D077 Module 1 Questions and Answers Rated A

D077 Module 1 Questions and Answers Rated A Marketing ✔✔business function that identifies, satisfies and retains customers through a set of activities related to creating, communicating, delivering and exchanging offe ...

D077 Module 1 Questions and Answers Rated A Marketing ✔✔business function that identifies, satisfies and retains customers through a set of activities related to creating, communicating, delivering and exchanging offerings that have value to the customer Purpose of Marketing ✔✔sell a company's products/services - communicate the value of product/service - communicate with customers and address their wants and needs Marketing function ✔✔determine what bundles of goods and services the company offers for a certain price to customers key to Customer Satisfaction ✔✔make sure everyone feels they benefit from the exchange marketing concept ✔✔business philosophy that holds that company's goals can be achieved by identifying and satisfying the target customers needs and wants marketing concept involves ✔✔focusing on needs/wants of customers, integrating all organizations activities to satisfy these needs and wants, achieve long-term goals by satisfying customer wants and needs legally and responsibly marketing mix ✔✔represents the controllable elements in the marketing environment (product, price, promotion and place) Product lIfe cycle ✔✔introduction, growth, maturity, decline product mix ✔✔complete range of products for sale by company product width ✔✔number of different product lines a company offers product lines ✔✔series of related products offered by one company product depth ✔✔number of versions offered for each product in the product line Promotion ✔✔ways in which a product is advertises (traditional advertising, sales promotion, public relations, personal selling, social media and digital marketing) Price ✔✔something given in exchange for a product - determines company's profit Pricing strategy ✔✔based on demand for the product and the cost of producing the product Price skimming ✔✔intentionally pricing a new product high with the intention of lowering overtime as competition grows Price skimming advantages ✔✔find out what buyers willing to pay, price can be lowered, create an image of quality and prestige, when price lowered seen as bargain penetration pricing ✔✔intentionally pricing a product lower than market price to gain market share Penetration Pricing advantages ✔✔low initial price may induce consumers to switch brands, discourage competitors from entering the market Leader pricing (Loss leader) ✔✔pricing products below the normal markup or below cost to attract customers to a store where they would not otherwise shop bundling ✔✔grouping 2 or more related products together and pricing them as a single products Prestige pricing ✔✔raising the price of a product so consumers will perceive it as being of higher quality, statue or value Competitive pricing strategy ✔✔setting the price of a product according to competitor prices (can go higher or lower) Sales promotion ✔✔marketing activities that stimulate consumer buying and dealer effectiveness Guerilla marekting ✔✔communications that involves low cost marketing tactics to engage consumers Integrated Marketing Communications (IMC) ✔✔immersive and targeted communications with customers to help them move through various stages of buying process (unified customerfocused message) Place ✔✔some method of getting the product from the created to the customer (transportation, location, supply chain mgmt, online presence, inventory) Distribution ✔✔process of acquiring raw materials and moving finished product from producer to customer Direct distribution ✔✔products sold from producers to end users and consumers indirect distribution ✔✔organizations that assist in moving goods/services from producers to end user and consumers Corporate Vertical marketing system ✔✔a single company owns all levels of production and distribution contractual vertical marketing system ✔✔agreement between the levels that coordinates the distribution process administered vertical marketing system ✔✔one member of the channel system effectively controls the system out of sheer power and size Marketing Environment ✔✔controllable and uncontrollable elements uncontrollable elements ✔✔competitive elements, natural/ecological, political-legal, sociocultural, demographic, technological, economic PEST Analysis ✔✔provides framework for looking at the influence of uncontrollable elements in the marketing environment Political-Legal Elements ✔✔rules and restrictions on the conduct of businesses Economic Elements ✔✔economy doing, consumer confidence, business cycle fluctuations, inflation Socio-Cultural Elements ✔✔values and attitudes of consumers (know what your customers want right now) Ethical Product ✔✔involve whether the product is created in a way that does damage to or sustains the environment, whether it fulfills customer needs and whether the needs are in best interest of individuals and society Ethical Price ✔✔price colluding, price discrimination, predatory pricing, bait and switch, price gouging Ethical Promotion ✔✔will product provide the benefits you say it will? Information clear, accurate, truthful and useful