How does a change in each variable affect demand? т Part b How do the variables influence each other? Part c What limitations might this model have? Can you think of how this model might be made more realistic?

How does a change in each variable affect demand? т Part b How do the variables influence each other? Part c What limitations might this model have? Can you think of how this model might be made more realistic?

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

Four key marketing decision variables are price (p), advertising (a), transportation (t), and product quality (q). Consumer demand (d) is influenced by these variables. The simplest model for describing demand in terms of these variables is d = k - pP+aA+tT+ qQ. Refer to the image

Part a
How does a change in each variable affect demand?
P
LA
Part b
How do the variables influence each other?
Part c
What limitations might this model have?
Can you think of how this model might be made more realistic?

Scope of marketing activities around the quality, quantity, color, design, packaging, sales, policy decisions, distribution channels, and development of a product or service.

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