TAMU AGEC 340 EXAM 2 QUESTIONS
& ANSWERS(RATED A+)
whats is the role of marketing in the economy - ANSWERto increase the level of
consumer satisfaction in the economy
product driven marketing - ANSWERdemand exceeded supply
demand seems endless
marketing focused ONLY on lowering costs and improving delivery to customers
*becomes insensitive to customers needs
Sales driven marketing - ANSWERproducers start to pay attention to the quality of
their product
producers start to gain a competative edge by making a high-quality product and
over time inproving it
hard selling products are short-term solutions at best
Market driven marketing - ANSWERmarketing focus shifts from products to meeting
the consumers needs
success comes from satisfying the customers needs rather than producing a
superior product
means to achieving customer satisfaction
goal of good marketing - ANSWERto make selling unnecessary
marketing concept definition - ANSWERAnticipating the needs of targeted customers
and finding ways to meet those needs profitably
mission of marketing - ANSWERto bridge the gap between producer and consumer
Target markets - ANSWER"one size does not fit all"
when does a business have the right to make a profit - ANSWER"Only by satisfying
a customers needs does a business earn the right to make a profit"
A marketing plan is... - ANSWERThe heartbeat of the entire business plan
Four tasks of marketing management - ANSWERPlanning
Organizing
, Controlling
Directing
Components of a strategic marketing plan - ANSWERSWOT analysis
Choose a target market
Define a position
Develop the appropriate marketing mix
Evaluate and refine marketing plan
SWOT - ANSWERStrengths Weaknesses Opportunities Threats
edumarketing - ANSWERmarketing that is educational
Marketing strategy components - ANSWERTarget markets
Product positioning
Size of the product line
Price
Number and type of distribution outlets
Size and type of sales force
Level and quality of service
Advertising
Sales promotion
Research and development
Marketing research
Marketing segment - ANSWERgroup customers into categories according to a set of
characteristics
*Goal is to reconize:
common characteristics
needs
buying motives
& ANSWERS(RATED A+)
whats is the role of marketing in the economy - ANSWERto increase the level of
consumer satisfaction in the economy
product driven marketing - ANSWERdemand exceeded supply
demand seems endless
marketing focused ONLY on lowering costs and improving delivery to customers
*becomes insensitive to customers needs
Sales driven marketing - ANSWERproducers start to pay attention to the quality of
their product
producers start to gain a competative edge by making a high-quality product and
over time inproving it
hard selling products are short-term solutions at best
Market driven marketing - ANSWERmarketing focus shifts from products to meeting
the consumers needs
success comes from satisfying the customers needs rather than producing a
superior product
means to achieving customer satisfaction
goal of good marketing - ANSWERto make selling unnecessary
marketing concept definition - ANSWERAnticipating the needs of targeted customers
and finding ways to meet those needs profitably
mission of marketing - ANSWERto bridge the gap between producer and consumer
Target markets - ANSWER"one size does not fit all"
when does a business have the right to make a profit - ANSWER"Only by satisfying
a customers needs does a business earn the right to make a profit"
A marketing plan is... - ANSWERThe heartbeat of the entire business plan
Four tasks of marketing management - ANSWERPlanning
Organizing
, Controlling
Directing
Components of a strategic marketing plan - ANSWERSWOT analysis
Choose a target market
Define a position
Develop the appropriate marketing mix
Evaluate and refine marketing plan
SWOT - ANSWERStrengths Weaknesses Opportunities Threats
edumarketing - ANSWERmarketing that is educational
Marketing strategy components - ANSWERTarget markets
Product positioning
Size of the product line
Price
Number and type of distribution outlets
Size and type of sales force
Level and quality of service
Advertising
Sales promotion
Research and development
Marketing research
Marketing segment - ANSWERgroup customers into categories according to a set of
characteristics
*Goal is to reconize:
common characteristics
needs
buying motives
