MIE 201 Exam 4 Questions With Solutions
100% Solved
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
, MIE 201 Exam 4 Questions With Solutions
100% Solved
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
, MIE 201 Exam 4 Questions With Solutions
100% Solved
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
, MIE 201 Exam 4 Questions With Solutions
100% Solved
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
100% Solved
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
, MIE 201 Exam 4 Questions With Solutions
100% Solved
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
, MIE 201 Exam 4 Questions With Solutions
100% Solved
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
, MIE 201 Exam 4 Questions With Solutions
100% Solved
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
