MKTG 350 WORSHAM FINAL EXAM || WITH 100% ERRORLESS ANSWERS.
15 views 0 purchase
Course
MKTG 350 Worsham
Institution
MKTG 350 Worsham
Marketing mix (ch1) correct answers - Four marketing activities—product, pricing, distribution, and promotion—that a firm can control to meet the needs of customers within its target market
- A firm can control these activities to meet the needs of customers within its target market
- There...
MKTG 350 WORSHAM FINAL EXAM || WITH 100%
ERRORLESS ANSWERS.
Marketing mix (ch1) correct answers - Four marketing activities—product, pricing, distribution,
and promotion—that a firm can control to meet the needs of customers within its target market
- A firm can control these activities to meet the needs of customers within its target market
- There is a limit to how much these variables can be controlled
- Marketers must:
- Strive to develop a marketing mix that matches the needs of customers in the target market
- Constantly monitor the competition and adapt their products, distribution decisions, promotion,
and pricing to foster long-term success
- Collect in-depth, up-to-date information about customer needs, such as:
- The age, income, ethnicity, gender, and educational level of people in the target market
- Their preference for product features
- Their attitudes toward competitors' products
- The frequency with which they use the product
Product variable of marketing mix (ch1) correct answers - Product - A good, a service, or an idea
- Good - A physical entity that you can touch
- Service - The application of human and mechanical efforts to people or objects to provide
intangible benefits to customers
- Idea - A concept, a philosophy, an image, or an issue
- The product variable involves creating or modifying brand names and packaging
- May also include decisions regarding warranty and repair services
- Product variable decisions and activities are important because they directly relate to customers'
needs and wants
Distribution variable of marketing mix (ch1) correct answers - To satisfy customers, products
must be available at the right time and in appropriate locations, and desired quantity while
decreasing cost
- A marketing manager makes products available in the quantities desired to as many target-
market customers as possible while minimizing these three costs:
- Inventory
- Transportation
- Storage
- A marketing manager also may:
- Select and motivate intermediaries (wholesalers and retailers)
- Establish and maintain inventory control procedures
- Develop and manage transportation and storage systems
- The advent of the internet and electronic commerce has dramatically influenced the distribution
variable
- Companies now can make their products available throughout the world without maintaining
facilities in each country
,Promotion variable of marketing mix (ch1) correct answers - The promotion variable relates to
activities used to inform and persuade to create a desired response: integrated marketing
communications
- Promotion can:
- Increase public awareness of the organization and of new or existing products
- Inform customers about product features
- Urge people to take a particular stance on a political or social issue
- Help to sustain interest in established products
Price variable of marketing mix (ch1) correct answers - The price variable relates to decisions
and actions associated with pricing objectives and policies and actual product prices
- Price is a critical component of the marketing mix because customers are concerned about the
value obtained in an exchange
- Price is often used as a competitive tool
- Intense price competition sometimes leads to price wars
Target market (ch1) correct answers A specific group of customers on whom an organization
focuses its marketing efforts
Marketing concept (ch1) correct answers - A managerial philosophy that an organization should
try to satisfy customers' needs through a coordinated set of activities that also allows the
organization to achieve its goals
- The marketing concept is not a second definition of marketing but rather a management
philosophy guiding an organization's overall activities
- A firm that adopts the marketing concept must satisfy not only its customers' objectives but
also its own objectives
- The evolution of marketing has gone through three periods, including:
- Production orientation
- Sales orientation
- Market orientation
Customer relationship management (ch1) correct answers - Using information about customers
to create marketing strategies that develop and sustain desirable customer relationships
- Achieving the full profit potential of each customer relationship should be the fundamental goal
of every marketing strategy
- Profits can be obtained through relationships in the following ways:
- By acquiring new customers
- By enhancing the profitability of existing customers
- By extending the duration of customer relationships
- Implementing the marketing concept means optimizing the exchange relationship
Market share (ch2) correct answers The percentage of a market that actually buys a specific
product from a particular company
Mission statement (ch2) correct answers - A long-term view, or vision, of what the organization
wants to become
, - The goals of any organization should derive from its mission statement
- An organization's mission statement should answer two questions:
- Who are our customers?
- What is our core competency?
- Companies try to develop and manage a consistent corporate identity—their unique symbols,
personalities, and philosophies—to support all corporate activities, including strategic planning
and marketing
- An organization's goals and objectives, derived from its mission statement, guide its planning
efforts
- Goals focus on the end results the organization seeks
Marketing strategy (ch2) correct answers A plan of action for identifying and analyzing a target
market and developing a marketing mix to meet the needs of that market
Green marketing (ch2) correct answers helps establish long-term consumer relationships by
maintaining, supporting, and enhancing the natural environment
Market penetration (ch2) correct answers is a strategy of increasing sales in current markets with
current products
Market development (ch2) correct answers is a strategy of increasing sales of current products in
new markets
Product development (ch2) correct answers is a strategy of increasing sales by improving present
products or developing new products for current markets
Diversification (ch2) correct answers allows firms to make better and wider use of their
managerial, technological, and financial resources
SWOT Analysis (ch2) correct answers - Assessment of an organization's strengths, weaknesses,
opportunities, and threats
- Strengths and weaknesses are internal factors that can influence an organization's ability to
satisfy its target market
- Opportunities and threats affect all organizations within an industry, market, or geographic
region because they exist outside of and independently of the company
Strengths (SWOT) (ch2) correct answers Competitive advantages, or core competencies, that
give the company an advantage
Weaknesses (SWOT) (ch2) correct answers Limitations a company faces in developing or
implementing a marketing strategy
Opportunities (SWOT) (ch2) correct answers Favorable conditions in the environment that could
produce rewards for the organization if acted upon
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
