MIE 201 Test 4 Makanui Exam/124
Questions and Solutions
marketing - -a group of activities designed to expedite transactions by
creating, distributing, pricing, and promoting goods, services, and ideas
-exchange - -the act of giving up one thing (money, credit, labor, goods) in
return for something else (goods, services, or ideas)
-functions of marketing - -buying, selling, transporting, storing, grading,
financing, marketing research, and risk taking
-value - -a customer's subjective assessment of benefits relative to costs in
determining the worth of a product
-marketing concept - -the idea that an organization should try to satisfy
customers' needs through coordinated activities that also allow it to achieve
its own goals
-market orientation - -an approach requiring organizations to gather
information about customer needs, share that information throughout the
firm, and use that information to help build long-term relationships with
customers
-marketing strategy - -a plan of action for developing, pricing, distributing,
and promoting products that meet the needs of specific customers
-market - -a group of people who have a need, purchasing power, and the
desire and authority to spend money on goods, services, and ideas
-target market - -a specific group of consumers on whose needs and wants
a company focuses its marketing efforts
-business to business marketing (B2B) - -involves marketing products to
customers who will use the product for resale, direct use in daily operations,
or direct use in making other products
-business to consumer marketing (B2C) - -marketing directly to the end
consumer
-total-market approach - -an approach whereby a firm tries to appeal to
everyone and assumes that all buyers have similar needs
, -market segmentation - -a strategy whereby a firm divides the total market
into groups of people who have relatively similar product needs
-market segment - -a collection of individuals, groups, or organizations who
share one or more characteristics and thus have relatively similar product
needs and desires
-concentration approach - -a market segmentation approach whereby a
company develops one marketing strategy for a single market segment
-multisegment approach - -a market segmentation approach whereby the
marketer aims its efforts at two or more segments, developing a marketing
strategy for each
-demographic segmentation - -segmenting by age, sex, race, ethnicity,
income, education, occupation, family size, religion, and social class
-geographic segmentation - -segmenting by climate, terrain, natural
resources, population density, and subcultural values
-psychographic segmentation - -segmenting by personality characteristics,
motives, and lifestyles
-behavioristic segmentation - -segmenting by some characteristic of the
consumer's behavior toward the product
-marketing mix - -the four marketing activities- product, price, promotion,
and distribution- that the firm can control to achieve specific goals within a
dynamic marketing environment
-good - -a physical entity you can touch
-service - -the application of human and mechanical efforts to people or
objects to provide intangible benefits to customers
-ideas - -concepts, philosophies, images, and issues
-price - -a value placed on an object exchanged between a buyer and a
seller
-distribution - -making products available to customers in the quantities
desired
-promotion - -a persuasive form of communication that attempts to
expedite a marketing exchange by influencing individuals, groups, and
organizations to accept goods, services, and ideas
Questions and Solutions
marketing - -a group of activities designed to expedite transactions by
creating, distributing, pricing, and promoting goods, services, and ideas
-exchange - -the act of giving up one thing (money, credit, labor, goods) in
return for something else (goods, services, or ideas)
-functions of marketing - -buying, selling, transporting, storing, grading,
financing, marketing research, and risk taking
-value - -a customer's subjective assessment of benefits relative to costs in
determining the worth of a product
-marketing concept - -the idea that an organization should try to satisfy
customers' needs through coordinated activities that also allow it to achieve
its own goals
-market orientation - -an approach requiring organizations to gather
information about customer needs, share that information throughout the
firm, and use that information to help build long-term relationships with
customers
-marketing strategy - -a plan of action for developing, pricing, distributing,
and promoting products that meet the needs of specific customers
-market - -a group of people who have a need, purchasing power, and the
desire and authority to spend money on goods, services, and ideas
-target market - -a specific group of consumers on whose needs and wants
a company focuses its marketing efforts
-business to business marketing (B2B) - -involves marketing products to
customers who will use the product for resale, direct use in daily operations,
or direct use in making other products
-business to consumer marketing (B2C) - -marketing directly to the end
consumer
-total-market approach - -an approach whereby a firm tries to appeal to
everyone and assumes that all buyers have similar needs
, -market segmentation - -a strategy whereby a firm divides the total market
into groups of people who have relatively similar product needs
-market segment - -a collection of individuals, groups, or organizations who
share one or more characteristics and thus have relatively similar product
needs and desires
-concentration approach - -a market segmentation approach whereby a
company develops one marketing strategy for a single market segment
-multisegment approach - -a market segmentation approach whereby the
marketer aims its efforts at two or more segments, developing a marketing
strategy for each
-demographic segmentation - -segmenting by age, sex, race, ethnicity,
income, education, occupation, family size, religion, and social class
-geographic segmentation - -segmenting by climate, terrain, natural
resources, population density, and subcultural values
-psychographic segmentation - -segmenting by personality characteristics,
motives, and lifestyles
-behavioristic segmentation - -segmenting by some characteristic of the
consumer's behavior toward the product
-marketing mix - -the four marketing activities- product, price, promotion,
and distribution- that the firm can control to achieve specific goals within a
dynamic marketing environment
-good - -a physical entity you can touch
-service - -the application of human and mechanical efforts to people or
objects to provide intangible benefits to customers
-ideas - -concepts, philosophies, images, and issues
-price - -a value placed on an object exchanged between a buyer and a
seller
-distribution - -making products available to customers in the quantities
desired
-promotion - -a persuasive form of communication that attempts to
expedite a marketing exchange by influencing individuals, groups, and
organizations to accept goods, services, and ideas
