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Advance Marketing Management

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A place for buying and selling activities is called ________.

Discuss
  • A place for buying and selling activities is called a Market.
  • A market is a place where buyers and sellers come together to trade goods and services.
  • It can be a physical location, like a marketplace or bazaar, or it can be virtual, like an online marketplace.
  • The market determines the prices of goods and services through supply and demand.

The exchange value of good service in terms of money is _________.

Discuss
  • The exchange value of a good service in terms of money is Price.
  • Price is the value of a good or service in terms of money.
  • It represents the amount of money that someone is willing to pay for a product or service.
  • Prices are influenced by many factors, including supply and demand, production costs, competition, and market conditions.
  • The price of a good or service is one of the most important factors that determines whether it will be bought and sold in a market.

Selling the same product at different prices is known as________.

Discuss
  • Selling the same product at different prices is known as Dual pricing.
  • Dual pricing refers to the practice of selling the same product at different prices to different customers.
  • This can be done for a variety of reasons, such as offering discounts to certain groups of customers, charging different prices based on the customer's location, or offering different prices for different quantities of the product.
  • Dual pricing can be controversial and is sometimes viewed as unfair, as it may lead to price discrimination.

The words used to convey the advertisement idea is _________.

Discuss
  • The words used to convey the advertisement idea is Advertisement copy.
  • The advertisement copy refers to the words used to convey the message in an advertisement.
  • It includes the headline, body copy, tagline, and any other written content in the ad.
  • The advertisement copy is an important part of the advertisement and plays a crucial role in attracting the attention of the target audience, communicating the benefits of the product or service being advertised, and ultimately influencing the purchasing decisions of consumers.
  • Effective advertisement copy should be clear, concise, and engaging, and should effectively communicate the unique value proposition of the product or service being advertised.

The advertisement promotes _________.

Discuss
  • The advertisement promotes Sales.
  • Advertisements are used by businesses to reach their target audience, create brand awareness, and ultimately drive sales by convincing consumers to purchase their products or services.
  • Advertisements can take many forms, including TV commercials, print ads, online ads, billboards, and more, and they can be targeted to specific demographics, such as age, gender, location, and interests.
  • The goal of an advertisement is to generate interest in the product or service being advertised and encourage consumers to take action, such as visiting a website, making a purchase, or calling for more information.

Agricultural products are _________.

Discuss
  • Agricultural products are Heterogeneous goods.
  • Heterogeneous goods are goods that are different from one another, even if they belong to the same category.
  • Agricultural products, such as crops and livestock, are heterogeneous because each product is unique and may have different characteristics, such as size, quality, and yield.
  • This makes it difficult to standardize prices for these products, as the value of each product will depend on its specific characteristics.
  • In contrast, homogeneous goods are goods that are exactly alike and interchangeable, such as a gallon of gasoline or a pound of sugar.
  • The prices of homogeneous goods are more easily standardized, as the products are essentially the same.

The social aspect of marketing is to ensure_________.

Discuss
  • The social aspect of marketing is to ensure Low price with high quality.
  • The social aspect of marketing refers to the role that marketing plays in shaping and reflecting social values, attitudes, and behaviors.
  • It encompasses the ways that companies interact with and impact society through their marketing campaigns, practices, and products.
  • While low prices and high quality can be important aspects of a marketing strategy, they are one of the focus of the social aspect of marketing.
  • The social aspect of marketing is to ensure low prices with high quality.
  • Social marketing enables you to target your resources cost-effectively, and select interventions that have the best impact over time.

Marketing utility consists of ________

Discuss
  • Marketing utility consists of Product, Price, place, and promotion.
  • The four marketing mix elements are commonly referred to as the "Four Ps": Product, Price, Place (distribution), and Promotion.
  • These are the key elements that marketers can control in order to market and sell their products or services successfully.
  • By effectively managing these elements, businesses can create a unique value proposition and customer experience that sets them apart from the competition.

The orange juice manufacturers know that orange juice is most often consumed in the mornings. However, they would like to change this and make the drink acceptable during other time periods during the day. Which form of segmentation would they need to work with and establish a strategy reflective of their desires?

Discuss
  • Orange juice manufacturers are looking to expand the consumption of their product beyond the typical morning time period.
  • To do this, they would need to segment their market based on occasions, or specific times or events when the product is consumed.
  • By understanding which occasions people are most likely to drink orange juice, the manufacturer can tailor their marketing efforts and create new product offerings that cater to these times.
  • For example, if research shows that people are more likely to drink orange juice as a mid-day refreshment, the manufacturer could develop a line of portable, single-serving containers specifically for this occasion.
  • By focusing on occasion segmentation, the manufacturer can better understand and target the specific needs and wants of their consumers and make their product more appealing during different times of the day.

The typical method of retail operation used by supermarkets and catalog showrooms is called:

Discuss
  • The typical method of retail operation used by supermarkets and catalog showrooms is called Self-service retailing.
  • This involves customers browsing products on their own and selecting what they would like to purchase without the assistance of a salesperson.
  • Supermarkets and catalog showrooms are typically set up in a self-service format, allowing customers to easily find what they are looking for and make purchases at their own pace.
  • This approach helps to reduce costs for retailers and can be more convenient for customers, as they can move quickly through the store and make purchases without waiting for assistance.

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