MKTG 3310 exam 1- Kincaid || Questions and 100%
Verified Answers.
ways to create customer value correct answers price, product, promotion, place and buyer utility
map
marketing strategy correct answers the marketing logic by which the company hopes to create
customer value and achieve profitable customer relationships
answers: what customers will we serve? how can we serve these customers best?
marketing segmentation correct answers Dividing a market into distinct groups of buyers who
have different needs, characteristics, or behaviors, and who might require separate products or
marketing programs
(pie chart of people)
target marketing correct answers The process of evaluating each market segment's attractiveness
and selecting one or more segments to cultivate
marketing mix correct answers set of tactical marketing tools that the firms blends to produce the
response it wants in the target market
differentiate the marketing mix correct answers product, price, place, promotion
blend each mix tool into a comprehensive integrated marketing program
Place utility correct answers when and where you want to buy it
ex: channels, coverage, locations, inventory, transportation, logistics
(Most popular: Amazon)
Price utility correct answers have I made it easy for you to consume my product; form of value
ex: list price, discounts,allowances, payment period, credit terms
(Renting, financing, credit cards)
Promotion utility correct answers communicate in a way people can understand
ex: advertising, personal selling, sales promotion, public relations
Product/ form correct answers giving in form that you want it in
ex: variety, quality,design, features, brand names, packaging, services
product positioning correct answers arranging for a product to occupy a clear, distinctive and
desirable place relative to competing products in the minds of target consumers
value proposition correct answers set of benefits or values a company promises to deliver to
consumers to satisfy their needs
ex: • FOR______________(TARGET CUSTOMER)
• WHO__________ ( STATEMENT OF NEED OR
, OPPORTUNITY)
• OUR PRODUCT IS A__________(PRODUCT CATEGORY)
• THAT (STATEMENT OF BENEFIT)
market myopia correct answers mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
(so consumed by product forget to look at market)
market offerings correct answers some combination of products, services, information or
experiences offered to a market to satisfy a need or want; not limited to physical products,
includes entities such as people, places, orgs, info, and ideas
ex: Disney (experience), KIA (product, services), college (product, services, experience)
marketing concept correct answers Achieving organizational goals depends on knowing the
needs and wants of target markets and delivering the desired satisfactions better than competitors
do; know this delivers value and creates long term relationships; looking for same set of benefits
and are willing to pay top dollar
ex: IPhone- have for years and years
satisfaction correct answers extent to which the products perceived performance matches a
buyers expectations
strategic planning correct answers process of developing and maintaining a strategic fit between
the organizations goals and capabilities and its changing marketing opportunities
buisness portfolio analysis correct answers collection of businesses and products that make up
the company; company owns different SBUs
ex: Pepsi owns water bottles chips and Gatorade
boston consulting group (BCG) matrix correct answers star, question mark, cash cow, and dog
Question mark correct answers Low mkt share but have high growth rate; (invest cash to move to
a star); require a lot of cash to hold their share, let alone increase it
star correct answers High mkt share and high growth mkt; Attracts competition so advertise and
brand building, distribution to keep a star; (keep investing in this); need heavy investments to
fiance rapid growth
Cash cow correct answers Low growth rate and high mkt share; (don't do anything with,
comfortable with easy grab and go product); Money created here is to invest in question mark
and stars; less investment to hold their share, let alone increase it
ex: spam
