MKT 300 Marketing Exam 1 Already Verified A+
Marketing MIx ️4 marketing activities: product, pricing, place (distribution), and promotion
Demographics ️(starting point) trying to identify similiarities
Psychographics ️(the answer) all of your individual differences that distinguish you ...
MKT 300 Marketing Exam 1 Already Verified A+
Marketing MIx ✔️4 marketing activities: product, pricing, place (distribution), and promotion
Demographics ✔️(starting point) trying to identify similiarities
Psychographics ✔️(the answer) all of your individual differences that distinguish you
Product Orientation ✔️focus on efficiency of internal operations
Sales orientation ✔️focus on aggressive techniques for overcoming customer resistence
Marketing Orientation ✔️focus on satisfying customer needs and wants
Societal Orientation ✔️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
1. Gathering market intelligence
2. Disseminating knowledge
3. Coordinated response
Marketing Concept ✔️A consumer-oriented philosophy dedicated to understanding and fulfilling
consumer needs through the creation of value
value>customer relationships>customer loyalty
Marketing ✔️an 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 its stakeholders.
, Segmenting ✔️Divide market based on needs/benefits, demographics, lifestyles, behavioral measures
Targeting ✔️Select most appropriate market(s).
Positioning ✔️Target marketing messages through 4P's
4 Bases of Segmentation ✔️Demographic, psychographic, behavioral, and needs
Behavioral Segmentation ✔️Dividing a market by the amount of product bought or consumed.
Needs Segmentation ✔️The process of grouping customers into market segments according to the
benefits they seek from the product.
Undifferentiated ✔️Marketing approach that views the market as one big market with no individual
segments and thus requires a single marketing mix.
Advantages:
-Potential savings on production and marketing costs
Disadvantages:
-Unimaginative product offerings
Company more susceptible to competition
Differentiated ✔️A strategy that chooses two or more well-defined market segments and develops a
distinct marketing mix for each
Advantages:
-Greater financial success
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