MIE 201 Test 4 Makanui questions & answers graded A+ 2023/2024

MIE 201 Test 4 marketing - correct answer a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas exchange - correct answer the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas) functions of marketing - correct answer buying, selling, transporting, storing, grading, financing, marketing research, and risk taking value - correct answer a customer's subjective assessment of benefits relative to costs in determining the worth of a product marketing concept - correct answer the idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it to achieve its own goals market orientation - correct answer an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers marketing strategy - correct answer a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers market - correct answer 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 - correct answer a specific group of consumers on whose needs and wants a company focuses its marketing efforts business to business marketing (B2B) - correct answer 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 marketing (B2C) - correct answer marketing directly to the end consumer total-market approach - correct answer an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs market segmentation - correct answer a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs market segment - correct answer a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires concentration approach - correct answer a market segmentation approach whereby a company develops one marketing strategy for a single market segment multisegment approach - correct answer a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each demographic segmentation - correct answer segmenting by age, sex, race, ethnicity, income, education, occupation, family size, religion, and social class geographic segmentation - correct answer segmenting by climate, terrain, natural resources, population density, and subcultural values psychographic segmentation - correct answer segmenting by personality characteristics, motives, and lifestyles behavioristic segmentation - correct answer segmenting by some characteristic of the consumer's behavior toward the product