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MKTG 3340 TESTS COMPILATION BUNDLE
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[Show more]what is marketing? correct answer: the management process involved in identifying, anticipating, and satisfying customer wants profitably 
 
what are the 2 goals of marketing? correct answer: 1. discover (assess) the needs and wants of prospective customers 
2. satisfy these needs & wants through ...
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Add to cartwhat is marketing? correct answer: the management process involved in identifying, anticipating, and satisfying customer wants profitably 
 
what are the 2 goals of marketing? correct answer: 1. discover (assess) the needs and wants of prospective customers 
2. satisfy these needs & wants through ...
Alternative Growth Strategies: 
• Marketing Penetration 
• Market Development 
• Product Development 
• Diversification 
Alternative Consolidation Strategies: 
• Harvesting 
• Pruning 
• Retrenchment 
• Divestment 
Final Exam Review 
Product Life Cycle: 
• Introduction 
• Growth ...
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Add to cartAlternative Growth Strategies: 
• Marketing Penetration 
• Market Development 
• Product Development 
• Diversification 
Alternative Consolidation Strategies: 
• Harvesting 
• Pruning 
• Retrenchment 
• Divestment 
Final Exam Review 
Product Life Cycle: 
• Introduction 
• Growth ...
How does idea generation play a role in the new product development process correct answer: it is stage 2 in the new product development process 
 
the new product development process stages correct answer: 1. new product strategy development 
2. idea generation 
3. screening and evaluation 
4. bu...
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Add to cartHow does idea generation play a role in the new product development process correct answer: it is stage 2 in the new product development process 
 
the new product development process stages correct answer: 1. new product strategy development 
2. idea generation 
3. screening and evaluation 
4. bu...
4 basic business management practices correct answer: 1) strategy 
2) execution 
3) culture 
4) structure 
 
sales response function correct answer: relates the expense of the marketing effort to the marketing results obtained. 
 
share points correct answer: percentage points of market share, as...
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Add to cart4 basic business management practices correct answer: 1) strategy 
2) execution 
3) culture 
4) structure 
 
sales response function correct answer: relates the expense of the marketing effort to the marketing results obtained. 
 
share points correct answer: percentage points of market share, as...
Role of Marketing correct answer: marketing is engaging customers and managing profitable customer relationships. the aim of marketing is to create value for customers in order to capture value from customers in return 
 
goal: attract new customers by promising superior value and to keep and grow ...
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Add to cartRole of Marketing correct answer: marketing is engaging customers and managing profitable customer relationships. the aim of marketing is to create value for customers in order to capture value from customers in return 
 
goal: attract new customers by promising superior value and to keep and grow ...
What are Some Errors in Communication? correct answer: sources may not adequately transform the abstract idea into an effective set of symbols 
 
a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver 
 
the receiver may not properly transf...
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Add to cartWhat are Some Errors in Communication? correct answer: sources may not adequately transform the abstract idea into an effective set of symbols 
 
a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver 
 
the receiver may not properly transf...
STP correct answer: segment market 
target market 
positioning 
 
1 product multiple segments correct answer: tums: 
you like spicy food 
you had too much fun last night 
 
multiple products and multiple segments correct answer: cars: 
minivan for family 
sports car for the CEO 
 
mass customizat...
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Add to cartSTP correct answer: segment market 
target market 
positioning 
 
1 product multiple segments correct answer: tums: 
you like spicy food 
you had too much fun last night 
 
multiple products and multiple segments correct answer: cars: 
minivan for family 
sports car for the CEO 
 
mass customizat...
How does idea generation play a role in the new product development process? correct answer: Crowd Sourcing, think of ideas, find a good idea, bring it to life 
 
Detailed understanding of Jennifer Pritchard and John Eckhardt's presentation content correct answer: Meet needs of airline passengers...
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Add to cartHow does idea generation play a role in the new product development process? correct answer: Crowd Sourcing, think of ideas, find a good idea, bring it to life 
 
Detailed understanding of Jennifer Pritchard and John Eckhardt's presentation content correct answer: Meet needs of airline passengers...
The purpose of marketing is to... correct answer: generate profitable Revenue 
 
Which statement is most likely true about idea generation in the new product development process? 
A. A company can either develop ideas through internal or external sources but not through both. 
B. Idea generation is...
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Add to cartThe purpose of marketing is to... correct answer: generate profitable Revenue 
 
Which statement is most likely true about idea generation in the new product development process? 
A. A company can either develop ideas through internal or external sources but not through both. 
B. Idea generation is...
The marketing Mix correct answer: 4 controllable factors 
Price 
Product 
Promotion 
Place 
 
Target Market correct answer: one or more specific groups of potential customers toward which an organization directs its marketing program 
 
Market Segments correct answer: Homogenous group of buyers t...
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Add to cartThe marketing Mix correct answer: 4 controllable factors 
Price 
Product 
Promotion 
Place 
 
Target Market correct answer: one or more specific groups of potential customers toward which an organization directs its marketing program 
 
