MKT 300 Test with answers well
graded 100%
Describe the purpose of marketing - ANS✅✅Marketing is a process designed to plan for, create,
communicate, and deliver value to customers. Builds effective customer relationships that benefit an
organization.
Marketing mix - ANS✅✅Product, Price, Place, Promotion are all utilized in different ways to target
specific markets.
Demographics - ANS✅✅The characteristics of a population with respect to age, race, and gender.
Not sufficient to make a connection with the audience.
Psychographics - ANS✅✅the study and classification of people according to their attitudes,
aspirations, and other psychological criteria
Marketing Management Philosophies - ANS✅✅Production (focus on operations)
Sales (focus on overcoming customer resistance)
Marketing (focus on satisfying customer needs)
Societal (enhancing societal well-being while focusing on customer needs)
Evolution of the Marketing Concept - ANS✅✅Production ==> Sales ==> Marketing ==> Societal
Explain and examine the different facets of the market
orientation construct - ANS✅✅1. Gathering market intelligence
2. Disseminating knowledge
3. Coordinated response
Apply the marketing concept to real-world business
situations - ANS✅✅A consumer-oriented philosophy dedicated to understanding and fulfilling
consumer needs through the creation of value, customer relationships, and customer loyalty
STP Process - ANS✅✅Segmenting: Divide market based on needs/benefits,
, demographics, lifestyles, behavioral measures
Targeting: select the most appropriate market(s)
Positioning: target marketing messages through 4Ps
Product
Price
Promotion
Place (Distribution)
Compare and contrast the four different
segmentation bases (Demographic,
Psychographic, Behavioral and Needs) - ANS✅✅Demographics: age, gender, ethnicity, gender,
income
Psychographics: values, lifestyles, personality, activities, interests, opinions
Behavioral: Dividing a market by the amount of product bought or consumed. 80/20 Pareto principle
Needs: The process of grouping customers into market segments according to the benefits they seek
from the product.
Undifferentiated - ANS✅✅Marketing approach that views the market as one big market with no
individual segments
pros: Potential savings on production
and marketing costs
cons: Unimaginative product offerings, the company more susceptible to competition
Differentiated - ANS✅✅Chooses two or more well-defined market segments and develops a
distinct marketing mix for each
pros: Greater financial success, Economies of scale
cons: High costs, cannibalization(eating up their own profits)
Concentrated - ANS✅✅A concentrated strategy of focusing on a narrow market
graded 100%
Describe the purpose of marketing - ANS✅✅Marketing is a process designed to plan for, create,
communicate, and deliver value to customers. Builds effective customer relationships that benefit an
organization.
Marketing mix - ANS✅✅Product, Price, Place, Promotion are all utilized in different ways to target
specific markets.
Demographics - ANS✅✅The characteristics of a population with respect to age, race, and gender.
Not sufficient to make a connection with the audience.
Psychographics - ANS✅✅the study and classification of people according to their attitudes,
aspirations, and other psychological criteria
Marketing Management Philosophies - ANS✅✅Production (focus on operations)
Sales (focus on overcoming customer resistance)
Marketing (focus on satisfying customer needs)
Societal (enhancing societal well-being while focusing on customer needs)
Evolution of the Marketing Concept - ANS✅✅Production ==> Sales ==> Marketing ==> Societal
Explain and examine the different facets of the market
orientation construct - ANS✅✅1. Gathering market intelligence
2. Disseminating knowledge
3. Coordinated response
Apply the marketing concept to real-world business
situations - ANS✅✅A consumer-oriented philosophy dedicated to understanding and fulfilling
consumer needs through the creation of value, customer relationships, and customer loyalty
STP Process - ANS✅✅Segmenting: Divide market based on needs/benefits,
, demographics, lifestyles, behavioral measures
Targeting: select the most appropriate market(s)
Positioning: target marketing messages through 4Ps
Product
Price
Promotion
Place (Distribution)
Compare and contrast the four different
segmentation bases (Demographic,
Psychographic, Behavioral and Needs) - ANS✅✅Demographics: age, gender, ethnicity, gender,
income
Psychographics: values, lifestyles, personality, activities, interests, opinions
Behavioral: Dividing a market by the amount of product bought or consumed. 80/20 Pareto principle
Needs: The process of grouping customers into market segments according to the benefits they seek
from the product.
Undifferentiated - ANS✅✅Marketing approach that views the market as one big market with no
individual segments
pros: Potential savings on production
and marketing costs
cons: Unimaginative product offerings, the company more susceptible to competition
Differentiated - ANS✅✅Chooses two or more well-defined market segments and develops a
distinct marketing mix for each
pros: Greater financial success, Economies of scale
cons: High costs, cannibalization(eating up their own profits)
Concentrated - ANS✅✅A concentrated strategy of focusing on a narrow market
