MGT 8803 Marketing questions with verified answers

MGT 8803 Marketing questions with verified
answers


Marketing - answer-The creation and satisfaction of demand for a product/service
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Marketing Functions - answer-- Buying v v v v


- Selling
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- Transporting
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- Market Information
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- Risk Taking
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- Storing
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- Financing
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- Standardization & Grading (Sorting products)
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5 Cs of Marketing - answer-Company, Customers, Collaborators, Competitors, Context
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Target Market - answer-a set of buyers sharing common needs or characteristics that
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the company decides to serve
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Marketing Mix - answer-Product, Price, Place, Promotion
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Customer Market Model - answer-1. Awareness v v v v v


2. Engagement
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3. Acquisition
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4. Customer segmentation (differentiate between segments of customers)
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5. Customer retention
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6. Support & Advocacy
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customer profile - answer-- Demographics v v v v


- Geographic
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- Psychographic
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- Behavioral
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- RFM (Monetary, Frequency, Recency)
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Buyer Journey - answer-Discovery
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Consideration
Decision

Marketing Plan - answer-A written document composed of an analysis of the current
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marketing situation, opportunities and threats for the firm, marketing objectives and
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strategy specified in terms of the four Ps, action programs, and projected or pro forma
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income (and other financial) statements.
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, Customer Lifetime Value (CLV) - answer-approximate worth of a customer to a company
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in economic terms; overall profitability of an individual consumer
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Types of Promotion - answer-advertising, public relations, sales promotion
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Direct Environment - answer-customers, company, competitors
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External Environment - answer-cultural & social, economic, political & legal,
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technological
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customer segmentation - answer-divides a market into categories that share similar
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attributes such as age, location, gender, habits, and so on
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single target market approach - answer-segmenting the market and picking one of the
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homogeneous segments as the firm's target market
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multiple target market approach - answer-segmenting the market and choosing two or
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more segments, and then treating each as a separate target market needing a different
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marketing mix
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combined target market approach - answer-combining two or more submarkets into one
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larger target market as a basis for one strategy
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Criteria for Segmentation - answer-substantial, identifiable and measurable, accessible,
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responsive
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Segmentation Dimensions - answer-demographic, geographic, and behavioral.
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Segmentation Steps - answer-1. Define the Market (all possible customers)
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2. Use Variables to Divide Market into Segments
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3. Select Segments to Target
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4. Develop a marketing mix for each selected segment/Use 4 Ps to Position & Build
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Performance
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Positioning - answer-Arranging for a product to occupy a clear, distinctive, and desirable
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place relative to competing products in the minds of target consumers
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positioning statement - answer-For (our target market), (our brand) of all (product type)
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delivers (key benefits or point of differentiation) because (our brand) is (reasons to
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believe).
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Differentiation - answer-actually differentiating the market offering to create superior
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customer value
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