To state: Explanation of the following terms

Question

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Answer 1

Question

Chapter 11, Problem 1AA

To determine

To state: Explanation of the following terms

Expert Solution & Answer

Answer to Problem 1AA

Marketing is vital as it makes the consumers aware about the products and services required for their living.

Explanation of Solution

Marketing is important as a product itself cannot go home to home and let the company earns profits, it is marketing which allows a company to spread information about their product. And help their products to attract consumers. Utility market is important as it gives the idea of the product which consumer can get full satisfaction from. Research market survey helps in anticipating the market change before the manufacturer start the process.

Penetration pricing is an approach where a new product enters the market with a low selling price. It helps in attracting a lot of customers and also gives tough competition to the existing competitors in the market. Promotion is the use of advertising to aware consumers of the new products and services available in the market. It informs the consumers of the features and qualities of a product and service. Product life cycle refers to the stages through which a product goes through in its entire life. It is important as it guides the business in developing strategies to utilize each stage optimally.

Channels of distribution refers to the route through which the products are supplied from manufactures to ultimate consumers. As we all know, production happens at a single place whereas the consumption happens all over the country and even abroad, so channels of distribution is important as it creates a link between the two. Wholesalers, again, are an important link to the consumers. They buy products from the manufacturers in large quantities and sell them to different retailers in small quantities. Retailers create the link between manufacturers and consumers. They are the final point from where the goods are sold to the ultimate consumers. E-commerce refers to the transactions of the business that occur over the internet through a website. It offers door- to- door services to the consumers and therefore, quite favorable these days.

Economics Concept Introduction

Introduction: Pricing is an important aspect of a product. It is determined by the supply and demand forces.

Decisions regarding distribution i.e. movement of goods from where they are produced to the consumers is an important function of marketing.

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Answer 2

Question

Chapter 11, Problem 1AA

To determine

To state: Explanation of the following terms

Expert Solution & Answer

Answer to Problem 1AA

Marketing is vital as it makes the consumers aware about the products and services required for their living.

Explanation of Solution

Marketing is important as a product itself cannot go home to home and let the company earns profits, it is marketing which allows a company to spread information about their product. And help their products to attract consumers. Utility market is important as it gives the idea of the product which consumer can get full satisfaction from. Research market survey helps in anticipating the market change before the manufacturer start the process.

Penetration pricing is an approach where a new product enters the market with a low selling price. It helps in attracting a lot of customers and also gives tough competition to the existing competitors in the market. Promotion is the use of advertising to aware consumers of the new products and services available in the market. It informs the consumers of the features and qualities of a product and service. Product life cycle refers to the stages through which a product goes through in its entire life. It is important as it guides the business in developing strategies to utilize each stage optimally.

Channels of distribution refers to the route through which the products are supplied from manufactures to ultimate consumers. As we all know, production happens at a single place whereas the consumption happens all over the country and even abroad, so channels of distribution is important as it creates a link between the two. Wholesalers, again, are an important link to the consumers. They buy products from the manufacturers in large quantities and sell them to different retailers in small quantities. Retailers create the link between manufacturers and consumers. They are the final point from where the goods are sold to the ultimate consumers. E-commerce refers to the transactions of the business that occur over the internet through a website. It offers door- to- door services to the consumers and therefore, quite favorable these days.

Economics Concept Introduction

Introduction: Pricing is an important aspect of a product. It is determined by the supply and demand forces.

Decisions regarding distribution i.e. movement of goods from where they are produced to the consumers is an important function of marketing.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 11, Problem 1AA

To determine

To state: Explanation of the following terms

Expert Solution & Answer

Answer to Problem 1AA

Marketing is vital as it makes the consumers aware about the products and services required for their living.

Explanation of Solution

Marketing is important as a product itself cannot go home to home and let the company earns profits, it is marketing which allows a company to spread information about their product. And help their products to attract consumers. Utility market is important as it gives the idea of the product which consumer can get full satisfaction from. Research market survey helps in anticipating the market change before the manufacturer start the process.

