Mkt1 Final Exam

3) How do intermediaries add value to the products they distribute? Find an example of a distributor that adds each of the six types of utility.

Buying Decision - Before getting into final decision of Purchase what to buy & where to buy, she has to evaluate the Information sources and Products both. There can be priority with following rank-

4) Why is ethics an important consideration in marketing decisions? Explain your answer with an example.

Cowen, Tabarrok, points out, “Trade creates value by moving goods from people who value them less to people who value them more however, comparative advantages: Is the ability to produce a good or service at a lower opportunity cost than another producer. ‘(2.1.2.3. Cowen/Tabarrok).

Adam Smith: we are motivated by self interest, and through the invisible hand comes free market competition. This naturally to social utility. / Butcher-brewer-baker quote demonstrates that the exchange of goods if for the benefit of both parties, without no ethics involved in the exchange. / Though competition, comes social harmony and utility. The market is a self correcting mechanism because it forces us to be truthful and honest, we should not scam people because this is not beneficial to us in the future.

Trading has been a part of human history from the ancient years and it will continue to be .It has played a significant role in the development of our civilization as it was a way of exchanging ideas and culture and human interaction. Although trading was mostly being made directly from the producer to the customer there was also the indirect way of trading operated by merchants, persons who trade goods produced by others in order to earn profit. Nowadays we have developed a system which is called global market and is

Once there is the decision to consume or purchase good s or services the common factor then becomes the need for that product which is at times evaluated based on attainability and price. In many situations if consumers are not motivated by the need to purchase then the possibility lies that they will not purchase. There may be different justifications that consumers internalize when making the decision to purchase a particular product at its given price. Different decisions supports the need to purchase a product such as

The type of decision-making a consumer uses for a product does not necessarily remain constant as the needs and wants of consumers are constantly changing and newer innovations are constantly being churned out to fulfill our changing needs. Nowadays what would usually involve a routine response behavior is not as simple because of the enormous variety a consumer has to choose from. There are many things that a consumer can evaluate in terms of purchasing a product; packaging, price, reputation, and whether or not there is a sale on the item can all be factors that a consumer evaluates. It might be even that the product is currently very trendy at the moment that would motivate the buyer to purchase it,

People typically buy a product for one of two reasons: to solve a specific problem or to feel better about themselves. If they need a solution to a specific problem, they will often conduct a few online searches to determine the different options available. They will conduct research, do some price comparisons and investigate different suppliers. If they are buying for the second reason, they may take the same steps, but they are more likely to browse the website of a company they already know or about which they have recently heard.

20) Under which strategy would you offer products or services to a wide range of customers at the lowest

Purchaser choice making changes with the kind of purchasing choice. There are extraordinary contrasts between purchasing toothpaste, a tennis racket, a PC, and another auto. Perplexing and extravagant buys are prone to include more purchaser consideration and more members.

There is a reason countries trade, countries cannot achieve total economic self-sufficiency, most countries need goods and services that other countries have. As a result, countries must trade to get all the goods and services they need. Trade is the exchange of an item for another, nowadays we trade by exchanging money for items. Countries have different distributions of resources, and countries have comparative advantages in the production of certain goods and services, therefore they specialize in the production of that good or service. For example, Canada has to trade with Ecuador or Brazil for coffee beans because of the different climates it’s much easier for countries with a temperate climate to grow coffee beans, therefore Canada exchanges money or other goods or services for the coffee beans. Another scenario is the different allocation of resources such as China and Saudi Arabia, Saudi Arabia has a comparative advantage in the production of oil, so it would be more efficient for China to buy their oil off Saudi Arabia in exchange for money or goods and services. Countries can also specialize in labor intensive industries, for example India have relatively cheap labor, thus other countries open plants in India to make use of the cheap labor. Such as Coca-Cola, an American company opened plants in India to exploit the cheap labor. Even if a country has an absolute advantage in all products it would still gain from trading because if they specialize they’d be more

The buying decision often depends on the consumers demographic profile. Any of the below variables can be relevant to an individuals buying decision.

Given international trade’s large extent involvement of multiple sections, it has very important impacts on the participants globally. From the optimistic side, international trade can expand the citizens’ consumption possibilities, create working opportunities, and

The issue of trade has been a factor in the interrelations between nations since their conception. Throughout history there have been many different structures that encompass these trade relations. In essence, the state of trade between counties coincided with, and depended upon, their economies, social structure, willingness to trade, and their available resources (tradable products and services). Today's trade system is still formulated by these factors. However, there are many more concerns and actors which must be weighed. The current international trade system is, to say the least, much more complex. In its complexity, the trade system has also inherited a very