MKT 100 Exam Review Questions with
Verified Correct Answers
Week 1 - Key Customer Markets
Consumer market, Global market, Business market, and government market
Core marketing concepts
marketing channels, supply chain, marketing environment, competition
Customer needs vs. Customer wants
Needs- when one feels deprived of basic necessities
Wants- the particular way in which one chooses to attain needs
Marketing mix 4 P's
Price
Product
Place
Promotion
Types of Marketing (individual and organization)
B2B - Business to Business (i.e. Costco)
B2C - Business to Consumer
C2C - Consumer to Consumer (i.e. Ebay)
CRM
Customer Relationship management
-through loyalty programs (i.e. shoppers optimum card, air miles)
Strategic Marketing Planning Process
, Step 1: Business mission and objectives
Step 2: Situation analysis/SWOT
Step 3: Identifying opportunities (through segmentation, targeting, positioning)
Step 4: Implement Marketing mix (4 P's)
Step 5: Evaluate performance using metrics bullshit
Step 1: Business mission and Objectives
-focus on limited umber of goals
-stress major policies and values
-define major competitive spheres
-short and meaningful
Step 2: Situation analysis + SWOT
-evaluate Internal strengths and weaknesses
-evaluate External opportunities and threats
Step 3: identifying opportunities using STP
(Segmentation, Targeting, Positioning)
STP process are the links between an overall market and how the company chooses to
complete in that market.
Segmentation is done first, then the selection of one or more target markets, and then finally
the implementation of positioning.
This process guides businesses into choosing the right marketing mix for their
product/services.
Verified Correct Answers
Week 1 - Key Customer Markets
Consumer market, Global market, Business market, and government market
Core marketing concepts
marketing channels, supply chain, marketing environment, competition
Customer needs vs. Customer wants
Needs- when one feels deprived of basic necessities
Wants- the particular way in which one chooses to attain needs
Marketing mix 4 P's
Price
Product
Place
Promotion
Types of Marketing (individual and organization)
B2B - Business to Business (i.e. Costco)
B2C - Business to Consumer
C2C - Consumer to Consumer (i.e. Ebay)
CRM
Customer Relationship management
-through loyalty programs (i.e. shoppers optimum card, air miles)
Strategic Marketing Planning Process
, Step 1: Business mission and objectives
Step 2: Situation analysis/SWOT
Step 3: Identifying opportunities (through segmentation, targeting, positioning)
Step 4: Implement Marketing mix (4 P's)
Step 5: Evaluate performance using metrics bullshit
Step 1: Business mission and Objectives
-focus on limited umber of goals
-stress major policies and values
-define major competitive spheres
-short and meaningful
Step 2: Situation analysis + SWOT
-evaluate Internal strengths and weaknesses
-evaluate External opportunities and threats
Step 3: identifying opportunities using STP
(Segmentation, Targeting, Positioning)
STP process are the links between an overall market and how the company chooses to
complete in that market.
Segmentation is done first, then the selection of one or more target markets, and then finally
the implementation of positioning.
This process guides businesses into choosing the right marketing mix for their
product/services.
