MGT 8803 – Marketing Exam Question with
Verified Correct Answers
Marketing
The creation and satisfaction of demand for a product/service
Marketing Functions
- Buying
- Selling
- Transporting
- Market Information
- Risk Taking
- Storing
- Financing
- Standardization & Grading (Sorting products)
5 Cs of Marketing
Company, Customers, Collaborators, Competitors, Context
Target Market
a set of buyers sharing common needs or characteristics that the company decides to serve
Marketing Mix
Product, Price, Place, Promotion
Customer Market Model
1. Awareness
2. Engagement
, 3. Acquisition
4. Customer segmentation (differentiate between segments of customers)
5. Customer retention
6. Support & Advocacy
customer profile
- Demographics
- Geographic
- Psychographic
- Behavioral
- RFM (Monetary, Frequency, Recency)
Buyer Journey
Discovery
Consideration
Decision
Marketing Plan
A written document composed of an analysis of the current marketing situation, opportunities
and threats for the firm, marketing objectives and strategy specified in terms of the four Ps,
action programs, and projected or pro forma income (and other financial) statements.
Customer Lifetime Value (CLV)
approximate worth of a customer to a company in economic terms; overall profitability of an
individual consumer
Types of Promotion
Verified Correct Answers
Marketing
The creation and satisfaction of demand for a product/service
Marketing Functions
- Buying
- Selling
- Transporting
- Market Information
- Risk Taking
- Storing
- Financing
- Standardization & Grading (Sorting products)
5 Cs of Marketing
Company, Customers, Collaborators, Competitors, Context
Target Market
a set of buyers sharing common needs or characteristics that the company decides to serve
Marketing Mix
Product, Price, Place, Promotion
Customer Market Model
1. Awareness
2. Engagement
, 3. Acquisition
4. Customer segmentation (differentiate between segments of customers)
5. Customer retention
6. Support & Advocacy
customer profile
- Demographics
- Geographic
- Psychographic
- Behavioral
- RFM (Monetary, Frequency, Recency)
Buyer Journey
Discovery
Consideration
Decision
Marketing Plan
A written document composed of an analysis of the current marketing situation, opportunities
and threats for the firm, marketing objectives and strategy specified in terms of the four Ps,
action programs, and projected or pro forma income (and other financial) statements.
Customer Lifetime Value (CLV)
approximate worth of a customer to a company in economic terms; overall profitability of an
individual consumer
Types of Promotion
