MKT 3301 Final Exams Questions set, all with
100% Correct Answers -A+ Assured
What are the components of a marketing strategy? - ✔✔a marketing strategy
specifies a target market and a related marketing mix. It is a big picture of what a firm
will do in some market. Two interrelated parts are needed: 1. a target market
2. a marketing mix
What is a target market? - ✔✔a fairly homogenous group of customers to whom a
company wants to appeal
Define the four types of market opportunities-
market penetration, market development,
product development and diversification - ✔✔market penetration: means trying to
increase sales of a firm's present products in its present markets- probably through a
more aggressive marketing mix.
market development: means trying to increase sales by selling present products in a
new market.
product development: means offering new or improved products for present markets.
diversification: means moving into totally different lines of business.
Understand how changes in the various external environmental forces can affect
consumer behaviors and decisions - ✔✔
Know the marketing external environmental variables - Economic, legal, political,
competition, technology, social/cultural - ✔✔1. economical - refers to
macroeconomic factors, including national income, economic growth, and inflation.
, 2. technological - the application of science to convert an economy's resources to
output.
3. political & legal - the attitudes and reactions of people, social critics, and
governments all affect the political environment. Legal focuses on important laws in the
US that regulate marketing prices.
4. cultural & social - affects how and why people live and behave as they do.
Know these major laws that impact businesses - - ✔✔FTC, Robinson Patman,
Magnuson-Moss
How does the authors define a market? different criteria - ✔✔"In general, a market is
a group of potential customers with similar needs who are willing to change something
of value with sellers offering various goods and services--that is, ways of satisfying those
needs."
Distinguish between a market segment and market segmentation - ✔✔market
segment: a relatively homogeneous group of customers who will respond to a marketing
mix in a similar way.
market segmentation: is a two-step process of 1) naming broad product-markets and 2)
segmenting these broad product-markets in order to select target markets and develop
suitable marketing mixes.
Explain the bases (variables or dimensions) that may be used to segment markets
how do you describe the members of a target market using the variables/dimensions -
demographic,
geographic, behavioral, psychographic - (member the corvette and mustang interactive)
- ✔✔
Describe the three targeting strategies or approaches - Combination, Single, Multi-
target
100% Correct Answers -A+ Assured
What are the components of a marketing strategy? - ✔✔a marketing strategy
specifies a target market and a related marketing mix. It is a big picture of what a firm
will do in some market. Two interrelated parts are needed: 1. a target market
2. a marketing mix
What is a target market? - ✔✔a fairly homogenous group of customers to whom a
company wants to appeal
Define the four types of market opportunities-
market penetration, market development,
product development and diversification - ✔✔market penetration: means trying to
increase sales of a firm's present products in its present markets- probably through a
more aggressive marketing mix.
market development: means trying to increase sales by selling present products in a
new market.
product development: means offering new or improved products for present markets.
diversification: means moving into totally different lines of business.
Understand how changes in the various external environmental forces can affect
consumer behaviors and decisions - ✔✔
Know the marketing external environmental variables - Economic, legal, political,
competition, technology, social/cultural - ✔✔1. economical - refers to
macroeconomic factors, including national income, economic growth, and inflation.
, 2. technological - the application of science to convert an economy's resources to
output.
3. political & legal - the attitudes and reactions of people, social critics, and
governments all affect the political environment. Legal focuses on important laws in the
US that regulate marketing prices.
4. cultural & social - affects how and why people live and behave as they do.
Know these major laws that impact businesses - - ✔✔FTC, Robinson Patman,
Magnuson-Moss
How does the authors define a market? different criteria - ✔✔"In general, a market is
a group of potential customers with similar needs who are willing to change something
of value with sellers offering various goods and services--that is, ways of satisfying those
needs."
Distinguish between a market segment and market segmentation - ✔✔market
segment: a relatively homogeneous group of customers who will respond to a marketing
mix in a similar way.
market segmentation: is a two-step process of 1) naming broad product-markets and 2)
segmenting these broad product-markets in order to select target markets and develop
suitable marketing mixes.
Explain the bases (variables or dimensions) that may be used to segment markets
how do you describe the members of a target market using the variables/dimensions -
demographic,
geographic, behavioral, psychographic - (member the corvette and mustang interactive)
- ✔✔
Describe the three targeting strategies or approaches - Combination, Single, Multi-
target
