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ADV3008 Exam 1

Principles of Advertising

QuestionAnswer
What is the Marketing Concept? A business philosophy where the organization determines the needs of the target market and satisfies those needs at a profit
What are the elements compromising the Marketing Mix? Product, Price, Place, and Promotion
What is a product? The bundle of attributes the consumer receives in a transaction (can be tangible or intangible)
What is the price? What the consumer must give up in order to receive the product (Method of payment)
What is the place in the Marketing Mix? All issues related to the system of distribution (production to final purchase)
What is promotion? All methods used to inform and persuade the target market about product that are available at some price and in some place
Types of promotion? Advertising, Public relations, Sales promotion, Social Media
Created by: 1696352540377798
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