BA 303 Exam 1 Questions and Answers Latest Update

BA 303 Exam 1 Questions and Answers Latest Update Marketing - Answers The process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services in order to create mutually beneficial exchanges that satisfy individual and organizational objectives. What is the marketing mix? - Answers The various ingredients that must be planned, and then executed in order to accomplish an effective marketing policy. What are the 4 P's of marketing? - Answers Price, Product, Place, Promotion Product - Answers Refers to what the business or non-profit organization offers to it's prospective customers or clients. Place - Answers Refers to how goods and services actually get to a prospective customer for sales consideration and eventual consumption. Two major considerations of place - Answers 1. Channels of Distribution 2. Physical Distribution Price - Answers Refers to the amount of consideration a buyer must exchange in order to purchase a product. Price ultimately determines whether the customer will purchase the product; and whether there is enough revenue generated for the organization to achieve a profit. Promotion - Answers Refers to the need to communicate information to potential customers about a marketer's product offerings, in order to initially create awareness of... and ultimately desire for a product. Production Era - Answers focus on product (Model T example) Sales Era - Answers focus on sales force (go out an increase the demand with the salespeople) Marketing Era - Answers shift towards customer orientation Relationship Marketing Era - Answers focus on building a relationship with the customer 3 pillars of marketing - Answers customer orientation, integrated marketing, customer satisfaction Customer orientation - Answers customers should be the focus (1 of the 3 pillars) Integrated marketing - Answers all marketing activities must be planned and coordinated Customer satisfaction - Answers end goal is profit and satisfied customers micro-environmental factors - Answers directly affect marketing effort (ex. competition) macro-environmental factors - Answers indirectly affect marketing effort (ex. economy) external environmental factors - Answers uncontrollable internal environmental factors - Answers controllable Cultural norms and Societal issues - Answers Includes changes in basic values and beliefs within a society that may influence many aspects of an individual's behavior. Also includes changes to the demographic composition of the population. Customer Tastes & Preferences - Answers Customer tastes and preferences constantly change... influencing product desirability. Demographics of Population - Answers The composition of the population constantly changes. Factors to consider in an Economic Environment - Answers -Purchasing power of markets -Per capita expenditures -Employment rates -Cost of Capital -Rate of inflation -Growth rate of the economy Three Purposes of a law - Answers 1. Protection of business organizations from each other. 2. Protections of customers from unfair business practices. 3. Protection of society from business interest that may be harmful to that society. environmental scanning - Answers developing a formal system to monitor changes in the environment concerning key factors that might affect marketing plans Ways changing technology effect marketing - Answers 1. Effects products that are being marketed 2. Effects the way businesses compete 3. Effects the way organizations conducts their business activities 4. Effects how customers do their buying How weather effects marketing - Answers Influence how people do their shopping & what they buy important for a company to know _____ about their competitors - Answers 1. the size and composition of the competitive marketplace 2. the type of competitors it faces monopoly - Answers one dominant competitor oligopoly - Answers a few very large competitive organizations monopolistic competition - Answers large number of competitors that compete by