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MIE 201 Exam 4 Questions With Solutions 100% Solved
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MIE 201 Exam 4 Questions With Solutions 100% Solved market orientation requires organizations to gather information about customer needs, share that information throughout the entire firm, and use it to help build long-term relationships with customers must first determine what customers wa...

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  • October 7, 2024
  • 36
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • MIE 201
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MIE 201 Exam 4 Questions With Solutions
100% Solved

market orientation requires organizations to gather information about customer needs,

share that information throughout the entire firm, and use it to help build long-term relationships

with customers




must first determine what customers want and then produce it, rather than making the products

first and then trying to persuade customers that they need them




production orientation New technologies, such as electricity, railroads, internal

combustion engines, and mass-production techniques, made it possible to manufacture goods

with ever increasing efficiency




Together with new management ideas and ways of using labor, products poured into the

marketplace, where demand for manufactured goods was strong.




sales orientation businesspeople viewed sales as the primary means of increasing profits




those who adopted the sales orientation perspective believed the most important marketing

activities were personal selling and advertising

, MIE 201 Exam 4 Questions With Solutions
100% Solved

marketing strategy a plan of action for developing, pricing, distributing, and promoting

products that meet the needs of specific customers




market a group of people who have a need, purchasing power, and the desire and authority

to spend money on goods, services, and ideas




target market more specific group of consumers on whose needs and wants a company

focuses its marketing efforts. Target markets can be further segmented into business markets and

consumer markets




Business-to-business (B2B) involves marketing products to customers who will use the

product for resale, direct use in daily operations, or direct use in making other products




Business-to-consumer (B2C) marketing directly to the end consumer




total-market approach firms try to appeal to everyone and assume that all buyers have

similar needs and wants

, MIE 201 Exam 4 Questions With Solutions
100% Solved

market segmentation divide the total market into groups of people




market segment collection of individuals, groups, or organizations who share one or more

characteristics and thus have relatively similar product needs and desires




concentration approach a company develops one marketing strategy for a single market

segment




the concentration approach allows a firm to specialize, focusing all its efforts on the one market

segment




multisegment approach marketer aims its marketing efforts at two or more segments,

developing a marketing strategy for each.




Many firms use a multisegment approach that includes different advertising messages for

different segments

, MIE 201 Exam 4 Questions With Solutions
100% Solved
Requirements for a firm to successfully use a concentration or multisegment approach to market

segmentation 1. Consumers' needs for the product must be heterogeneous.




2. The segments must be identifiable and divisible.




3. The total market must be divided in a way that allows estimated sales potential, cost, and

profits of the segments to be compared.




4. At least one segment must have enough profit potential to justify developing and maintaining a

special marketing strategy.




5. The firm must be able to reach the chosen market segment with a particular market strategy.




bases for segmenting markets demographic, geographic, psychographic, behavioristic




psychographic segmentation variables personality, motives, lifestyle

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