MKT 300 Questions and answers well
answered and graded A+
Marketing environment - ANS✅✅set of forces, some control some uncontrollable that influence
ability of a business to create value and attract and serve customers
What makes of external control? - ANS✅✅micro and macro environment
What is considered Micro Environment? - ANS✅✅consumers, suppliers, competitors everyday
basis
What is considered macro environment? - ANS✅✅economy, political, technology, social trends
SWOT analysis - ANS✅✅strengths, weaknesses, opportunities, threats
external and helpful in swot - ANS✅✅opportunity
external and harmful in swot - ANS✅✅threats
internal and helpful in swot - ANS✅✅strengths
internal and harmful in swot - ANS✅✅weakness
environmental scanning - ANS✅✅the process of collecting information about forces in the
marketing environment
observation, second source, market research
environmental anaylsis - ANS✅✅process of assessing and interpreting information gathered
through environmental scanning
ex: Adding double major
respond to environmental forces REACTIVE - ANS✅✅passive view on control
, the current strategy is adjusted
respond to environmental forces PROACTIVE - ANS✅✅actively attempts to shape and influence
environment
strategies constructed to overcome market challenges and take advantage of opportunities
porters 5 microenvironment - ANS✅✅competitive rivalry within industry
threat of new entrants
bargaining power of supplies
bargaining power of customers
threat of substitute product
what is generic competition? - ANS✅✅compete for limited financial resources
anything that competes for disposable dollars
what is form competitors? - ANS✅✅different product same purpose
what is industry competition? - ANS✅✅same product different price and features
What is brand competition? - ANS✅✅Similar product similar price
what two things does segmenting divide into? - ANS✅✅Needs and Benefits
what is the purpose of segmenting? - ANS✅✅to make different products for a competitive
advantage
STP Steps - ANS✅✅1. establish strategy/objectives
2. use segmentation methods/ describe segments
3. evaluate segment attractiveness
4. select target market
5. identify and develop positioning strategy
answered and graded A+
Marketing environment - ANS✅✅set of forces, some control some uncontrollable that influence
ability of a business to create value and attract and serve customers
What makes of external control? - ANS✅✅micro and macro environment
What is considered Micro Environment? - ANS✅✅consumers, suppliers, competitors everyday
basis
What is considered macro environment? - ANS✅✅economy, political, technology, social trends
SWOT analysis - ANS✅✅strengths, weaknesses, opportunities, threats
external and helpful in swot - ANS✅✅opportunity
external and harmful in swot - ANS✅✅threats
internal and helpful in swot - ANS✅✅strengths
internal and harmful in swot - ANS✅✅weakness
environmental scanning - ANS✅✅the process of collecting information about forces in the
marketing environment
observation, second source, market research
environmental anaylsis - ANS✅✅process of assessing and interpreting information gathered
through environmental scanning
ex: Adding double major
respond to environmental forces REACTIVE - ANS✅✅passive view on control
, the current strategy is adjusted
respond to environmental forces PROACTIVE - ANS✅✅actively attempts to shape and influence
environment
strategies constructed to overcome market challenges and take advantage of opportunities
porters 5 microenvironment - ANS✅✅competitive rivalry within industry
threat of new entrants
bargaining power of supplies
bargaining power of customers
threat of substitute product
what is generic competition? - ANS✅✅compete for limited financial resources
anything that competes for disposable dollars
what is form competitors? - ANS✅✅different product same purpose
what is industry competition? - ANS✅✅same product different price and features
What is brand competition? - ANS✅✅Similar product similar price
what two things does segmenting divide into? - ANS✅✅Needs and Benefits
what is the purpose of segmenting? - ANS✅✅to make different products for a competitive
advantage
STP Steps - ANS✅✅1. establish strategy/objectives
2. use segmentation methods/ describe segments
3. evaluate segment attractiveness
4. select target market
5. identify and develop positioning strategy
