MKT 300 Exam questions with
answers well graded A+
Marketing - ANS✅✅an organizational function and a collection of processes designed to CREATE,
COMMUNICATE, AND DELIVER value to customers and to build effective customer relationships in
ways that benefit the organization and its stakeholders
Segmenting - ANS✅✅divide market based on needs/benefits, demographics, lifestyles, behavioral,
measures
Segmenting: Demographics - ANS✅✅what; gender, age, income, family size, ethnicity, etc.
Segmenting: Psychographics - ANS✅✅why; deep connection to the customers; values, lifestyles,
personality, activities, interests
Segmenting: Behavioral - ANS✅✅dividing a market by the amount of product bought or consumed
Segmenting: Needs - ANS✅✅Process of grouping customers into market segments according to
benefits they seek from the product.
Targeting - ANS✅✅selecting the most appropriate markets
Positioning - ANS✅✅placement of a product or service
Keys to successful marketing (STP) - ANS✅✅Segmenting
Targeting
Postitioning
Marketing mix - ANS✅✅four marketing activities that a firm can control to meet the needs of
customers
-product
-price
, -place
-promotion
Marketing concept - ANS✅✅consumer oriented philosophy that suggests that the satisfaction of
consumer needs provides the focus for product development and marketing strategy to enable the
firm to meet its own goals
Marketing management philosophies - ANS✅✅-production orientation
-sales orientation
-marketing orientation
-societal orientation
Production orientation - ANS✅✅focus on efficiency of internal operations (sellers market)
sales orientation - ANS✅✅focus on aggressive techniques for overcoming consumer resistance
(sellers market)
marketing orientation - ANS✅✅focus on satisfying customer needs and wants (buyers market)
Societal orientation - ANS✅✅focus on satisfying customer needs and wants while enhancing
individual and societal well-being
value - ANS✅✅a customers subjective assessment of benefits relative to the costs in determining
the worth of a product
Targeting strategies: undifferentiated - ANS✅✅approach that views the market as one big market
with no individual segments and requires a single marketing mix
targeting strategies: Differentiated - ANS✅✅a strategy that chooses two or more well defined
market segments and develops a distinct marketing mix for each
targeting strategies: nice - ANS✅✅a concentrated strategy of focusing on a narrow market is
sometimes more profitable then spreading resources over several different segments
answers well graded A+
Marketing - ANS✅✅an organizational function and a collection of processes designed to CREATE,
COMMUNICATE, AND DELIVER value to customers and to build effective customer relationships in
ways that benefit the organization and its stakeholders
Segmenting - ANS✅✅divide market based on needs/benefits, demographics, lifestyles, behavioral,
measures
Segmenting: Demographics - ANS✅✅what; gender, age, income, family size, ethnicity, etc.
Segmenting: Psychographics - ANS✅✅why; deep connection to the customers; values, lifestyles,
personality, activities, interests
Segmenting: Behavioral - ANS✅✅dividing a market by the amount of product bought or consumed
Segmenting: Needs - ANS✅✅Process of grouping customers into market segments according to
benefits they seek from the product.
Targeting - ANS✅✅selecting the most appropriate markets
Positioning - ANS✅✅placement of a product or service
Keys to successful marketing (STP) - ANS✅✅Segmenting
Targeting
Postitioning
Marketing mix - ANS✅✅four marketing activities that a firm can control to meet the needs of
customers
-product
-price
, -place
-promotion
Marketing concept - ANS✅✅consumer oriented philosophy that suggests that the satisfaction of
consumer needs provides the focus for product development and marketing strategy to enable the
firm to meet its own goals
Marketing management philosophies - ANS✅✅-production orientation
-sales orientation
-marketing orientation
-societal orientation
Production orientation - ANS✅✅focus on efficiency of internal operations (sellers market)
sales orientation - ANS✅✅focus on aggressive techniques for overcoming consumer resistance
(sellers market)
marketing orientation - ANS✅✅focus on satisfying customer needs and wants (buyers market)
Societal orientation - ANS✅✅focus on satisfying customer needs and wants while enhancing
individual and societal well-being
value - ANS✅✅a customers subjective assessment of benefits relative to the costs in determining
the worth of a product
Targeting strategies: undifferentiated - ANS✅✅approach that views the market as one big market
with no individual segments and requires a single marketing mix
targeting strategies: Differentiated - ANS✅✅a strategy that chooses two or more well defined
market segments and develops a distinct marketing mix for each
targeting strategies: nice - ANS✅✅a concentrated strategy of focusing on a narrow market is
sometimes more profitable then spreading resources over several different segments
