MRKT-35010 Final UPDATED Exam Questions and CORRECT Answers
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Course
MRKT-35010
Institution
MRKT-35010
MRKT-35010 Final UPDATED Exam
Questions and CORRECT Answers
market penetration - CORRECT ANSWER- a strategy of increasing market share for
present products in existing markets
market development - CORRECT ANSWER- a strategy that attempts to attract new
customers to existing products
produc...
MRKT-35010 Final UPDATED Exam
Questions and CORRECT Answers
market penetration - CORRECT ANSWER-✔✔ a strategy of increasing market share for
present products in existing markets
market development - CORRECT ANSWER-✔✔ a strategy that attempts to attract new
customers to existing products
product development - CORRECT ANSWER-✔✔ a marketing strategy that creates new
products for present markets
diversification - CORRECT ANSWER-✔✔ the strategy of increasing sales by introducing
new products into new markets
mission statement - CORRECT ANSWER-✔✔ answers the question "what business are we
in?"
environmental scanning - CORRECT ANSWER-✔✔ helps identify market opportunities and
threats and provides guidelines for the design of marketing strategy
competitive advantage - CORRECT ANSWER-✔✔ a set of unique features of a company
and its product that are percieved by the target market as significant and superior to the
competition
niche competitive advantage - CORRECT ANSWER-✔✔ the advantage achieved when a
firm seeks to target and effectively serve a small segment of the market
sustainable competitive advantage - CORRECT ANSWER-✔✔ one that cannot be copied by
the competition
marketing strategy - CORRECT ANSWER-✔✔ is selecting and describing one or more targe
markets, and developing and maintainging a marketing midx (the 4 p's) that will produce
mutually satisfying exchanges with target markets
, Marketing Mix - CORRECT ANSWER-✔✔ the unique blend of product, place, promotion,
and pricing strategies designed to produce mutually satisfying exchanges with a target market
The product element of the marketing mix - CORRECT ANSWER-✔✔ includes guarantees
and quality
place (distribution) strategies - CORRECT ANSWER-✔✔ make products available when and
where customers want them
target market - CORRECT ANSWER-✔✔ a defined group that mangers feel is most likely to
buy its products
goal of gathering environmental data - CORRECT ANSWER-✔✔ identify future market
opportunities and threats
social factors - CORRECT ANSWER-✔✔ influence consumer's behavior
ex: attitudes, values, and lifestyles
component lifestyle - CORRECT ANSWER-✔✔ the practice of choosing goods and services
that meet one's diverse needs and interests rather than conforming to a single, traditional
lifestyle
demography - CORRECT ANSWER-✔✔ considers the age of the target market
education - CORRECT ANSWER-✔✔ the primary determinant of a person's earning
potential
The 3 economic areas of greatest concern to most marketers - CORRECT ANSWER-✔✔
consumers' incomes
inflation
recession
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