Marketing 301 exam 1 Study guides, Class notes & Summaries

COM4808 ASSIGNMENT 4 EXAM PORTFOLIO (ANSWER SOLUTIONS) Assignment 04 (EXAMINATION PORTFOLIO) ASSIGNMENT 04 – EXAMINATION PORTFOLIO o No extensions of the due date will be granted as this is an examination portfolio. o The submission of the examination portfolio is compulsory. o The following assignment is your examination portfolio. To ensure that a brand is built in a consistent manner in the new marketing era, the elements of the IMC mix should be implemented to guarantee consist...

State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-expression) correct answers Need Form that needs take as they are shaped by culture and individual personality correct answers Want Wants backed by buying power correct answers Demand Goal of any business. correct answers Stay in business/Maximize revenue/Market share Why is marketing extra important? correct answers Only major whose sole purpose/reason for being is revenue. Al...

Systematic error (bias) - Answer An error of fixed amount that occurs consistently/regularly. Random error - Answer Factors that occur randomly and impact an observation/measurement. Valid - Answer No systematic or random errors Reliable - Answer When there are no random errors Marketing research - Answer Process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions Ways to obtain information - Answer -Survey...

Marketing is defined as - Answer the process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return. The Four P's of Marketing - Answer Product, Price, Place, Promotion Product - Answer What do customers need & want? Price - Answer How much should we ask customers to pay? Place - Answer How will we get it to the customers? Promotion - Answer How will we communicate with the customers? Marketing Con...

Marketing - Answer The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large Requirements for Marketing to Occur - Answer - Parties with unsatisfied needs - A desire and ability to be satisfied - A way for the parties to communicate - Something to exchange How Marketing Satisfies Consumer Needs - Answer 4 P's 4 P's - Answer - Product - Price - Place - Promotion Target Market - Answer C...

Marketing Concept - Answer achieving organizational goals depends on knowing the needs and wants of target markets Steps: Market Customer Needs Integrated marketing (4 P's) Profits through customer satisfaction Selling concept - Answer The idea that customers won't buy enough of the products unless firm undertakes a large-scale selling and promotion effect Steps: Factory Existing products Selling and promoting Profits through sales volume Production concept - Answer the idea ...

What is BreezoMeter - Answer provides the most accurate air quality data in a simple format Data problem with Breezometer - Answer - air quality data is scattered - data is inaccessible and not actionable - data isn't real time at peoples locations BreezoMeter's Technology - Answer - breezometers API ( to be integrated into various products ) - air quality models - Measurements - GIS and emissions and satellights Effects of constantly changing air quality data - Answer - dat...

State of deprivation (phys: food, warmth, safety; social: belonging, affection; individual: knowledge, self-expression) - Answer Need Form that needs take as they are shaped by culture and individual personality - Answer Want Wants backed by buying power - Answer Demand Goal of any business. - Answer Stay in business/Maximize revenue/Market share Why is marketing extra important? - Answer Only major whose sole purpose/reason for being is revenue. All others are costs. Why study ma...

Marketing - Answers Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Goals of Marketing - Answers 1. Attract new customers by promising superior value 2. Keep and Grow new customers by delivering satisfaction Needs - Answers States of felt deprivation. Wants - Answers The form human needs take as shaped by culture and individual personality. Demands - Answers Human wants that are backed ...

MARKETING 301 MIDTERM EXAM 2 – A1: QUESTION WITH ANSWERS 2023 1 Which of the following best describes positioning? A) dividing the market into smaller, meaningful groups of customers B) a promise to a group of customers C) evaluating and identifying a meaningful group of customers to serve D) creating a unique offering to provide customer value E) identifying a clear and distinct place in the customer's mind that the brand or company should occupy relative to the competition 2) W...