MKT 300 EATON ASU EXAM 1

Describe the purpose of marketing - Answer-Marketing is a process designed to plan for, create, communicate, and deliver value to customers. Builds effective customer relationships that benefit an organization. Marketing mix - Answer-Product, Price, Place, Promotion are all utilized in different ways to target specific markets. Demographics - Answer-The characteristics of a population with respect to age, race, and gender. Not sufficient to make a connection with the audience. Psychographics - Answer-the study and classification of people according to their attitudes, aspirations, and other psychological criteria Marketing Management Philosophies - Answer-Production (focus on operations) Sales (focus on overcoming customer resistance) Marketing (focus on satisfying customer needs) Societal (enhancing societal well-being while focusing on customer needs) Evolution of the Marketing Concept - Answer-Production == Sales == Marketing == Societal Explain and examine the different facets of the market orientation construct - Answer-1. Gathering market intelligence 2. Disseminating knowledge 3. Coordinated response Apply the marketing concept to real-world business situations - Answer-A consumer-oriented philosophy dedicated to understanding and fulfilling consumer needs through the creation of value, customer relationships, and customer loyalty STP Process - Answer-Segmenting: Divide market based on needs/benefits, demographics, lifestyles, behavioral measures Targeting: select the most appropriate market(s) Positioning: target marketing messages through 4Ps Product Price Promotion Place (Distribution)