Marketing Exam 1 Review

Marketing Exam 1 Review - Exam 1 Review Ch 1 Marketing...

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Exam 1 Review . Ch 1 : . Marketing Using exchanges to satisfy needs o Paying attention to customers needs and wants o Developing a plan to meet those needs and wants before o . Beginning the other business activities o . Focuses on discovering and satisfying consumer needs , : Exchange requirements for an exchange o Two or more parties with unsatisfied needs o . Desire and ability to satisfy these needs o . A way for the parties to communicate o . Something to exchange An exchange occurs when something is obtained . for something else in return , ( In an exchange there s a winner and a loser OLD ) THOUGHT , ( ) In an exchange there s 2 winners NEW THOUGHT Exchanges create wealth o What can I do to promote an exchange? Location Convenience Advertizing Price : Market A market consists of all the consumers with that . needs and the resources to make the exchange o -> Identify consumers needs generally they will tell you . what they need o We are inventing things today that people don t know . they need o Need Satisfy s desire o – ( ) Want Piano lessons example : Target Market One or more specific groups of potential consumers toward which an organization directs its marketing . . program Seen in a modern market o , Take mass market and take one specific segment and . target them : Mass Market All possible customers regardless of differences . in their specific needs and wants Useful in a primitive market . or with commodity goods o . Treat everyone the same
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: Benefits A product delivers a benefit when it satisfies a need . . or a want Consumers purchase benefits : Demand Desire coupled with the resources to satisfy a want . results in demand , ’ : Marketing Mix 4 P s o ’ . Marketing mix makes up the 4 P s o , Marketing mix is a combination of the product itself the , price of the product the place where it is made , available and the activities that introduce it to consumers that creates a desire response among a set . of predefined consumers : , , Product A good service or idea that offers a bundle of tangible and intangible attributes to . satisfy consumers . Dodge Neon vs Mercedes Benz o Benz Better Lasting More high tech - Re sale value Efficiency ” ( Offers Cache makes people go ”) ooo o Dodge Neon Better fuel efficiency . Not as much Cache as Benz : Price The amount of money or other consideration , that is something of value given in exchange . for a product , , Generally if price increases quality . increases . . Can be cash or monetary Can be intangible . Time or Effort , . As PRICE increases DEMAND decreases : Place The element of the marketing mix that encompasses all aspects of getting the products to the consumer in the right location at the right . time , , . Transportation storage material handling Many organizations hire outside firms to . handle this aspect Think wholesalers and . retailers WALGREENS Example
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Marketing Exam 1 Review - Exam 1 Review Ch 1 Marketing...

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