Principles of Marketing CLEP 2023 Updated Exam

Principles of Marketing CLEP 2023 Updated Exam Marketing concept - ANSWER- The marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering desired satisfactions more effectively and efficiently than competitors. Six Primary Marketing functions - ANSWER- Environmental Analysis Consumer Analysis Product Planning Price Planning Promotion Planning Physical Distribution (Place) Planning Marketing mix - ANSWER- The 4 P's of Marketing: Product, Price, Place, Promotion Market segmentation - ANSWER- process of dividing a market into categories of customer types, or "segments" Market segments - ANSWER- small groups of buyers within a larger market with similar needs and interests. Target market - ANSWER- a specific consumer group a business wants to reach Product positioning - ANSWER- a process by which marketers create an image of their products, brand or organization in the consumer's mind relative to the sum of the attributes of competitors Marketing plan - ANSWER- a road map for the marketing activities of an organization for a specified future time period Product differentiation - ANSWER- real or imagined differences between competing products in the same industry situation analysis - ANSWER- Second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats. marketing environment - ANSWER- composed of two factors,those the organization CAN control and the ones it cannot. macroenvironmental factors - ANSWER- uncontrollable forces of marketing environment.