MGT 8803 Marketing Exam UPDATED ACTUAL Questions and CORRECT Answers

MGT 8803 Marketing Exam UPDATED ACTUAL Questions
and CORRECT Answers




Terms in this set (149)



Marketing creation and satisfaction of demand for product/service


Strategy set of ideas that outline how a product line or brand will
achieve a goal


Tactic A specific action or method that contributes to achieving a
goal

, Marketing guidelines - analyze needs
- predict wants
- estimate demand
- determine where
- estimate price
- decide promotion
- estimate competition
- provide service


Functions of marketing - buying
- selling
- transporting
- storing
- grading
- financing
- marketing research
- risk taking


5 C's - Customers: potential buyers
- Company: org/business providing service
- Competitors: org providing same needs
- Collaborators: external entities working with org
- Context: environment in which org operates


Marketing Strategy a company's plan that identifies how it will use marketing to
achieve its goals:
target market + marketing mix


Target Market group of customers a company wishes to reach
ex: single target market, multiple target market


Marketing Mix the set of tactical marketing tools that the firm blends to
satisfy the target group:
Product, Price, Place, and Promotion


Customer Personas Demographic, Geographic, Psychographic, Behavioral, RFM


Demographic profiling Age, Gender, Marital Status, Education, etc.


Geographic Variables State, Population, Climate, etc.


Psychographic profiling Lifestyle, Values, Attitudes, Personality, etc.


RFM recency, frequency, monetary value


Management Job details market planning, implement marketing plans, control plans
and program (evaluate results), repeat


Marketing-oriented manager sees everyone as different and practices "target marketing"