MIE 201 Exam 4 Questions with
Accurate Solutions
marketing - -group of activities designed to expedite transactions by
creating, distributing, pricing, and promoting goods, services, and ideas
-functions of marketing - -buying, selling, transporting, storing, grading,
financing, market research, risk taking
-exchange - -the act of giving up one thing (money, credit, labor, goods) in
return for something else (goods, services, or ideas)
-value - -customer's subjective assessment of benefits relative to costs in
determining the worth of a product
customer value = customer benefits - customer costs
-customer costs - -include anything a buyer must give up to obtain the
benefits the product provides including cost, time, effort, and risk
-marketing concept - -the idea that an organization should try to satisfy
customer needs coordinated activities that also allow it to achieve its own
goals
-market orientation - -requires organizations to gather information about
customer needs, share that information throughout the entire firm, and use it
to help build long-term relationships with customers
must first determine what customers want and then produce it, rather than
making the products first and then trying to persuade customers that they
need them
-production orientation - -New technologies, such as electricity, railroads,
internal combustion engines, and mass-production techniques, made it
possible to manufacture goods with ever increasing efficiency
Together with new management ideas and ways of using labor, products
poured into the marketplace, where demand for manufactured goods was
strong.
-sales orientation - -businesspeople viewed sales as the primary means of
increasing profits
those who adopted the sales orientation perspective believed the most
important marketing activities were personal selling and advertising
, -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 - -more specific group of consumers on whose needs and
wants a company focuses its marketing efforts. Target markets can be
further segmented into business markets and consumer markets
-Business-to-business (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 (B2C) - -marketing directly to the end consumer
-total-market approach - -firms try to appeal to everyone and assume that
all buyers have similar needs and wants
-market segmentation - -divide the total market into groups of people
-market segment - -collection of individuals, groups, or organizations who
share one or more characteristics and thus have relatively similar product
needs and desires
-concentration approach - -a company develops one marketing strategy for
a single market segment
the concentration approach allows a firm to specialize, focusing all its efforts
on the one market segment
-multisegment approach - -marketer aims its marketing efforts at two or
more segments, developing a marketing strategy for each.
Many firms use a multisegment approach that includes different advertising
messages for different segments
-Requirements for a firm to successfully use a concentration or
multisegment approach to market segmentation - -1. Consumers' needs for
the product must be heterogeneous.
2. The segments must be identifiable and divisible.
3. The total market must be divided in a way that allows estimated sales
potential, cost, and profits of the segments to be compared.
, 4. At least one segment must have enough profit potential to justify
developing and maintaining a special marketing strategy.
5. The firm must be able to reach the chosen market segment with a
particular market strategy.
-bases for segmenting markets - -demographic, geographic, psychographic,
behavioristic
-psychographic segmentation variables - -personality, motives, lifestyle
-marketing mix - -refers to four marketing activities—product, price,
distribution, and promotion—that the firm can control to achieve specific
goals within a dynamic marketing environment
The 4 P's
-marketing environment - -The competitive, economic, political, legal and
regulatory, technological, and sociocultural forces that surround the
customer and affect the marketing mix
-product - -any physical good, service, or idea, or some combination--is a
complex mix of tangible and intangible attributes that provide satisfaction
and benefits
A good is a physical entity you can touch
-price - -value placed on an object exchanged between a buyer and a seller
-distribution (place) - -making products available to customers in the
quantities desired
-promotion - -persuasive form of communication that attempts to expedite
a marketing exchange by influencing individuals, groups, and organizations
to accept goods, services, and idea
The aim of promotion is to communicate directly or indirectly with
individuals, groups, and organizations to facilitate exchanges
promotion includes advertising, personal selling, etc
-marketing research - -systematic, objective process of getting information
about potential customers to guide marketing decisions
Accurate Solutions
marketing - -group of activities designed to expedite transactions by
creating, distributing, pricing, and promoting goods, services, and ideas
-functions of marketing - -buying, selling, transporting, storing, grading,
financing, market research, risk taking
-exchange - -the act of giving up one thing (money, credit, labor, goods) in
return for something else (goods, services, or ideas)
-value - -customer's subjective assessment of benefits relative to costs in
determining the worth of a product
customer value = customer benefits - customer costs
-customer costs - -include anything a buyer must give up to obtain the
benefits the product provides including cost, time, effort, and risk
-marketing concept - -the idea that an organization should try to satisfy
customer needs coordinated activities that also allow it to achieve its own
goals
-market orientation - -requires organizations to gather information about
customer needs, share that information throughout the entire firm, and use it
to help build long-term relationships with customers
must first determine what customers want and then produce it, rather than
making the products first and then trying to persuade customers that they
need them
-production orientation - -New technologies, such as electricity, railroads,
internal combustion engines, and mass-production techniques, made it
possible to manufacture goods with ever increasing efficiency
Together with new management ideas and ways of using labor, products
poured into the marketplace, where demand for manufactured goods was
strong.
-sales orientation - -businesspeople viewed sales as the primary means of
increasing profits
those who adopted the sales orientation perspective believed the most
important marketing activities were personal selling and advertising
, -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 - -more specific group of consumers on whose needs and
wants a company focuses its marketing efforts. Target markets can be
further segmented into business markets and consumer markets
-Business-to-business (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 (B2C) - -marketing directly to the end consumer
-total-market approach - -firms try to appeal to everyone and assume that
all buyers have similar needs and wants
-market segmentation - -divide the total market into groups of people
-market segment - -collection of individuals, groups, or organizations who
share one or more characteristics and thus have relatively similar product
needs and desires
-concentration approach - -a company develops one marketing strategy for
a single market segment
the concentration approach allows a firm to specialize, focusing all its efforts
on the one market segment
-multisegment approach - -marketer aims its marketing efforts at two or
more segments, developing a marketing strategy for each.
Many firms use a multisegment approach that includes different advertising
messages for different segments
-Requirements for a firm to successfully use a concentration or
multisegment approach to market segmentation - -1. Consumers' needs for
the product must be heterogeneous.
2. The segments must be identifiable and divisible.
3. The total market must be divided in a way that allows estimated sales
potential, cost, and profits of the segments to be compared.
, 4. At least one segment must have enough profit potential to justify
developing and maintaining a special marketing strategy.
5. The firm must be able to reach the chosen market segment with a
particular market strategy.
-bases for segmenting markets - -demographic, geographic, psychographic,
behavioristic
-psychographic segmentation variables - -personality, motives, lifestyle
-marketing mix - -refers to four marketing activities—product, price,
distribution, and promotion—that the firm can control to achieve specific
goals within a dynamic marketing environment
The 4 P's
-marketing environment - -The competitive, economic, political, legal and
regulatory, technological, and sociocultural forces that surround the
customer and affect the marketing mix
-product - -any physical good, service, or idea, or some combination--is a
complex mix of tangible and intangible attributes that provide satisfaction
and benefits
A good is a physical entity you can touch
-price - -value placed on an object exchanged between a buyer and a seller
-distribution (place) - -making products available to customers in the
quantities desired
-promotion - -persuasive form of communication that attempts to expedite
a marketing exchange by influencing individuals, groups, and organizations
to accept goods, services, and idea
The aim of promotion is to communicate directly or indirectly with
individuals, groups, and organizations to facilitate exchanges
promotion includes advertising, personal selling, etc
-marketing research - -systematic, objective process of getting information
about potential customers to guide marketing decisions
