Chapter 1&2 Assignment (8).docx - MKT 120 – Principles of Marketing Chapters 1 2 Overview of Marketing Developing Marketing Strategies and a

Chapter 1&2 Assignment (8).docx - MKT 120 –...

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MKT 120 – Principles of Marketing Chapters 1 & 2 Overview of Marketing & Developing Marketing Strategies and a Marketing Plan Directions: Answer the following in complete sentences. Be sure to very clear in your answers. Use correct spelling and be sure your sentences are grammatically correct. Answer the questions underneath the question. Highlighting your answers would really help! Chapter 1 Part I: Introduction 1. If you had to explain what Marketing is to someone, how would you describe it (in your own words)? Marking is the process of selling your product or service from creating it to advertising and selling it. 2. What are the four components of the Marketing Mix? The Marketing Mix includes product, price, place, and promotion. Product is the process of creating product. Price includes anything the buyer gives up in exchange for the product. Place consists of getting the product where and when the customer wants it. Lastly, promotion is informing and persuading a potential buyer to purchase something. 3. In business ownership, does providing a good value mean that you should sell at a low price? Explain your answer. Providing good value does not mean you should sell at a low price. An item that is a good value should be sold for a reasonable price, however it should not be overly cheap. Customers are willing to pay a reasonable price for an item of high value and quality. 4. What are the benefits to a long term relationship with a customer or customers? Having long term relationships with customers helps marketers to discover what customers are interested in and create products that they and others will want and purchase.
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  • Fall '17
  • Marketing, Marketing & Developing Marketing Strategies

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