MKTG 3340 Final Exam Questions with 100% Complete Solutions , A+

what is the role of marketing generate profitable revenue what are the five steps in the marketing process model 1. Understand the marketplace and customer needs and wants 2. Design a customer value driven marketing strategy 3. Construct an integrated marketing program 4. Engage customers, build profitable relationships, and create customer value 5. Capture value from customers and make money What is marketing management art and science of choosing target markets and building profitable relationships with them What is segmentation division of a market into distinct groups of buyers who have different needs, characteristics, or behaviors of which might require separate products or marketing mixes How can a firm's organizational goals and capabilities be identified mission or vision statement What are the 4 types of SBUs stars, cash cows, question marks, dogs What is a dog SBU and what is its strategy low market share in a low growth market, sell or don't invest any more money What is a cash cow and what is its strategy high market share in a low growth market, low investment and use profits to fund question marks or stars What is a star and what is its strategy high market share in a high growth market, invest enough to keep market share What is a question mark and what is its strategy an SBU in a high growth market with unknown market share, high investment to gain market share How is relative market share RMS calculated your market share/biggest competitors market share What are the different types of growth strategies market penetration, market development, product development, diversification What is diversification a new product in a new market What is market penetration an existing product in an existing market What is product development a new product in an existing market What is market development an existing product in a new market What are the factors in the micro environment actors close to the company: the company, suppliers, market intermediaries, customer markets, competitors, publics what are the factors in the macro environment larger societal forces: demographics, economic, natural, technological, political, and cultural What are the 5 different generations Baby Boomers, Generation X, Millennials, Generation Z, and Generation Alpha What are the characteristics of baby boomers retiring, new to technology, want to be seen as young What are the characteristics of gen x want to own homes, better at using tech, value family and experiences What are the characteristics of millennials good with tech, value happiness and purpose in work What are the characteristics of generation z very good with tech, use social media, research and gain info on purchases What are the characteristics of generation alpha raised by tech, are reached through their parents what are some population shifts in the US people are moving to the sunbelt, more divorces and changing family structures, more diversity What is a brand's responsibility to the environment called societal marketing What is the value and use of marketing information Gain customer insights, marketing insights, and competitor insights