TAMU AGEC 340 EXAM 2 QUESTIONS & ANSWERS
Whats is the role of marketing in the economy - Answers - to increase the level of
consumer satisfaction in the economy
Marketing concept definition - Answers - Anticipating the needs of targeted customers
and finding ways to meet those needs profitably
Mission of marketing - Answers - to bridge the gap between producer and consumer
Target markets - Answers - "one size does not fit all"
Product driven marketing - Answers - demand exceeded supply
Demand seems endless
Marketing focused ONLY on lowering costs and improving delivery to customers
*becomes insensitive to customers needs
Sales driven marketing - Answers - producers start to pay attention to the quality of
their product
Producers start to gain a competative edge by making a high-quality product and over
time inproving it
Hard selling products are short-term solutions at best
Market driven marketing - Answers - marketing focus shifts from products to meeting
the consumers needs
Success comes from satisfying the customers needs rather than producing a superior
product
Means to achieving customer satisfaction
Goal of good marketing - Answers - to make selling unnecessary
When does a business have the right to make a profit - Answers - "Only by satisfying a
customers needs does a business earn the right to make a profit"
A marketing plan is... - Answers - The heartbeat of the entire business plan
Four tasks of marketing management - Answers - Planning
Organizing
, Controlling
Directing
Components of a strategic marketing plan - Answers - SWOT analysis
Choose a target market
Define a position
Develop the appropriate marketing mix
Evaluate and refine marketing plan
SWOT - Answers - Strengths Weaknesses Opportunities Threats
Edumarketing - Answers - marketing that is educational
Marketing strategy components - Answers - Target markets
Product positioning
Size of the product line
Price
Number and type of distribution outlets
Size and type of sales force
Level and quality of service
Advertising
Sales promotion
Research and development
Marketing research
Marketing segment - Answers - group customers into categories according to a set of
characteristics
*Goal is to reconize:
Common characteristics
Whats is the role of marketing in the economy - Answers - to increase the level of
consumer satisfaction in the economy
Marketing concept definition - Answers - Anticipating the needs of targeted customers
and finding ways to meet those needs profitably
Mission of marketing - Answers - to bridge the gap between producer and consumer
Target markets - Answers - "one size does not fit all"
Product driven marketing - Answers - demand exceeded supply
Demand seems endless
Marketing focused ONLY on lowering costs and improving delivery to customers
*becomes insensitive to customers needs
Sales driven marketing - Answers - producers start to pay attention to the quality of
their product
Producers start to gain a competative edge by making a high-quality product and over
time inproving it
Hard selling products are short-term solutions at best
Market driven marketing - Answers - marketing focus shifts from products to meeting
the consumers needs
Success comes from satisfying the customers needs rather than producing a superior
product
Means to achieving customer satisfaction
Goal of good marketing - Answers - to make selling unnecessary
When does a business have the right to make a profit - Answers - "Only by satisfying a
customers needs does a business earn the right to make a profit"
A marketing plan is... - Answers - The heartbeat of the entire business plan
Four tasks of marketing management - Answers - Planning
Organizing
, Controlling
Directing
Components of a strategic marketing plan - Answers - SWOT analysis
Choose a target market
Define a position
Develop the appropriate marketing mix
Evaluate and refine marketing plan
SWOT - Answers - Strengths Weaknesses Opportunities Threats
Edumarketing - Answers - marketing that is educational
Marketing strategy components - Answers - Target markets
Product positioning
Size of the product line
Price
Number and type of distribution outlets
Size and type of sales force
Level and quality of service
Advertising
Sales promotion
Research and development
Marketing research
Marketing segment - Answers - group customers into categories according to a set of
characteristics
*Goal is to reconize:
Common characteristics
