MAR4480 MARKETING STRATEGY CH 1 EXAM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ LATEST
UPDATE
Single most important change during the last two decades
shift in power from marketers to consumers
who can compare prices and product specifications in a matter of minutes
individual consumers and business customers
___ can manipulate ______ because of _________, __________, ______
-customers
-business
-their access to information
-the ability to comparison shop
-the control they have over spending
customers are able to ___________ because of of the internet
set their own prices
New media outlets and usage forced marketers to rethink the way they _______.
communicate with potential customers
Media audiences have become fragmented due to
1. The number of media choices available today
2. Limited time we have to devote an any one medium
Advantage of Media Fragmentation
, It is easier to reach small, targeted audiences who are receptive to specific marketing
messages
In situations where customers see goods and services as commodities, they will
turn to _________.
the most convenient, least-expensive alternative
2005 AMA definition of marketing
Marketing is an organized function and a set of processes for crating, communicating,
and delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders
Metamarket
a cluster of closely related goods and services that center around a specific
consumption activity
Metamediary
provides a single access point where buyers can locate and contact many different
sellers in the metamarket
What is Exchange?
The process of obtaining something of value from someone by offering something in
return
5 conditions must be met in an exchange
1. There must be at least two parties to exchange
2. Each party has something of value to the other party
3. Each party must be capable of communication and delivery
ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ LATEST
UPDATE
Single most important change during the last two decades
shift in power from marketers to consumers
who can compare prices and product specifications in a matter of minutes
individual consumers and business customers
___ can manipulate ______ because of _________, __________, ______
-customers
-business
-their access to information
-the ability to comparison shop
-the control they have over spending
customers are able to ___________ because of of the internet
set their own prices
New media outlets and usage forced marketers to rethink the way they _______.
communicate with potential customers
Media audiences have become fragmented due to
1. The number of media choices available today
2. Limited time we have to devote an any one medium
Advantage of Media Fragmentation
, It is easier to reach small, targeted audiences who are receptive to specific marketing
messages
In situations where customers see goods and services as commodities, they will
turn to _________.
the most convenient, least-expensive alternative
2005 AMA definition of marketing
Marketing is an organized function and a set of processes for crating, communicating,
and delivering value to customers and for managing customer relationships in ways that
benefit the organization and its stakeholders
Metamarket
a cluster of closely related goods and services that center around a specific
consumption activity
Metamediary
provides a single access point where buyers can locate and contact many different
sellers in the metamarket
What is Exchange?
The process of obtaining something of value from someone by offering something in
return
5 conditions must be met in an exchange
1. There must be at least two parties to exchange
2. Each party has something of value to the other party
3. Each party must be capable of communication and delivery
