[UW-Madison] MKT 300: Final
Exam With complete verified
solutions (Guaranteed Pass)
How is Customer Satisfaction linked to the Marketing Concept? - answer
Marketing Concept = total company's effort, profit, and customer
satisfaction (There's a direct relationship)
As a manufacturer with little competition, should you spend to create
customer satisfaction? - answer No you shouldn't spend to create
customer satisfaction.
What happens when Employees are satisfied? - answer They work
harder, customers are satisfied and return (profit is made long-term)
Micro-Macro Dilemma - answer What's good for producers/consumers
might not be good for society
ex: waterbottles
Social Responsibility - answer Obligation of a business to contribute to
society and reduce it's negative effects
,Marketing Ethics - answer Moral standards that guide marketing
decisions and actions
4 Types of Market Growth Strategies - answer - Market Penetration
- Product Development
- Market Development
- Diversification
Market Penetration - answer - Selling more to existing customers
- Most effective
ex: changing branding on coke during winter to increase sales
(promotions)
Product Development - answer - Same market, different product
- Family branding = brand extensions
ex: tide logo on different products
Market Development - answer - same product, new market
- Export to new location
, ex: Starbucks moving into Targets
Diversification - answer - New market, new target
Which of the 4 P's is most important? - answer They're all equally
important (product, place, price, promotion)
Brand Manager should look at them equally and decide
Why is segmentation important? - answer Helps determine the best
possible market
Segmentation - answer Group of homogeneous people with the same
needs
Single Segment Strategy - answer Pick one segment and try catering to
them
Multiple Segment Strategy - answer Different approaches for each
individual segment
Exam With complete verified
solutions (Guaranteed Pass)
How is Customer Satisfaction linked to the Marketing Concept? - answer
Marketing Concept = total company's effort, profit, and customer
satisfaction (There's a direct relationship)
As a manufacturer with little competition, should you spend to create
customer satisfaction? - answer No you shouldn't spend to create
customer satisfaction.
What happens when Employees are satisfied? - answer They work
harder, customers are satisfied and return (profit is made long-term)
Micro-Macro Dilemma - answer What's good for producers/consumers
might not be good for society
ex: waterbottles
Social Responsibility - answer Obligation of a business to contribute to
society and reduce it's negative effects
,Marketing Ethics - answer Moral standards that guide marketing
decisions and actions
4 Types of Market Growth Strategies - answer - Market Penetration
- Product Development
- Market Development
- Diversification
Market Penetration - answer - Selling more to existing customers
- Most effective
ex: changing branding on coke during winter to increase sales
(promotions)
Product Development - answer - Same market, different product
- Family branding = brand extensions
ex: tide logo on different products
Market Development - answer - same product, new market
- Export to new location
, ex: Starbucks moving into Targets
Diversification - answer - New market, new target
Which of the 4 P's is most important? - answer They're all equally
important (product, place, price, promotion)
Brand Manager should look at them equally and decide
Why is segmentation important? - answer Helps determine the best
possible market
Segmentation - answer Group of homogeneous people with the same
needs
Single Segment Strategy - answer Pick one segment and try catering to
them
Multiple Segment Strategy - answer Different approaches for each
individual segment
