Marketing 3340 Exam 1 (Summer) Questions
With Complete Solutions
The marketing Mix correct answer: 4 controllable factors
Price
Product
Promotion
Place
Target Market correct answer: one or more specific groups of potential customers toward which an organization directs its marketing program
Market Segments correct answer: Homogenous group of buyers
that:
1) have common needs
2) respond similarly to marketing action
Customer Value correct answer: the unique combination of benefits received by target buyers
Quality, Convenience, On time delivery, Service
-firms seek to build long-term relationships with loyal customers
competitive advantage correct answer: a unique strength relative to competitors that provides superior returns, often based on quality, time cost or innovation
BCG portfolio analysis correct answer: -boston consulting group -an organization can locate themselves on the growth share matrix -horizontal part = market share
-vertical part = market growth rate
diversification correct answer: diversification analysis is a technique that helps a firm search for growth opportunities from among current and new markets, and current and new products (graph think ben and jerrys examples)
market penetration correct answer: current product in a current environment
ex) selling more Ben and Jerrys ice cream to americans
product development correct answer: new product in a current market
ex) ben and jerrys children's clothing in america
situation analysis correct answer: -taking stock of where the firm or product past present and future.. SWOT analysis
Strengths, Weaknesses, Opportunities, and Threats (internal external, favorable unfavorable)
marketing segmentation correct answer: aggregating buyers into
groups or segments (common needs and similar responses)
With Complete Solutions
The marketing Mix correct answer: 4 controllable factors
Price
Product
Promotion
Place
Target Market correct answer: one or more specific groups of potential customers toward which an organization directs its marketing program
Market Segments correct answer: Homogenous group of buyers
that:
1) have common needs
2) respond similarly to marketing action
Customer Value correct answer: the unique combination of benefits received by target buyers
Quality, Convenience, On time delivery, Service
-firms seek to build long-term relationships with loyal customers
competitive advantage correct answer: a unique strength relative to competitors that provides superior returns, often based on quality, time cost or innovation
BCG portfolio analysis correct answer: -boston consulting group -an organization can locate themselves on the growth share matrix -horizontal part = market share
-vertical part = market growth rate
diversification correct answer: diversification analysis is a technique that helps a firm search for growth opportunities from among current and new markets, and current and new products (graph think ben and jerrys examples)
market penetration correct answer: current product in a current environment
ex) selling more Ben and Jerrys ice cream to americans
product development correct answer: new product in a current market
ex) ben and jerrys children's clothing in america
situation analysis correct answer: -taking stock of where the firm or product past present and future.. SWOT analysis
Strengths, Weaknesses, Opportunities, and Threats (internal external, favorable unfavorable)
marketing segmentation correct answer: aggregating buyers into
groups or segments (common needs and similar responses)
