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Mk351 Homework

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Submitted By shagan21
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Samuel Hagan
Priciples of Marketing
Cheryl Bernier
8/23/15
Unit 1 Homework

Chapter 1

6. Buying – the act of searching for and obtaining goods and services
Selling – the act of finding buyers and then selling to those buyers the product(s) or service(s) you are producing
Transporting – moving your product(s) or service(s) from one location to another, whether it be to a new selling point or to the buyer
Storing – holding onto product(s) or service(s) until they are needed or sought for by a buyer
Standardization & Grading – keeping product(s) or service(s) organized
Financing – provides the currency needed to perform the functions of marketing
Risk Taking – involves accepting the possibilities of failure, in all its forms, throughout the marketing process
Market Information – involves obtaining information regarding the surrounding market, and analyzing in to plan your approach

The marketing functions can sometimes shared – for example the sales department can be in charge of gathering market information for the company. The information gathered while the sales team is out in the field can then be provided to the analytics department to help the company consistently adjust its sales approach.

16. A) A benefit could be the watch being waterproof; a cost could be that the same watch is half the price at a store on the other side of town
B) A benefit could be losing weight in a short period of time; a cost could be how uncomfortable that particular product will make you
C) A benefit could be that it’s the nicest cruise on the market; a cost could be that you could go on a cheaper cruise and buy more souvenirs
D) A benefit could be that you can earn cash back; a cost could that it requires a $2,000 minimum balance

Marketing Plan Coach Questions

1. The target market for this plan includes all families with small pets within a 10

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