Marketing MKT 300 John Eaton Module 2 Study Guide and Practice Questions
Marketing Environment - correct answer ✔✔ a set of forces, some uncontrollable, that
influence the ability of a business to create value and attract and serve customers
1. Environmental Scanning - correct answer ✔✔ collecting info about forces in the marketing
environment
2. Environmental Analysis - correct answer ✔✔ assessing and interpreting info gathered
through scanning
3. Responding to Environmental Forces - correct answer ✔✔ - reactive (uncontrollable
environment & cautiously adjusting to change)
- proactive (seek to shape and influence environment & aim to overcome challenges and use
opportunities)
Microenvironment - correct answer ✔✔ forces close to a company, yet outside its internal
environment (customers, suppliers, competitors)
Porter's Five Forces - correct answer ✔✔
STP - correct answer ✔✔ - Key to Successful Marketing
Segmenting
Targeting
Positioning
Step 1 (STP) - correct answer ✔✔ Segmentation
- identifying customers with similar sets of needs and wants
, Step 2 (STP) - correct answer ✔✔ Segmentation Variables
- determine which seg. variables to use (demographics, psychographics, behavioral, needs)
Psychographic Segmentation - correct answer ✔✔ - Ideals Orientation (thinkers/believers)
- Achievement Orientation (achievers)
- Self-Expression Orientation (experiencers, action-oriented)
Behavioral Segmentation - correct answer ✔✔ - dividing market by usage rate
- 80/20 principle
Needs Segmentation - correct answer ✔✔ grouping customers based on benefits they seek
from the product
Step 3 (STP) - correct answer ✔✔ Targeting
- evaluate segments and select most viable
Targeting Strategies - correct answer ✔✔ Undifferentiated
Differentiated
Niche
Micro
Undifferentiated - correct answer ✔✔ views market as one big market with no segments and
thus has only one marketing mix (e.g. Coca-Cola only having one product)
- pros = cost-effective,
Marketing Environment - correct answer ✔✔ a set of forces, some uncontrollable, that
influence the ability of a business to create value and attract and serve customers
1. Environmental Scanning - correct answer ✔✔ collecting info about forces in the marketing
environment
2. Environmental Analysis - correct answer ✔✔ assessing and interpreting info gathered
through scanning
3. Responding to Environmental Forces - correct answer ✔✔ - reactive (uncontrollable
environment & cautiously adjusting to change)
- proactive (seek to shape and influence environment & aim to overcome challenges and use
opportunities)
Microenvironment - correct answer ✔✔ forces close to a company, yet outside its internal
environment (customers, suppliers, competitors)
Porter's Five Forces - correct answer ✔✔
STP - correct answer ✔✔ - Key to Successful Marketing
Segmenting
Targeting
Positioning
Step 1 (STP) - correct answer ✔✔ Segmentation
- identifying customers with similar sets of needs and wants
, Step 2 (STP) - correct answer ✔✔ Segmentation Variables
- determine which seg. variables to use (demographics, psychographics, behavioral, needs)
Psychographic Segmentation - correct answer ✔✔ - Ideals Orientation (thinkers/believers)
- Achievement Orientation (achievers)
- Self-Expression Orientation (experiencers, action-oriented)
Behavioral Segmentation - correct answer ✔✔ - dividing market by usage rate
- 80/20 principle
Needs Segmentation - correct answer ✔✔ grouping customers based on benefits they seek
from the product
Step 3 (STP) - correct answer ✔✔ Targeting
- evaluate segments and select most viable
Targeting Strategies - correct answer ✔✔ Undifferentiated
Differentiated
Niche
Micro
Undifferentiated - correct answer ✔✔ views market as one big market with no segments and
thus has only one marketing mix (e.g. Coca-Cola only having one product)
- pros = cost-effective,