Penetration pricing is an approach where a new product enters the market with a low selling price. It helps in attracting a lot of customers and also gives tough competition to the existing competitors in the market. Promotion is the use of advertising to aware consumers of the new products and services available in the market. It informs the consumers of the features and qualities of a product and service. Product life cycle refers to the stages through which a product goes through in its entire life. It is important as it guides the business in developing strategies to utilize each stage optimally.

Channels of distribution refers to the route through which the products are supplied from manufactures to ultimate consumers. As we all know, production happens at a single place whereas the consumption happens all over the country and even abroad, so channels of distribution is important as it creates a link between the two. Wholesalers, again, are an important link to the consumers. They buy products from the manufacturers in large quantities and sell them to different retailers in small quantities. Retailers create the link between manufacturers and consumers. They are the final point from where the goods are sold to the ultimate consumers. E-commerce refers to the transactions of the business that occur over the internet through a website. It offers door- to- door services to the consumers and therefore, quite favorable these days.

Economics Concept Introduction

Introduction: Pricing is an important aspect of a product. It is determined by the supply and demand forces.

Decisions regarding distribution i.e. movement of goods from where they are produced to the consumers is an important function of marketing.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 11, Problem 1AA

To determine

To state: Explanation of the following terms

Expert Solution & Answer

Answer to Problem 1AA

Marketing is vital as it makes the consumers aware about the products and services required for their living.

Explanation of Solution

Marketing is important as a product itself cannot go home to home and let the company earns profits, it is marketing which allows a company to spread information about their product. And help their products to attract consumers. Utility market is important as it gives the idea of the product which consumer can get full satisfaction from. Research market survey helps in anticipating the market change before the manufacturer start the process.

Penetration pricing is an approach where a new product enters the market with a low selling price. It helps in attracting a lot of customers and also gives tough competition to the existing competitors in the market. Promotion is the use of advertising to aware consumers of the new products and services available in the market. It informs the consumers of the features and qualities of a product and service. Product life cycle refers to the stages through which a product goes through in its entire life. It is important as it guides the business in developing strategies to utilize each stage optimally.

Channels of distribution refers to the route through which the products are supplied from manufactures to ultimate consumers. As we all know, production happens at a single place whereas the consumption happens all over the country and even abroad, so channels of distribution is important as it creates a link between the two. Wholesalers, again, are an important link to the consumers. They buy products from the manufacturers in large quantities and sell them to different retailers in small quantities. Retailers create the link between manufacturers and consumers. They are the final point from where the goods are sold to the ultimate consumers. E-commerce refers to the transactions of the business that occur over the internet through a website. It offers door- to- door services to the consumers and therefore, quite favorable these days.

Economics Concept Introduction

Introduction: Pricing is an important aspect of a product. It is determined by the supply and demand forces.

Decisions regarding distribution i.e. movement of goods from where they are produced to the consumers is an important function of marketing.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1AA

To determine

To state: Explanation of the following terms

Expert Solution & Answer

Answer to Problem 1AA

Marketing is vital as it makes the consumers aware about the products and services required for their living.

Explanation of Solution

Marketing is important as a product itself cannot go home to home and let the company earns profits, it is marketing which allows a company to spread information about their product. And help their products to attract consumers. Utility market is important as it gives the idea of the product which consumer can get full satisfaction from. Research market survey helps in anticipating the market change before the manufacturer start the process.

Penetration pricing is an approach where a new product enters the market with a low selling price. It helps in attracting a lot of customers and also gives tough competition to the existing competitors in the market. Promotion is the use of advertising to aware consumers of the new products and services available in the market. It informs the consumers of the features and qualities of a product and service. Product life cycle refers to the stages through which a product goes through in its entire life. It is important as it guides the business in developing strategies to utilize each stage optimally.

