Define customer satisfaction correct answers the extent to which a product's perceived performance meets a buyer's expectations
Describe the basic objectives of a firm (there are 3) correct answers customer satisfaction, a total company effort, profit (and/or) other measures of long term success...
MKT 3301 Final || with 100% Verified Solutions.
Define customer satisfaction correct answers the extent to which a product's perceived
performance meets a buyer's expectations
Describe the basic objectives of a firm (there are 3) correct answers customer satisfaction, a total
company effort, profit (and/or) other measures of long term success
What are the Universal functions of marketing? correct answers buying, selling, transporting,
storing, standardization and grading, financing, risk taking, and market information
Identify what must occur for marketing to take place? correct answers
Explain the marketing concept and how it should guide firms correct answers The marketing
concept means that an organization aims all of its efforts at satisfying its customers - at a profit.
1. customer satisfaction 2. a total company effort 3. profit as an objective, not just sales
Know the comprehensive definition of marketing provided in text book correct answers
Marketing is the performance of activities that seek to accomplish an organization's objectives by
anticipating customer or client needs and directing a flow of need-satisfying goods and services
from producer to customer or client.
Explain the concept of the triple bottom line correct answers measures an organization's
economic, social, and environmental outcomes as a measure of long-term success
Production and market orientations correct answers production orientation: making whatever
products that are easy to produce and then trying to sell them. marketing orientation: means
trying to carry out the marketing concept.
List the elements in the marketing mix (the "4Ps" of marketing) correct answers product, place,
promotion, and price
What are the components of a marketing strategy? correct answers a marketing strategy specifies
a target market and a related marketing mix. It is a big picture of what a firm will do in some
market. Two interrelated parts are needed: 1. a target market
2. a marketing mix
What is a target market? correct answers a fairly homogenous group of customers to whom a
company wants to appeal
Define the four types of market opportunities-
market penetration, market development,
product development and diversification correct answers market penetration: means trying to
increase sales of a firm's present products in its present markets- probably through a more
aggressive marketing mix.
market development: means trying to increase sales by selling present products in a new market.
, product development: means offering new or improved products for present markets.
diversification: means moving into totally different lines of business.
Understand how changes in the various external environmental forces can affect consumer
behaviors and decisions correct answers
Know the marketing external environmental variables - Economic, legal, political, competition,
technology, social/cultural correct answers 1. economical - refers to macroeconomic factors,
including national income, economic growth, and inflation.
2. technological - the application of science to convert an economy's resources to output.
3. political & legal - the attitudes and reactions of people, social critics, and governments all
affect the political environment. Legal focuses on important laws in the US that regulate
marketing prices.
4. cultural & social - affects how and why people live and behave as they do.
Know these major laws that impact businesses - correct answers FTC, Robinson Patman,
Magnuson-Moss
How does the authors define a market? different criteria correct answers "In general, a market is
a group of potential customers with similar needs who are willing to change something of value
with sellers offering various goods and services--that is, ways of satisfying those needs."
Distinguish between a market segment and market segmentation correct answers market
segment: a relatively homogeneous group of customers who will respond to a marketing mix in a
similar way.
market segmentation: is a two-step process of 1) naming broad product-markets and 2)
segmenting these broad product-markets in order to select target markets and develop suitable
marketing mixes.
Explain the bases (variables or dimensions) that may be used to segment markets
how do you describe the members of a target market using the variables/dimensions -
demographic,
geographic, behavioral, psychographic - (member the corvette and mustang interactive) correct
answers
Describe the three targeting strategies or approaches - Combination, Single, Multi-target
segmentation pg. 96 correct answers combination: combining two or more submarkets into one
larger target market as a basis for one strategy.
multi-target: segmenting the market and choosing two or more segments, then treating each as a
separate target market needing a different marketing mix.
single: segmenting the market and picking one of the homogeneous segments as the firm's target
market.
Explain how the concept of positioning is used in marketing correct answers positioning refers to
how customers think about proposed brands in a market. Without a realistic view of how
customers think about offerings in the market, its hard for the marketing manager to differentiate.
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