MGT 8803 Marketing Exam Questions and
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• Marketing -✓✓The creation and satisfaction of demand for a product/service
• Marketing Functions -✓✓- Buying
- Selling
- Transporting
- Market Information
- Risk Taking
- Storing
- Financing
- Standardization & Grading (Sorting products)
• 5 Cs of Marketing -✓✓Company, Customers, Collaborators, Competitors,
Context
• Target Market -✓✓a set of buyers sharing common needs or characteristics that
the company decides to serve
• Marketing Mix -✓✓Product, Price, Place, Promotion
• Customer Market Model -✓✓1. Awareness
2. Engagement
3. Acquisition
4. Customer segmentation (differentiate between segments of customers)
5. Customer retention
6. Support & Advocacy
• customer profile -✓✓- Demographics
- Geographic
- Psychographic
- Behavioral
- RFM (Monetary, Frequency, Recency)
• Buyer Journey -✓✓Discovery
Consideration
, Decision
• Marketing Plan -✓✓A written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing objectives
and strategy specified in terms of the four Ps, action programs, and projected or
pro forma income (and other financial) statements.
• Customer Lifetime Value (CLV) -✓✓approximate worth of a customer to a
company in economic terms; overall profitability of an individual consumer
• Types of Promotion -✓✓advertising, public relations, sales promotion
• Direct Environment -✓✓customers, company, competitors
• External Environment -✓✓cultural & social, economic, political & legal,
technological
• customer segmentation -✓✓divides a market into categories that share similar
attributes such as age, location, gender, habits, and so on
• single target market approach -✓✓segmenting the market and picking one of the
homogeneous segments as the firm's target market
• multiple target market approach -✓✓segmenting the market and choosing two or
more segments, and then treating each as a separate target market needing a
different marketing mix
• combined target market approach -✓✓combining two or more submarkets into
one larger target market as a basis for one strategy
• Criteria for Segmentation -✓✓substantial, identifiable and measurable,
accessible, responsive
• Segmentation Dimensions -✓✓demographic, geographic, and behavioral.
• Segmentation Steps -✓✓1. Define the Market (all possible customers)
2. Use Variables to Divide Market into Segments
3. Select Segments to Target
Answers | Latest Test Bank with Verified
Solutions | A+ Pass Guaranteed
• Marketing -✓✓The creation and satisfaction of demand for a product/service
• Marketing Functions -✓✓- Buying
- Selling
- Transporting
- Market Information
- Risk Taking
- Storing
- Financing
- Standardization & Grading (Sorting products)
• 5 Cs of Marketing -✓✓Company, Customers, Collaborators, Competitors,
Context
• Target Market -✓✓a set of buyers sharing common needs or characteristics that
the company decides to serve
• Marketing Mix -✓✓Product, Price, Place, Promotion
• Customer Market Model -✓✓1. Awareness
2. Engagement
3. Acquisition
4. Customer segmentation (differentiate between segments of customers)
5. Customer retention
6. Support & Advocacy
• customer profile -✓✓- Demographics
- Geographic
- Psychographic
- Behavioral
- RFM (Monetary, Frequency, Recency)
• Buyer Journey -✓✓Discovery
Consideration
, Decision
• Marketing Plan -✓✓A written document composed of an analysis of the current
marketing situation, opportunities and threats for the firm, marketing objectives
and strategy specified in terms of the four Ps, action programs, and projected or
pro forma income (and other financial) statements.
• Customer Lifetime Value (CLV) -✓✓approximate worth of a customer to a
company in economic terms; overall profitability of an individual consumer
• Types of Promotion -✓✓advertising, public relations, sales promotion
• Direct Environment -✓✓customers, company, competitors
• External Environment -✓✓cultural & social, economic, political & legal,
technological
• customer segmentation -✓✓divides a market into categories that share similar
attributes such as age, location, gender, habits, and so on
• single target market approach -✓✓segmenting the market and picking one of the
homogeneous segments as the firm's target market
• multiple target market approach -✓✓segmenting the market and choosing two or
more segments, and then treating each as a separate target market needing a
different marketing mix
• combined target market approach -✓✓combining two or more submarkets into
one larger target market as a basis for one strategy
• Criteria for Segmentation -✓✓substantial, identifiable and measurable,
accessible, responsive
• Segmentation Dimensions -✓✓demographic, geographic, and behavioral.
• Segmentation Steps -✓✓1. Define the Market (all possible customers)
2. Use Variables to Divide Market into Segments
3. Select Segments to Target
