Review & critical thinking questions

1. How does money make the exchange process easier? What would shopping be like if money didn’t exist? A= The exchange process becomes much easier because instead of having to look for that one person to trade with who may have a need for a your item or value, you can simply use money to buy what you need from anyone with a desire to sell it.

2. Discuss the real and perceived value of an item you recently purchased. A= Perceived value is how the value exists only in the person’s mind. Real value is the cost of providing the product or service.

3. How has the Internet changed marketing?
A= Internet marking has make more business more successful. The market also sets prices for goods and services.

4. Describe the likely target market for a company that sells designer jeans at a shopping mall. Explain the reasoning behind your answer. A= The target market would be people who wears designer jeans, people who has a lot of money and people who wants to fit in with everyone else because they don’t care how much it cost at longs they have them.

5. Explain how an item’s target market might affect its price. A= An item’s target market is affect by a particular group of people , taking into accounts their needs, wants, likes, dislikes, and lifestyle, ect. When formulating their brand and advertisements.

6. Explain the difference between primary market research and secondary market research. A= Primary market research occurs when a company conducts new studies to find out more about their market. Secondary markets research refers to the study of existing data about the market.

7. What Internet marketing strategy do you think is most effective in influencing a consumer’s purchasing decisions? A= Print advertisements cost money to produce and have to be delivered either by hand or snail mail to the company’s target market.

8. Using a hypothetical but specific example, explain how marketers use the concept of utility to sell items and make a profit? A= Marketers uses online tools such as websites, a social media presence, e-mailing, content marking to sell items and a make a profit

9. Which type of utility do you believe has the greatest impact on price? Explain. A= Search Engine Optimization, a company uses in order to have their website appear in a prominent place on search engine results pages when users search for a product or service they offer.

10. Using a hypothetical but specific example, explain how the perceived value of an item may differ from person to person. A= The perceived of a item or value may be more than someone else value of a item because a perceived value is how valuable someone thinks a product is worth, its all in the person mind.