GEB1011 FINAL EXAM QUESTIONS AND REVISED ANSWERS (ALL ARE CORRECT)
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GEB1011 FINAL EXAM QUESTIONS AND REVISED ANSWERS (ALL ARE CORRECT)
What is marketing? - Answer- Organizational function and set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakehol...
GEB1011 FINAL EXAM QUESTIONS
AND REVISED ANSWERS (ALL ARE
CORRECT)
What is marketing? - Answer- Organizational function and set of processes for creating,
communicating, and delivering value to customers and for managing customer
relationships in ways that benefit the organization and its stakeholders
Describe the evolution of marketing concept - Answer- -Production
- Sales
- Marketing
- Social
Describe the categories of nontraditional marketing - Answer- - Cause marketing
- Place marketing
- Event marketing
- Person marketing
- Organization marketing
What is cause marketing? - Answer- Marketing that promotes a cause or social issue
such as preventing child abuse, anti-littering efforts, and stop-smoking campaigns
How do firms develop a marketing strategy? - Answer- They study and analyze potential
target markets and choose among them
What is a target market? - Answer- Group of people toward whom an organization
markets its goods, services or ideas with a strategy designed to satisfy their specific
needs and preferences
What is a marketing mix? - Answer- Blending of the 4 elements of marketing strategy-
product, distribution, promotion, and pricing to fit the needs and preferences of a
specific target market
What are the 4 strategies blended to fit the needs and preferences of specific target
markets? - Answer- - Product strategy
- Distribution strategy
-Promotional strategy
- Pricing strategy
, What are the 4 Ps? - Answer- - Product strategy
- Promotional strategy
- Pricing strategy
- Place strategy
What is a product strategy? - Answer- Involves more than just designing a good or
service with needed attributes and decisions about package design, brand names,
trademarks,warranties, product image, new-product development, and customer service
What is a promotional strategy? - Answer- Effectively blends advertising, personal
selling, sales promotion, and public relations to achieve its goals of informing,
persuading, and influencing purchase decisions
What is place strategy? - Answer- The 2nd marketing mix variable, ensures customers
receive their purchases in the proper quantities at the right times and locations
What is a pricing strategy? - Answer- The final mix element and one of the most difficult
areas of marketing decision making in setting profitable and justifiable prices for the
firm's product offerings
What is internal marketing research? - Answer- Within a organization
What is external marketing research? - Answer- From outside sources
What is primary data? - Answer- Data collected firsthand through such methods as
observations and surveys
What is secondary data? - Answer- Previously published data, low cost and easy to
obtain
What is a focus group? - Answer- Gather 8 to 12 people in a room or over the internet to
discuss a particular topic
What is data mining? - Answer- The task of using computer based technology to
evaluate data in a data base and identify useful trends
How does market segmentation work? - Answer- Process of dividing a total marketing
into several relatively homogenous groups
What are the 4 methods segmenting of consumer markets? - Answer- - Geographical
- Demographic
- Psychographic
- Product-related
What are the 3 methods of segmenting the B2B markets? - Answer- - Geographical
- End-use
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