Mktg 3340 exam 1 stuvia - Study guides, Class notes & Summaries

Role of Marketing - ANSWER-marketing is engaging customers and managing profitable customer relationships. the aim of marketing is to create value for customers in order to capture value from customers in return goal: attract new customers by promising superior value and to keep and grow current customers by delivering value and satisfaction marketing is selling and advertising but also satisfying customer needs. the aim of marketing is to make selling unnecessary. engage consumers effecti...

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Market Segmentation - ANSWER-aggregate consumers into groups (segments) that have similar needs and will react similarly to a marketing action Segmentation Strategies - ANSWER-- 1 product w/ multiple target segments (Johnson shampoo for dogs or babies, tums for calcium or antacid) - multiple products/ multiple segments (utility mini van vs. excitement sports car) - mass customization (dell built to order laptop) Criteria for effective market segmentation - ANSWER-1. similarity of needs o...

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what is marketing? - ANSWER-the management process involved in identifying, anticipating, and satisfying customer wants profitably what are the 2 goals of marketing? - ANSWER-1. discover (assess) the needs and wants of prospective customers 2. satisfy these needs & wants through EXCHANGE (each are better off after exchange) what are the 4 requirements for marketing to occur? - ANSWER-1. two or more parties with unsatisfied needs 2. desire and ability to satisfy those needs 3. a way for ...