MKTG 445 exam 1 (100% Verified Solutions)

what is the goal of all businesses correct answers survival *we ensure this by being profitable *we make a profit by generating more revenue than costs incurred what is the goal of marketing correct answers to raise revenues, or at an even more basic level, market share market share correct answers is always expressed as a percentage and is used to monitor growth market share = (our sales in x product category) / (total industry sales in product category x) how do we raise market share? correct answers more new customers more business with existing customers (ex. Amazon: customers who bought this also bought _____) fewer lost customers what's the most expensive way to raise market share? correct answers more new customers ex. Advertising talk about the premise behind expanding into new market places correct answers the premise behind expanding into new market places is to get more new customers, but if you ignore #'s 1 and 2 (fewer lost customers, more business with existing customers), you won't be in that market for very long so, marketing is all about... correct answers GROWTH market penetration correct answers present product, present market focus on the business at hand, try to get other customers to switch to us. Least risky, but not really rewarding marketing development correct answers present product, new market Starbucks slowing in U.S.? Try it in a new marketplace, like Asia, etc. diversification correct answers acquire a new product to serve a new marketplace product development correct answers develop a new product to serve a marketplace we already have Oh you like the iPhone? Check out the iPhone! *if you're not growing as a business, you're dying as a business correct answers marketing myopia article - railroads being too short-sighted five major trends that will shape the world economy in the foreseeable future correct answers the great rebalancing