MIE 201 Exam 4 (11,12,13) Makanui Questions And Answers Rated 100% Correct!!

marketing - Answer-a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas exchange - Answer-the act of giving up one thing ($, credit, labor, goods) in return for something else (goods, services, or ideas) marketing activities - Answer-buying, selling, transporting, storing, grading, financing, marketing, research, risk-taking value - Answer-A customer's subjective assessment of benefits relative to costs in determining the worth of a product marketing concept - Answer-the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals market orientation - Answer-requires organizations to gather information about customer needs, share the information throughout the entire firm, and sue it to help build long-term relationships with customers marketing strategy - Answer-a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers market - Answer-a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas target market - Answer-a more specific group of consumers on whose needs and wants a company focuses its marketing efforts total-market approach - Answer-they try to appeal to everyone and assume that all buyers have similar needs and wants market segmentation - Answer-divides the total market into groups of peoplemarket segment - Answer-a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires The four bases for segmenting markets - Answer-Demographic (age, sex, race, income, education, religion, social class), Geographic (climate, terrain), Psychographic (personality, lifestyle), Behavioristic (consumer's behavior towards product) marketing mix - Answer-four marketing activities (product, price, distribution, promotion) that the firm can control to achieve specific goals with in a dynamic marketing environment price - Answer-a value based on an object exchanged between a buyer and seller distribution - Answer-making products available to customer in the quantities desired promotion - Answer-a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas marketing research - Answer-a systematic, objective process of getting information about potential customers to guide marketing decisions primary data - Answer-observed, recorded, or collected directly from respondents secondary data - Answer-compiled both inside and outside the organization for some purpose other than the current investigation buying behavior - Answer-The decision processes and actions of people involved in buying and using products Psychological variables of buying behavior - Answer-perception, motivation, learning, attitude, personality social roles - Answer-a set of expectations for individuals based on some position they occupy (roles = parent, spouse, student, executive) (social factors = reference groups, social class, culture)external forces influencing the development of marketing strategies - Answer-political, legal, and regulatory forces; sales force; competitive and economic forces; technological forces marketing mix (pt 2) - Answer-the part of marketing strategy that involves decisions regarding controllable variables Product Development Process - Answer-idea development - new idea screening - business analysis - product development - test marketing - commercialization product development - Answer-if product survives 1st 3 steps, it is developed into a prototype that should reveal the intangible attributes it possess as perceived by the consumer; is expensive; few products make it here test marketing - Answer-a trial mini launch of a product in limited areas that represent the potential market