MKT 300 Exam 1 Practice Guaranteed A+
Marketing ️organizational function and a collection of processes designed to plan for, create,
communicate and deliver value to customers and to build effective customer relationships in ways that
benefit the organization and it's stakeholders.
Exchan...
MKT 300 Exam 1 Practice Guaranteed A+
Marketing ✔️organizational function and a collection of processes designed to plan for, create,
communicate and deliver value to customers and to build effective customer relationships in ways that
benefit the organization and it's stakeholders.
If I give the gift card to my friend to use he is the ✔️CONSUMER
Demographics ✔️variables that allow us to group people together based on a common/similar
attribute (age, gender, income, etc)
Psychographics ✔️Understand how people are different. Individual activities and interests.
Marketing Concept ✔️A consumer-oriented philosophy that suggests that satisfaction of consumer
needs provides the focus for product development and marketing strategy to enable the firm to meet
it's own goals
,3 Main Marketing Concepts ✔️Value, Customer Relationships, Customer Loyalty
We have grown from loving to be ______ to hating to be sold but _____. ✔️SOLD, LOVING TO BUY
Production Philosophy ✔️Focus on efficiency of internal operations.
Push sales rather than Pull.
Sales Philosophy ✔️Focus on aggressive techniques for overcoming customer resistance.
Market Philosophy ✔️Focus on satisfying customer needs and wants
Societal Philosophy ✔️Focus on satisfying customer needs and wants while enhancing individual and
societal well being.
Market Orientation ✔️An organizational perspective; puts the philosophy of the marketing concept
into practice.
Change is _____ ✔️Constant
Key issues in developing a competitive advantage include: ✔️-Create customer Value
-Create customer Relationships
-Create customer Loyalty
Key to successful marketing: ✔️STP
What does STP stand for? ✔️Segmenting, Targeting, Positioning
, Marketing Environment ✔️A set of forces, some controllable and some uncontrollable, that influence
the ability of a business to create value and attract and serve customers
Types of Marketing Environments ✔️Internal, Middle, External
What happens when you move from the Internal levels of Marketing to the External levels of
Marketing? ✔️You begin to lose control of all the factors involved within these.
What are some of the factors that affect the Marketing Environment? ✔️Social Changes, Competition,
Consumer Characteristics
Porter's Five Environmental Forces ✔️Threat of new entrants
Threat of substitute products
Bargaining power of suppliers
Bargaining power of customers
Competitive rivalry within an industry
Segmenting ✔️dividing market based on needs/benefits, demographics, lifestyles, behavioral
measures, etc.
Why do we segment? ✔️It allows markets to focus on specific/desired needs and wants and it allows
companies to better allocate their resources.
Segmentation Criteria: the "labels" used to categorize different factors of the market(s). The five criteria
of segmentation are: ✔️Homogeneous
Heterogeneous
Substantial
Identifiable
Responsive
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