MRKT 35010 NEW FINAL EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED
Maslow's hierarchy of needs - ANSWER include physiological needs, safety needs,
social needs, esteem needs, and self-actualization needs
market development - ANSWER a strategy that attempts to attract new customers to
existing products
market penetration - ANSWER a strategy of increasing market share for present
products in existing markets
business marketing - ANSWER the marketing of goods and services to individuals and
organizations for purposes other than personal consumption
intended use - ANSWER the major distinguishing characteristic of business products
from consumer products. It does not refer to physical characteristics.
producers - ANSWER use the goods and services they purchase to produce other
products, to become part of other products, or to help run the organization on a daily
basis
reseller market - ANSWER includes retail and wholesale businesses that buy finished
goods and resell them for a profit
government - ANSWER have service or activity goals but not profit goals and are an
important business market (ex: schools, churches, hospitals)
buying center - ANSWER the set of all persons in an organization who become involved
in the purchasing process
, new buy - ANSWER a situation requiring the purchase of a product for the first time
straight rebuy - ANSWER a situation in which the purchaser reorders the same goods or
services without looking for new information or investigating other suppliers
market - ANSWER a group of people or organizations that has wants and needs that can
be satisfied by particular product categories, has the ability to purchase these
products, and is willing to exchange resources for the products
market segment - ANSWER a subgroup of individuals or organizations sharing one or
more characteristics that cause them to have similar product needs
market segmentation - ANSWER dividing one large market into divisions based on a
variable, such as product usage
substantiality, identifiability and measurability, accessibility, responsiveness - ANSWER
The 4 criteria of market segementation
substantiability - ANSWER means segments must be large enough to warrant a separate
marketing mix
accessibility - ANSWER the criterion of useable market segments meaning the firm must
be able to reach members of targeted segments with customized marketing mixes
responsiveness - ANSWER means the target segment should react differently to the
marketing mix as compared to other segments
A segmentation base - ANSWER the characteristic utilized in order to divide the
marketplace
80/20 principle - ANSWER The ________ principle suggests that a minority of a firm's
SOLUTIONS 100% VERIFIED
Maslow's hierarchy of needs - ANSWER include physiological needs, safety needs,
social needs, esteem needs, and self-actualization needs
market development - ANSWER a strategy that attempts to attract new customers to
existing products
market penetration - ANSWER a strategy of increasing market share for present
products in existing markets
business marketing - ANSWER the marketing of goods and services to individuals and
organizations for purposes other than personal consumption
intended use - ANSWER the major distinguishing characteristic of business products
from consumer products. It does not refer to physical characteristics.
producers - ANSWER use the goods and services they purchase to produce other
products, to become part of other products, or to help run the organization on a daily
basis
reseller market - ANSWER includes retail and wholesale businesses that buy finished
goods and resell them for a profit
government - ANSWER have service or activity goals but not profit goals and are an
important business market (ex: schools, churches, hospitals)
buying center - ANSWER the set of all persons in an organization who become involved
in the purchasing process
, new buy - ANSWER a situation requiring the purchase of a product for the first time
straight rebuy - ANSWER a situation in which the purchaser reorders the same goods or
services without looking for new information or investigating other suppliers
market - ANSWER a group of people or organizations that has wants and needs that can
be satisfied by particular product categories, has the ability to purchase these
products, and is willing to exchange resources for the products
market segment - ANSWER a subgroup of individuals or organizations sharing one or
more characteristics that cause them to have similar product needs
market segmentation - ANSWER dividing one large market into divisions based on a
variable, such as product usage
substantiality, identifiability and measurability, accessibility, responsiveness - ANSWER
The 4 criteria of market segementation
substantiability - ANSWER means segments must be large enough to warrant a separate
marketing mix
accessibility - ANSWER the criterion of useable market segments meaning the firm must
be able to reach members of targeted segments with customized marketing mixes
responsiveness - ANSWER means the target segment should react differently to the
marketing mix as compared to other segments
A segmentation base - ANSWER the characteristic utilized in order to divide the
marketplace
80/20 principle - ANSWER The ________ principle suggests that a minority of a firm's
