Marketing research refers to__________. • the use of information technology to find objective solutions to a marketing problem • the process of systematically collecting and analyzing information in order to define a marketing problem • the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions • the science of using observable human behaviour in order to identify and solve marketing problems 4. _____ is the process of converting meaning into messages composed of words and nonverbal signals. • Translating • Decoding • Encoding • Filtering 5. Sam, a marketing manager, often makes ethical decisions based on what others feel about those decisions.
2. [LO1] How is the Customer Value Framework useful? Answer: The CVF represents consumer behavior theory, which illustrates factors shaping consumption-related behaviors and ultimately determines the value associated with consumption. Thus, the CVF provides potential explanations for behavior. 3.
Distinguish between a Change in Supply and a Change in Quantity Supplied. List and explain the factors that will shift a supply curve. Use demand and supply curves to determine the equilibrium price and quantity of a good. Use demand and supply curves to show the effect changes in supply and/or demand have on the price and quantity of a good. • Define Price
• Describe the various types of organizational buyers and consumers and the factors that influence their purchasing decisions. Week Three: Marketing Strategy: Product and Price • Describe the relationship between differentiation and position of products or services. • Analyze the impact of the product life cycle on marketing. • Identify the appropriate price strategy that should be used in the development of the strategic marketing plan. Week Four: Marketing Strategy: Place and
ASSIGNMENT 1 CHAPTER 1 – Limits, Alternative and Choices 1. Economics may best be defined as the: A. interaction between macro and micro considerations. B. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity. C. empirical testing of value judgments through the use of logic. D. use of policy to refute facts and hypotheses.
For these reasons, it is necessary to analyze the competitive advantage of the different options presented. • Strengths and Opportunities: The project evaluation should consider a SWOT analysis of each potential application, which allows identifying the strengths, opportunities, threats and weaknesses. This way, it is possible to choose the best option, which maximized the firm’s strengths and opportunities, while mitigating its threats and weaknesses. • Barrier to Entry: Also it is necessary to analyze the cost of enter to the industry. • Economic Benefit: What will be the earnings associated to the project.. • Customer Preferences Bernstein should recommend to the board the
They then develop calculations to categorize these consumer patterns, and then use them as tools to provide insight into consumer reactions and possible future buying patterns. One of these tools is called the Price Elasticity of Demand. The Price Elasticity of Demand measures how consumer demand changes as a result of changes in price and it is represented as a coefficient. Elasticity is the main aspect of this coefficient and it represents how responsive or elastic consumers are to price fluctuations. This coefficient is calculated by dividing the change in demand by the original demand, and subsequently dividing that total by the change in price divided by the original price and the final
Imani Shakir Period 3 Calhoun 09/11/2009 Chapter 4 Notes Demand What is Demand? Demand- the desire, ability, and willingness to buy a product that can compete with others who have similar demands. Microeconomics-the area of economics that deals with behavior and decision making by small units. The knowledge of demand is essential to understand how a market economy works. Demand Schedule-A listing that shows the various quantities demanded of a particular product at all prices that might prevail in the market at a given time.
Week 2 DQ1 Buyer Behavior. The typical buying process consists of the following sequence of events: problem recognition, information search, evaluation of alternatives, purchase decision, and post purchase behavior. What specifically do you do as a consumer in each of these stages in a high involvement purchase like buying a house or a car? List the four main psychological processes as discussed in the text and what should marketers do to manage these four psychological processes affecting consumer
How did group pressure and conformity influence the outcome of the experiment? [your answer here] Paragraph 3/ what happened? Diffusion of Responsibility can help explain why the participants did what they did because... iii. Diffusion of Responsibility: [“ This is where you will quote the textbooks definition of Diffusion of Responsibility” (Boss, 2010, pg XXXX)] (Chapter 4) iv. How diffusion of responsibility explains what happened: [this is where you will apply what you know about diffusion of responsibility to the experiment in your own words].