.

Difference between a marketing information system and marketing intelligence 2.

Principles of marketing essay questions and answers

Contents of a marketing plan and general idea of what is included in each section 4. Communication involves the nine elements shown in Figure Sustainable marketing principles 2. Discuss the need for marketing communications. Identify the three major pricing strategies and discuss the importance of understanding customer-value perceptions, company costs, and competitor strategies when setting prices text book. Everyday low pricing EDLP charging a constant everyday low price with few or no temporary price discounts High-low pricing charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items Fixed costs overhead costs that do not vary with production or sales level. Total costs are the sum of the fixed and variable costs for any given level of production. Inelastic demand occurs when demand hardly changes when there is a small change in price.

Some experts call this group the influential or leading adopters. Augmented product represents additional services or benefits of the actual product.

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Financing, and risk taking. Thus, motivation researchers use a variety of probing techniques to uncover underlying emotions and attitudes toward brands and buying situations. The marketing channel: a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user. Medical services, designer clothes, and high-end electronics. Chapter 1 1. Feedback on marketing communications may suggest changes in the promotion program or in the product offer itself. And the number of channel levels? Price elasticity — Is an elasticity used in economics to show the responsiveness of the quantity demanded of a good or service to a change in its price. As marketing communicators adopt richer but more fragmented media and promotion mixes to reach their diverse markets, they risk creating a communications hodgepodge for consumers.

Define the consumer market and construct a simple model of consumer buyer behavior Text book Quest. Message is the set of symbols the sender transmits.

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These flows can make even channels with only one or a few levels very complex. Suppliers, distributors, customers and competition.

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