MKTG 3650 UNT Exam All Questions And Correct Detailed Answers |Already Graded A+||Already Graded A+

MKTG 3650 UNT Exam All Questions And Correct Detailed Answers |Already Graded A+||Already Graded A+ marketing - Answer- the process of creating, pricing, distributing, and promoting goods, services, and ideas to: • Facilitate satisfying exchange relationships with customers • Develop and maintain favorable relationships with stakeholders in a dynamic environment Marketing Mix - Answer- four marketing variables that a firm controls to meet the needs of customers within its target market the 4 p's - Answer- product, place, pricing, promotion marketing managers strive to do what? - Answer- develop a marketing mix that matches the needs of customers in the target market. value - Answer- a customer's subjective assessment of benefits relative to costs in determining the worth of a product customer benefits - Answer- anything a buyer receives in an exchange customer costs - Answer- anything a buyer must give up to obtain the benefits the product provides • Monetary • Nonmonetary (e.g., time, effort, and risk) formula for customer value - Answer- customer value = customer benefits - customer costs stakeholders - Answer- constituents who have a "stake," or claim, in some aspect of a company's products, operations, markets, industry, and outcomes • Customers• Employees• Shareholders• Suppliers• Governments• Communities• Competitors marketing concept - Answer- a managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals • Customer satisfaction is the major focus .• Focuses also on customer analysis, competitor analysis, and integration of the firm's resources • Guides an organization's overall activities • Strategic approach to achieve objectives growth share matrix - Answer- horizontal (up and down): market growth vertical ( side to side): market share question marks - Answer- high market growth, low market share; the opportunities no one knows what to do with. These opportunities need serious thought as to whether increased investment is warranted. stars - Answer- high market share, high market growth; you're well established, and these are fantastic opportunities dogs - Answer- low market share, low market growth; your market presence is weak. it's going to be difficult to make a profit. cash cows - Answer- low market growth, high market share; you're well established. however, the market isn't growing and your opportunities are limited strategic planning process - Answer- begins with an analysis of the marketing environment, including the industry in which the company operates or intends to sell its products Core competencies - Answer- Things a company does extremely well, which sometimes give it an advantage over its competition Market opportunity - Answer- A combination of circumstances and timing that permits an organization to take action to reach a particular target market Strategic windows - Answer- Temporary periods of optimal fit between the key requirements of a market and the particular capabilities of a company competing in that market Competitive advantage - Answer- The result of a company matching a core competency to opportunities it has discovered in the marketplace SWOT analysis - Answer- Assessment of an organization's strengths, weaknesses, opportunities, and threats Strengths• Competitive advantages, or core competencies, that give the company an advantage Weaknesses• Limitations a company faces in developing or implementing a marketing strategy Opportunities• Favorable conditions in the environment that could produce rewards for the organization if acted upon Threats• Barriers that could prevent the company from reaching its objectives Marketing plan - Answer- A written document that specifies the activities to be performed to implement and control the organization's marketing strategies A clear and well-written marketing plan - Answer- • Provides a uniform marketing vision for the firm and is the basis for internal communications • Delineates marketing responsibilities and tasks and outlines schedules for implementation • Presents objectives and specifies how resources are to be allocated to achieve them • Helps marketing managers monitor and evaluate the performance of a marketing strategy • Organizations should make sure that the marketing plan aligns with corporate and business-unit strategies and is accessible to and shared with all key employees. Six forces - Answer- 1. Competitive 2. Economic 3. Political 4. Legal and regulatory 5. Technological 6. Sociocultural • Environmental forces are always dynamic. • Changes in the marketing environment create: • Uncertainty• Threats• Opportunities competition - Answer- Other firms that market products that are similar to or can be substituted for a firm's products in the same geographic area Brand competitors - Answer- Firms that market products with similar features and benefits to the same customers at similar prices Product competitors - Answer- Firms that compete in the same product class but market products with different features, benefits, and prices Generic competitors - Answer- Firms that provide very different products that solve the same problem or satisfy the same basic customer need Total budget competitors - Answer- Firms that compete for the limited financial resources of the same customers