Mie 201 Exam 4 (11,12,13) Makanui Questions And Answers Rated 100% Correct!!

market {Ans: a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas}value {Ans: A customer's subjective assessment of benefits relative to costs in determining the worth of a product}transportation {Ans: the shipment of products to buyers}labelling {Ans: the presentation of information on a product or its package}cookies {Ans: an identifying string of text that stores on user's computers}retailers {Ans: buy products from wholesalers or directly from producers and sell them to consumers to make a profit}virtual marketing {Ans: uses a networking effect to spread a message and create brand awareness}Product Development Process {Ans: idea development -> new idea screening -> business analysis -> product development -> test marketing -> commercialization}generic products {Ans: products with no brand name at all. They often come in plain simple packages that carry only the generic name of the product—peanut butter, tomato juice, aspirin, dog food, and so on.}social roles {Ans: a set of expectations for individuals based on some position they occupy (roles = parent, spouse, student, executive) (social factors = reference groups, social class, culture)}convenience products {Ans: beverages, granola