MKTG 524 - Midterm
- Demographic
- Operating variables
- Purchasing approaches
- Situational factors
- Personal characteristics - correct answer-How Should Business Markets Be Segmented?
- Developing market strategies and plans
- Capturing marketing insights
- Connecting with customers
- Building strong brands
- Creating value
- Delivering value
- Communicating value
- Creating successful long-term growth - correct answer-What are the main tasks for
Marketing Management?
-- Obtain information about customers, competitors, and markets
-- Examine the information from a total business perspective
-- Determine how to deliver superior customer value
--Implement actions to provide value to customers - correct answer-Ways to achieve Market
Orientation?
-arranged hierarchically
-quantitative
-realistic
-consistent - correct answer-Goal requirements include ___?
-Internal company records
-Marketing intelligence activities
-Marketing research - correct answer-Components of a Modern Marketing Information
System (MIS) include?
(Re)define the business concept
(Re)shaping the business scope
(Re)positioning the company's brand identity - correct answer-To maximize core
competencies, a business should ___?
• Demographic
• Operating variables
• Purchasing approaches
• Situational factors
• Personal characteristics - correct answer-How Should Business Markets Be Segmented?
1. Functional risk—The product does not perform to expectations.
, 2. Physical risk—The product poses a threat to the physical well-being or health of the user
or others.
3. Financial risk—The product is not worth the price paid.
4. Social risk—The product results in embarrassment in front of others.
5. Psychological risk—The product affects the mental well-being of the user.
6. Time risk—The failure of the product results in an opportunity cost of finding another
satisfactory product. - correct answer-6 types of perceived risk?
1. Scientific Method
2. Research creativity
3. Multiple Methods
4. Interdependence of Models and Data
5. Value and cost of Information
6. Healthy Skepticism
7. Ethical Mktg - correct answer-What are the 7 characteristics of good Marketing Research?
1) Cultural factors:
-Culture
-Subcultures
-Social classes
2)Social factors:
-Reference groups
-Cliques
-Family
-Roles and status
3)Personal factors:
-Age/stage in life cycle
-Occupation and economic circumstances
-Personality and self-concept
-Lifestyle and values - correct answer-What Influences Consumer Behavior?
1) Needs-Based Segmentation
2) Segmentation Identification
3) Segment Attractiveness
4) Segment Profitability
5) Segment Positioning
6) Segment "Acid Test"
7) Marketing-Mix Segmentation - correct answer-Steps in the Segmentation Process?
1) offering something that is in short supply
2) offer existing products in a new/superior way
3) creating new products or services - correct answer-What are the 3 main sources of
market opportunities? External Analysis
1) Overall cost leadership
- firms work to achieve the lowest production and distribution costs so they can underprice
competitors and win market share.
2) Differentiation
- Demographic
- Operating variables
- Purchasing approaches
- Situational factors
- Personal characteristics - correct answer-How Should Business Markets Be Segmented?
- Developing market strategies and plans
- Capturing marketing insights
- Connecting with customers
- Building strong brands
- Creating value
- Delivering value
- Communicating value
- Creating successful long-term growth - correct answer-What are the main tasks for
Marketing Management?
-- Obtain information about customers, competitors, and markets
-- Examine the information from a total business perspective
-- Determine how to deliver superior customer value
--Implement actions to provide value to customers - correct answer-Ways to achieve Market
Orientation?
-arranged hierarchically
-quantitative
-realistic
-consistent - correct answer-Goal requirements include ___?
-Internal company records
-Marketing intelligence activities
-Marketing research - correct answer-Components of a Modern Marketing Information
System (MIS) include?
(Re)define the business concept
(Re)shaping the business scope
(Re)positioning the company's brand identity - correct answer-To maximize core
competencies, a business should ___?
• Demographic
• Operating variables
• Purchasing approaches
• Situational factors
• Personal characteristics - correct answer-How Should Business Markets Be Segmented?
1. Functional risk—The product does not perform to expectations.
, 2. Physical risk—The product poses a threat to the physical well-being or health of the user
or others.
3. Financial risk—The product is not worth the price paid.
4. Social risk—The product results in embarrassment in front of others.
5. Psychological risk—The product affects the mental well-being of the user.
6. Time risk—The failure of the product results in an opportunity cost of finding another
satisfactory product. - correct answer-6 types of perceived risk?
1. Scientific Method
2. Research creativity
3. Multiple Methods
4. Interdependence of Models and Data
5. Value and cost of Information
6. Healthy Skepticism
7. Ethical Mktg - correct answer-What are the 7 characteristics of good Marketing Research?
1) Cultural factors:
-Culture
-Subcultures
-Social classes
2)Social factors:
-Reference groups
-Cliques
-Family
-Roles and status
3)Personal factors:
-Age/stage in life cycle
-Occupation and economic circumstances
-Personality and self-concept
-Lifestyle and values - correct answer-What Influences Consumer Behavior?
1) Needs-Based Segmentation
2) Segmentation Identification
3) Segment Attractiveness
4) Segment Profitability
5) Segment Positioning
6) Segment "Acid Test"
7) Marketing-Mix Segmentation - correct answer-Steps in the Segmentation Process?
1) offering something that is in short supply
2) offer existing products in a new/superior way
3) creating new products or services - correct answer-What are the 3 main sources of
market opportunities? External Analysis
1) Overall cost leadership
- firms work to achieve the lowest production and distribution costs so they can underprice
competitors and win market share.
2) Differentiation