Channels of distribution refers to the route through which the products are supplied from manufactures to ultimate consumers. As we all know, production happens at a single place whereas the consumption happens all over the country and even abroad, so channels of distribution is important as it creates a link between the two. Wholesalers, again, are an important link to the consumers. They buy products from the manufacturers in large quantities and sell them to different retailers in small quantities. Retailers create the link between manufacturers and consumers. They are the final point from where the goods are sold to the ultimate consumers. E-commerce refers to the transactions of the business that occur over the internet through a website. It offers door- to- door services to the consumers and therefore, quite favorable these days.

Economics Concept Introduction

Introduction: Pricing is an important aspect of a product. It is determined by the supply and demand forces.

Decisions regarding distribution i.e. movement of goods from where they are produced to the consumers is an important function of marketing.

Answer 6

Chapter 11, Problem 1AA

To determine

To state: Explanation of the following terms

Expert Solution & Answer

Answer to Problem 1AA

Marketing is vital as it makes the consumers aware about the products and services required for their living.

Explanation of Solution

Marketing is important as a product itself cannot go home to home and let the company earns profits, it is marketing which allows a company to spread information about their product. And help their products to attract consumers. Utility market is important as it gives the idea of the product which consumer can get full satisfaction from. Research market survey helps in anticipating the market change before the manufacturer start the process.

Penetration pricing is an approach where a new product enters the market with a low selling price. It helps in attracting a lot of customers and also gives tough competition to the existing competitors in the market. Promotion is the use of advertising to aware consumers of the new products and services available in the market. It informs the consumers of the features and qualities of a product and service. Product life cycle refers to the stages through which a product goes through in its entire life. It is important as it guides the business in developing strategies to utilize each stage optimally.

Channels of distribution refers to the route through which the products are supplied from manufactures to ultimate consumers. As we all know, production happens at a single place whereas the consumption happens all over the country and even abroad, so channels of distribution is important as it creates a link between the two. Wholesalers, again, are an important link to the consumers. They buy products from the manufacturers in large quantities and sell them to different retailers in small quantities. Retailers create the link between manufacturers and consumers. They are the final point from where the goods are sold to the ultimate consumers. E-commerce refers to the transactions of the business that occur over the internet through a website. It offers door- to- door services to the consumers and therefore, quite favorable these days.

Economics Concept Introduction

Introduction: Pricing is an important aspect of a product. It is determined by the supply and demand forces.

Decisions regarding distribution i.e. movement of goods from where they are produced to the consumers is an important function of marketing.

Answer 7

Chapter 11, Problem 1AA

To determine

To state: Explanation of the following terms

Answer 8

Expert Solution & Answer

Answer to Problem 1AA

Marketing is vital as it makes the consumers aware about the products and services required for their living.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Marketing is important as a product itself cannot go home to home and let the company earns profits, it is marketing which allows a company to spread information about their product. And help their products to attract consumers. Utility market is important as it gives the idea of the product which consumer can get full satisfaction from. Research market survey helps in anticipating the market change before the manufacturer start the process.

Penetration pricing is an approach where a new product enters the market with a low selling price. It helps in attracting a lot of customers and also gives tough competition to the existing competitors in the market. Promotion is the use of advertising to aware consumers of the new products and services available in the market. It informs the consumers of the features and qualities of a product and service. Product life cycle refers to the stages through which a product goes through in its entire life. It is important as it guides the business in developing strategies to utilize each stage optimally.

Channels of distribution refers to the route through which the products are supplied from manufactures to ultimate consumers. As we all know, production happens at a single place whereas the consumption happens all over the country and even abroad, so channels of distribution is important as it creates a link between the two. Wholesalers, again, are an important link to the consumers. They buy products from the manufacturers in large quantities and sell them to different retailers in small quantities. Retailers create the link between manufacturers and consumers. They are the final point from where the goods are sold to the ultimate consumers. E-commerce refers to the transactions of the business that occur over the internet through a website. It offers door- to- door services to the consumers and therefore, quite favorable these days.