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Marketing Midterm Question and answers verified to pass 2024

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Marketing Midterm Question and answers verified to pass 2024 Marketing Midterm #1 University of Iowa marketing - correct answer the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, partners, and society...

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  • August 30, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • marketing midterm
  • marketing midterm question and answers verified to

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Marketing Midterm #1 University of Iowa
marketing - correct answer ✔the activity, set of institutions, and process for
creating, communicating, delivering, and exchanging offerings that have value
for customers, partners, and society at large


exchange - correct answer ✔the provision, or transfer of goods, services, or
ideas, in exchange for something of value


value equation - correct answer ✔perceived benefits / cost


product orientation - correct answer ✔a philosophy that focuses on the
internal capabilities of the firm rather than on the desires and needs of the
marketplace


sales orientation - correct answer ✔the belief that people will buy more
goods and services if aggressive sales techniques are used; high sales result
in high profits


marketing orientation - correct answer ✔philosophy that assumes that a sale
does not depend on an aggressive sales force but rather on a customer's
decision to purchase a product


societal marketing - correct answer ✔the idea that an organization exists not
only to satisfy customer wants and needs, and meet organizational objectives,
but also to preserve or enhance individual's and society's long term best
interests


how to achieve a marketing orientation - correct answer ✔-information
(customers, competitors, markets)

,-analyze the info (look for growth or opportunity)
-how do we deliver superior value to customers?


purple cow - correct answer ✔-need to market to customers and stand out
-advertising less effective today because of clutter and advertising avoidance


otaku - correct answer ✔someone who is obsessed with particular aspects of
popular culture to the detriment of their social skills


customer relationship marketing/management - correct answer ✔-company
wide business strategy designed to optimize profitability, revenue, and
customer satisfaction by focusing on highly defined and precise customer
groups
-data + digital and mobile communication = more connected relationships


the 4 ps of marketing - correct answer ✔set of marketing tools the firm uses
to pursue its marketing objectives in the target market


what are the 4 ps of marketing? - correct answer ✔1. product
2. price
3. place
4. promotion


mission statement - correct answer ✔answers the question "what business
are we in," "what are our core competitors," and "what are our values"


ansoff's model - correct answer ✔matches products with markets; firms
explore 4 options

, 1. market penetration
2. market development
3. product development
4. diversification


market penetration - correct answer ✔increase market share among existing
customers


market development - correct answer ✔attracting new customers to existing
products


product development - correct answer ✔the creation of new products for
existing markets


diversification - correct answer ✔increasing sales by introducing new
products into new markets


BCG matrix - correct answer ✔a tool for allocating resources among
products or SBUs on the basis of relative market share and market growth
rate
1. question mark
2. star
3. dog
4. cash cow


star - correct answer ✔ensure cash flow, exceeds required investment for
growth

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