MBA MFT Study Exam | Questions & 100% Correct Answers (Verified) | Latest Update | Grade A+
major segmentation variables (4) : (1) geographic, (2) demographic, (3) psychographic, (4) behavioral penetrated market : set of customers who are buying the company's product target market : qualified available market the company decides to pursue available market : set of consumers who have interest, income, and access to a particular offer potential market : set of consumer with a sufficient level of interest in a market offer corporate culture 2 | P a g e : shared experiences, stories, beliefs, & norms that characterize an organization strategic marketing plan : lays out the target market and the firm's value proposition, based on an analysis of the best market opportunities 5 stages of consumer buying process decision process : (1) need recognition, (2) information search, (3) evaluation of alternatives, (4) purchase decision, (5) post-purchase behavior 8 steps of business purchasing process : (1) identify need, (2) select specific product, (3) appoint purchase team, (4) specify technicalities, (5) budget for purchase, (6) research potential suppliers, (7) solicit bids, (8) award contracts 4 factors influencing consumer behavior : (1) cultural, (2) social, (3) personal, (4) psychological 4 factors that influence business purchasing behavior : (1) environmental, (2) organizational, (3) interpersonal, (4) individual
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