Wku mkt 220 - Study guides, Class notes & Summaries
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WKU MKT 220 Exam 3 Questions And Answers Rated A+
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7 Step of New Product Development - 1) Idea Generation 
2) Screening 
3) Concept testing 
4) Business Analysis 
5) Product Development 
6) Test Market 
7) Commercialization 
Aesthetic Modification - Changes related to the sensory appeal of the product 
Brand - Name, symbol, design, or other feature, that identify's one sellers' products as distinct 
from other sellers 
Brand Equity - marketing and financial value associated with a brand's market strength 
Brand Insistence - Customers strongly...
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WKU MKT 220 EXAM 1 QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+
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5 Step Target Market Selction - 1) Identify Appropriate Strategy 
2) Determine which Segmentation Variables in use 
3) Develop Markets Segment Profiles 
4) Evaluate Relevant Market Segmants 
5) Select Specific Target Markets 
Business Cylce - Fluctuation in the normal flow if the economy 
Buying Power - amount of resources that can be traded in an exchange 
Ex: Income, Credit, Wealth 
Company Sales Potential - Max. % of market potential that on individual firm within an industry 
can expect to o...
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WKU MKT 220 EXAM 1
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Marketing - answer-The process of creating, distributing, promoting, & pricing goods & services, and ideas to facilitate satisfying exchange relationships with costumers, & to develop and maintain relationships with stakeholders, in a dynamic environment. 
 
Customers - answer-The people who buy goods and services 
 
Target Market - answer-A specific groups of customers on whom an organization focuses its marketing efforts 
 
Marketing Mix - answer-Product, Price, Promotion, Distribution 
 
Prod...
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