Market Segments correct answer: Homogenous group of buyers t...
How do intermediaries create value? correct answer: Transactional Function: buying/selling/risk taking 
Logistical Function: storing/assorting (mix of products)/sorting(lots of a single product)/bulk breaking(one large item broken down)/transporting 
Facilitating: financing/grading/marketing info a...
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Add to cartHow do intermediaries create value? correct answer: Transactional Function: buying/selling/risk taking 
Logistical Function: storing/assorting (mix of products)/sorting(lots of a single product)/bulk breaking(one large item broken down)/transporting 
Facilitating: financing/grading/marketing info a...
1x sold
Role of Marketing correct answer: Generate profitable revenue 
 
When a marketer can describe something it is called a correct answer: product concept 
 
After buying an item we experience what? correct answer: cognitive dissonance 
 
Ways to engage consumers, directly or indirectly correct answe...
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Add to cartRole of Marketing correct answer: Generate profitable revenue 
 
When a marketer can describe something it is called a correct answer: product concept 
 
After buying an item we experience what? correct answer: cognitive dissonance 
 
Ways to engage consumers, directly or indirectly correct answe...
how does idea generation play a role in the new product development process? correct answer: new product development process: strong new product planning, systematic and customer driven for finding and growing new products 
 
STEPS: 
1. idea generation 
2. idea screening 
3. concept development and...
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Add to carthow does idea generation play a role in the new product development process? correct answer: new product development process: strong new product planning, systematic and customer driven for finding and growing new products 
 
STEPS: 
1. idea generation 
2. idea screening 
3. concept development and...
common mistakes in pricing correct answer: price is too cost oriented 
price is not revised often enough 
price doesn't take into account the rest of the marketing mix 
prices are not varied enough throughout the product line, market segments, distribution channels 
 
marketers perspective vs cons...
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Add to cartcommon mistakes in pricing correct answer: price is too cost oriented 
price is not revised often enough 
price doesn't take into account the rest of the marketing mix 
prices are not varied enough throughout the product line, market segments, distribution channels 
 
marketers perspective vs cons...
common mistakes in pricing correct answer: price is too cost oriented 
price is not revised often enough 
price doesn't take into account the rest of the marketing mix 
prices are not varied enough throughout the product line, market segments, distribution channels 
 
marketers perspective vs cons...
Preview 3 out of 21 pages
Add to cartcommon mistakes in pricing correct answer: price is too cost oriented 
price is not revised often enough 
price doesn't take into account the rest of the marketing mix 
prices are not varied enough throughout the product line, market segments, distribution channels 
 
marketers perspective vs cons...
Market Segmentation correct answer: aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action 
 
Segmentation Strategies correct answer: - 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid)...
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Add to cartMarket Segmentation correct answer: aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action 
 
Segmentation Strategies correct answer: - 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid)...
Marketing correct answer: Delivery of customer satisfaction at a profit 
 
Goals of marketing correct answer: Attract new customers with value and keep current customers with satisfaction 
 
Requirements for Marketing correct answer: Two or more parties with unsatisfied needs 
Desire and ability ...
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Add to cartMarketing correct answer: Delivery of customer satisfaction at a profit 
 
Goals of marketing correct answer: Attract new customers with value and keep current customers with satisfaction 
 
Requirements for Marketing correct answer: Two or more parties with unsatisfied needs 
Desire and ability ...
Elements necessary in order for marketing to occur -2+ parties w/ unsatisfied needs (in order to have a marketing exchange) 
-DESIRE & ABILITY to satisfy those needs ("whats your budget?" 
- A way for the parties to COMMUNICATE 
- Something to exchange (that both parties agree is valuable) 
 
s...
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Add to cartElements necessary in order for marketing to occur -2+ parties w/ unsatisfied needs (in order to have a marketing exchange) 
-DESIRE & ABILITY to satisfy those needs ("whats your budget?" 
- A way for the parties to COMMUNICATE 
- Something to exchange (that both parties agree is valuable) 
 
s...
_______ needs and wants of customers and _______ them correct answer: discover, satisfy - goals of marketing 
 
people with both the desire and the ability to buy a specific offering correct answer: market 
 
a promise to your target customer of the value that your product/service will deliver cor...
Preview 1 out of 4 pages
Add to cart_______ needs and wants of customers and _______ them correct answer: discover, satisfy - goals of marketing 
 
people with both the desire and the ability to buy a specific offering correct answer: market 
 
a promise to your target customer of the value that your product/service will deliver cor...
The Customer is... correct answer: everyone's responsibility. 
 
Goals of Marketing correct answer: (1) Discover (assess) the needs and wants of prospective customers. 
 
(2) Satisfy these needs and wants through EXCHANGES 
 
Requirements for Marketing to Occur correct answer: -Two + Parties wit...
Preview 2 out of 13 pages
Add to cartThe Customer is... correct answer: everyone's responsibility. 
 
Goals of Marketing correct answer: (1) Discover (assess) the needs and wants of prospective customers. 
 
(2) Satisfy these needs and wants through EXCHANGES 
 
Requirements for Marketing to Occur correct answer: -Two + Parties wit...
What are Some Errors in Communication? correct answer: sources may not adequately transform the abstract idea into an effective set of symbols 
 
a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver 
 
the receiver may not properly transf...
Preview 3 out of 16 pages
Add to cartWhat are Some Errors in Communication? correct answer: sources may not adequately transform the abstract idea into an effective set of symbols 
 
a properly encoded message may be first sent through the wrong channel and never make it to the intended receiver 
 
the receiver may not properly transf...
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