GB101 Final

What is marketing? How does it facilitate exchanges?
Marketing is a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. Marketing makes the buyer feel good about the purchase. For exchanges to happen the buyers and sellers must be able to communicate about the value.
Name the functions of marketing. How does an organization use marketing activities to achieve its objectives?
The functions of marketing are buying, selling, transporting, storing, grading, financing, marketing research, and risk taking. It facilitates exchanges by giving up one thing for another
3. What is the marketing concept? Why is it so important?
The marketing concept is the idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals. It’s important because the business must find out what consumers desire and then develop the good to fulfill ones wants and needs.
4. What is a marketing strategy?
Marketing strategy is a plan of action for developing, pricing, distributing, and promoting product that meet the needs of specific customers.
5. What is market segmentation? Describe three target market strategies.
The market segmentation is a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs. There is total target market is where they try to appeal to everyone needs. The single target market is where a company develops one marketing strategy for one single market segment. The last one is multiple target market which is where the marketer aims its marketing effort at two or more segments.
6. List the variables in the marketing mix. How is each used in a marketing strategy?
The marketing mix consists of four variables, product, price, distribution, and promotion. Product- whether a good either tangible or intangible provides satisfaction and benefits. Price- marketers view price as much more than a way of assessing value it is a key element because it relates to the generation of revenue and profit. Promotion- the aim of promotion is to directly and indirectly communicate to individuals and groups to facilitate exchanges. Distribution- makes products available to customers in quantities desired.
7. Why are marketing research and information systems important to an organization’s planning and development of strategy?
Marketing research is vital because the marketing concept cannot be implemented without information about customers. It is the framework for accessing information and data about customers which is important for planning.
8. Briefly describe the factors that influence buying behavior. How does understanding buying behavior help marketers?
The factors are:
Perception- the process by how a person perceives and interprets information when experiencing an advertisement or product
Motivation-how an consumer is influenced by a set of motives and motivated to buy a product
Learning- brings about changes in a person’s behavior based on information and experience
Attitude- having knowledge and positive or negative feelings about something.
Personality- this refers to the organization of an individual’s distinguishing character traits.
It helps the marketers know what, where, when, and how consumers buy.
9. Discuss the impact of technological forces and political and legal forces on the market.
Legal forces and regulators interpretation of the law and regulate activities and political groups. Technological forces
Improve distribution, promotion, and new product development.
What steps do companies generally take to develop and introduce a new product?
The steps are idea development, new idea screening, business analysis, product development, test marketing, test marketing, and commercialization.
2. What is the product life cycle? How does a product’s life cycle stage affect its marketing strategy?
The cycle is introduction, growth, maturity, and the decline stage. The stage where a product determines its marketing strategy whether it is declining then it needs a marketing strategy that will increase that products sales.
3. Which marketing mix variable is the most flexible? Why?
Pricing is the most flexible because many factors can influence the price such as, the evaluation of value, including time constraints, price levels, perceived quality, and motivation to use available information about prices.
4. Distinguish between the two ways to set the base price for a new product.
Price skimming- is charging the highest possible price that buyers who want the product will pay.
Penetration price- is a low price designed to help a product enter the market and gain the market share rapidly.
5. What is probably the least flexible marketing mix variable? Why?