Buad 332 exam 3 qa 2023 Study guides, Class notes & Summaries

Narrowly, what is a price? - Answer- Narrowly, price is the amount of money charged for a product or service Broadly, what is a price? - Answer- Broadly, price is the sum of all values that consumers exchange for the benefits of having or using the product or service Price is not just money, think of price as - Answer- sacrifice Example of price - Answer- $88 boots from amazon versus exact same pair at Dillards for $88 as well. The price here is wait-time, trying them on, or conve...

what are some factors that are changing the face of marketing communications? - Answer- - consumers are differently/better informed and more communications empowered - mass markets have fragmented, leading to a shift away from mass marketing - changes in communications technology have created new media for interacting with targeted consumers what are firms doing as a response to this changing environment? - Answer- - less broadcasting and more narrowcasting - granular audience - smaller ...

what is a narrow definition for price? - Answer- price is the *amount of money* charged for a product or service what is a more broad definition for price? aka price = ________. - Answer- price is the *sum* of all the *values that consumers exchange* for the *benefits of having or using the product* price = SACRIFICE there is a pair of boots sold on Amazon and at Dillard's for $88 with the same tax and no shipping. are they the same price? <-- what question are we really asking here?...