MKTG 524 – Midterm UPDATED ACTUAL
Questions and CORRECT Answers
target marketing includes 3 activities: - CORRECT ANSWER - segmentation
targeting
positioning
STP
Marketers market 10 main types of entities: - CORRECT ANSWER - goods, services,
events, experiences, persons, places, properties, organizations, information, and ideas.
American Marketing Association definition of marketing research - CORRECT
ANSWER - the function that links the consumer, customer, and public to the marketer
through information—information used to identify and define marketing opportunities and
problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and
improve understanding of marketing as a process.
Marketing Information System (MIS) def - CORRECT ANSWER - consists of people,
equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and
accurate information to marketing decision makers
Value Delivery Process - CORRECT ANSWER -
market segment def - CORRECT ANSWER - a group of customers who share a similar set
of needs and wants
products create value through _______- - CORRECT ANSWER - consequences
,Marketing- AMA definition - CORRECT ANSWER - activity of, set of instructions, and
process used to communicate, create, deliver, and exchange offerings to clients, customers,
partners and society at large.
Porter's Value Chain - CORRECT ANSWER -
market segments includes 4 variables:
*may be used by marketers singly or in combination* - CORRECT ANSWER --
geographic
-demographic
-psycho graphic
-behavioral.
what are the important things of modern marketing today? - CORRECT ANSWER - -co
creation of values among business and consumers -importance of value sharing/creation
What occurs during each stage?
1. choosing the value
2.providing the value
3.communication the value - CORRECT ANSWER - 1. customer segmentation, market
selection/focus, value positioning
2. product development, service development, pricing, sourcing/making, distributing/servicing
3. sales force, sales promotion, advertising
,customer's value judgements are highly influenced and best determined how? - CORRECT
ANSWER - within constraints of a particular use situation
define marketing intelligence system - CORRECT ANSWER - a set of procedures and
sources used by managers to obtain everyday information about pertinent developments in the
environment
What are the components of a Modern Marketing Information System (MIS) - CORRECT
ANSWER - Internal company records
Marketing intelligence activities
Marketing research
Internal Records include: - CORRECT ANSWER - -internal reports of orders
-sales
-prices
-costs
-inventory levels
-receivables
-payable
what is the heart of the internal records system? - CORRECT ANSWER - order-to-
payment cycle
What are the primary (5) and supporting (4) activities of the value chain model? - CORRECT
ANSWER - PRIMARY:
1. inbound logistics
2. operations
3. outbound logistics
4. marketing
5. service
A company can take 8 possible actions to improve quantity and quality of its marketing
intelligence. List. - CORRECT ANSWER - -train and motivate sales force to report new
developments
-Motivate intermediaries to pass along intelligence
-Hire external experts to collect intelligence
-Network internally and externally
-Set up a customer advisory panel
-Take advantage of government-related data
-Purchase information from outside research vendors
-Collect marketing intelligence on Internet
define marketing managment - CORRECT ANSWER - art and science of creating,
delivering, communicating, and exchanging superior customer value
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